Interestingly enough, Seattle and San Diego markets share similar pricing, and they’re both experiencing what many label as a housing crisis. Both place have desirable waterfront luxury in cities with lots to offer.
In the greater San Diego area, the average sale price for a single family home is $640k; in King County, it’s $610k. In the heart of each city, the prices become even more similar. The driving force behind these cities’ price increases might differ, but ultimately, in both places it comes down to supply and demand.
San Diego has many things to offer. It’s the second largest county in the state of California, and it houses a diverse military, student, and entrepreneurial population that stimulates the economy, along with the biotech, software, and manufacturing industries. Many people seek it out as a destination to live, work, and play. San Diego borders Mexico and sits on the Pacific Ocean, offering a beautiful coastline for many to enjoy. People from all walk of life favor its neutral climate.
The tech world put Seattle on the map and created massive movement towards the once-sleepy city that was home to Boeing’s original base and the 1990s erupting grudge scene. Many tech giants have since claimed space in the city, as well as many other industries that came to compete for the area’s expansive growth. The fresh air and beautiful trees provide a great environment for many newcomers to make their homes. Despite the rain, Seattle has so much to offer its residence.
The issue of density has hit Seattle just as it has San Diego. Both cities are experiencing the need for more housing in general to accommodate their growth, but even more so, they share a need for affordable housing. Prices have risen in record numbers in both cities over the years. Their mayors and local officials are doing what they can to assist with this housing crisis, but overall, both cities face very similar challenges.
As a real estate agent, I will dig into the Seattle market even more, but thanks to my experience in San Diego, I am ready and prepared to help my clients navigate a demanding market. Each market battles with the challenge of not enough inventory for its residence, but inventory is slowly coming up as the market shift begins in both region in 2019, which is allowing more buyers back into the market.