The market is expected to gain nearly 29,000 new residents per year for the next five years.
Whether you’re on the hunt for a profitable investment property or are looking to set down roots in a hot new place, you might want to consider heading west.
According to a new report from PwC consulting firm, the city with the most promising real estate investment prospects in 2018 is Seattle.
It’s the first year the city, known for its coffee and culinary scene, has taken top honors in the “Markets to Watch” category, booting out three-time reigning champion cities in Texas. According to the report, Emerging Trends in Real Estate, Seattle won for its soaring population growth as well as its attractive livability. (Along with Portland, it has one of the top-rated microbrew scenes, with one craft brewery per 19,000 residents. Score!)
Seattle’s job growth in the past decade (reminder: it’s home to Amazon and Microsoft) doesn’t hurt property values, either. According to Realtor.com, median listing prices for the city come in at around $650,000—up $200,000 since 2014.
The PNW isn’t the only coastal area catching investors’ eyes. If sunshine is more your scene, don’t discount the Sunshine State. For the first time in a while, Florida performed exceptionally well in the report, with Fort Lauderdale climbing 29 spots—the largest upward move since last year—to break into the top 10. (The report cites high business creation, cultural connectivity, and outdoor access as key reasons.) Miami also advanced 14 spots to rank 11th overall.
As if we really needed another reason to snatch up a cute little cottage on the coast. Apparently it’s a good financial move, too.