After 21 months at the top of the S&P CoreLogic Case Schiller Index for highest residential price increases, Seattle is now taking second place to Las Vegas. In the last twelve months Las Vegas, Nevada has had a 13 percent increase and Seattle became runner up at 12.81 percent. Keep in mind, Las Vegas was one of the hardest hit cities after the 2008 housing crisis and subsequent recession. According to Case Schiller, the June 2010 home price index saw the lowest prices in Las Vegas in a decade, reporting that two out of three homes were underwater on their mortgages and therefore foreclosures were four times the national average.
The Realogics Sotheby’s International Realty (RSIR) Research Editor & Publisher, William Hillis, reported on what these shifts really mean in a recent RSIR blog, sharing: “Today, Seattle’s annual home prices increase has remained steady over the past three months at about 13 percent year-over-year.” Seattle’s 21 month run began back in September 2016 and during that time, monthly median residential prices in King County increased by 20.5 percent in Seattle, 29.3 percent in Redmond, 41.2 percent in Bellevue, and 56.7 percent in Kirkland.
For a comparison of Seattle against other popular markets, see the chart below: