Pacific NW cities dominate fastest rising home prices in the US
The 20 largest cities comprise the list of metro areas that most economists watch as they compile statistics about how most of the economy is functioning. Of course, the same 20 cities are those that are most watched for housing market statistics and trends. In the Pacific Northwest, the most watched cities are Seattle and Portland. AND, Seattle and Portland are #1 and #2 cities in the country with the greatest price and valuation increases for 2016 and into 2017.
For several years since the housing recovery began Portland topped the list of 20 with the fastest rising housing prices in the country, but we’ve dropped to the #2 position as Seattle has surged ahead of us. Currently Seattle is seeing average 12% annual home price increases, while here in Portland we’re close behind at 10.7%.
Average home prices in Seattle reached $700,000 last month while Portland home average prices increased to $425,000
Like Seattle, in Portland new home construction homes are the priciest; renovated old turn of the century homes are almost as costly, while mid century homes are where the “bargains” can be found.
Developers are snapping up run down mid century homes where they can split the lot and build 3 skinny houses at a huge profit. But developers also love the high end neighborhoods and have no qualms about tearing down those beautiful old estates to cash in on the higher prices of new construction homes.