Seattle's Market going into 2020
Each year, the Urban Land Institute publishes their “Emerging Trends in Real Estate” report and Seattle’s predicted to be in the top 10 markets in 2020. To give context, this report is compiled by conducting surveys and interviews nationwide with individuals who have a stake in the real estate market. This means property owners, real estate investors, developers, lenders and residents. The overall report gives general insight on market stats that are beneficial for real estate investors and developers, and doesn’t dive deep into economic standpoints. However, it does give statistical information that may serve value for when investors want to plan new developments or take Seattle into consideration as an investment location.
According to the report, Seattle is still very much in “expansionary mode” when it comes to our thriving real estate market. The report projects employment growth and stability, economic strength and more for our region. It anticipates Seattle to have just over one percent employment growth in the next five years; over half a percent higher than what’s projected for the U.S., in five years. Many startups and tech giants have made a home here in Seattle, causing an increase in job demand for these types of positions. The job market in our region seems to be strong and people that reside in the city also think so. One survey from local participants ranked Seattle as having a strong economic outlook, on average. Seattle is also one of few cities to see population growth in 2019 that is twice the national rate.
So what city is predicted as the top market in 2020? Austin, Texas. Due to its projected employment and population growth, stability and its strong real estate market, the city of Austin comes in at No. 1.