Firstly, the Evergreen State city is home to tech giants including Amazon and Microsoft, providing job opportunities and a young, educated workforce.
Secondly, despite fast-rising prices, Seattle remains relatively affordable compared to the Silicon Valley or New York, with a median price of $695,600 according to Zillow.
Seattle is part of a growing trend attracting real estate investors to “small and secondary” cities which also includes Austin, TX (last year’s number one in the PwC/ULI report) and Raleigh/Durham, NC.
"The growing interest in smaller cities by real estate investors is influenced by their relative affordability, coupled with a concentration of young, skilled workers," says Mitch Roschelle, PwC Partner and Co-Publisher of the report.
"The diverse, robust economies of these smaller cities make them very desirable to investors."
Cities such as Fort Lauderdale and Salt Lake City are also growing in popularity with investors as they look to repeat their success in cities including Miami and Denver. Salt Lake City is the smallest city ever to make the rankings.
"The trend of smaller markets displacing larger ones as investment hubs is setting a new course for urban development that is reshaping cities across the nation," said ULI Global Chief Executive Officer Patrick L. Phillips. "These cities are positioning themselves as highly competitive, in terms of livability, employment offerings, and recreational and cultural amenities."
The Top 10 Markets in Emerging Trends in Real Estate® 2018:
- Seattle, WA
- Austin, TX
- Salt Lake City, UT
- Raleigh/Durham. NC
- Dallas/Ft. Worth, TX
- Fort Lauderdale, FL
- Los Angeles, CA
- San Jose, CA
- Nashville, TN
- Boston, MA
More market update:
Seattle has topped the rankings in the latest Emerging Trends in Real Estate report from PwC and the Urban Land Institute, and here’s why.