Home values in Seattle are up, rent prices are down amid pandemic: report
Home values in the Seattle metro area have continued to rise amid the coronavirus pandemic, but rent prices have actually dropped over the past few months, according to a new report.
The report from Zillow found in the Seattle area, the typical home in June was worth $547,464, up 7.4% year over year. The rising home values reflect a recent surge in more expensive listings in the metro area, coupled with fewer affordable homes being put on the market.
It's a trend nationally, too. Across the country, home values were up 4.3% year over year in June. Metro areas with the largest year over year increases included Phoenix and Birmingham, according to the report.
The Seattle region has also in recent months been experiencing incredibly low inventory and high buyer demand. As of the week ending July 11, housing inventory in Seattle was down 21% compared to the same time last year, with the typical home in Seattle going under contract in less than a week. Nationally, inventory was down about 24% year over year.
https://www.msn.com/en-us/money/realestate/home-values-in-seattle-are-up-rent-prices-are-down-amid-pandemic-report/ar-BB16SBCS?ocid=hplocalnews
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