What’s Driving this Hot Market?
The South Sound continues to set records in the housing market. I’m often asked, “what’s next in store?” (How long will this last? What is the longer-term impact on our market?)
Forecasting is a tricky business, but we focus on many trends to anticipate things to come.
One of those is regional home prices. Coming out of the recession, our market’s gains primarily came from a huge rush of pent-up demand from local buyers. This pool of buyers is still robust. However, going forward a big impact is coming from in-bound migration of buyers in search of “affordability.” They are an ever-growing percentage of our buyers.
Our market has seen significant price increases since the bottom of our market in 2012—up 42%. (This graphic shows increases from the height of the market in 2007.)
Despite those big gains, we are still the most affordable housing market of the major counties on the Puget Sound. The image shows why buyers are fleeing expensive markets to the north and moving here. This trend is keeping demand for our homes high and should well into the future.
Planning to sell or to move to the Thurston County area? Let me know; I can help you get the most this market can provide.