As Tech Workers Flock To Seattle, Housing Prices Near City's Top Tech Companies Up 12% YOY

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Study by Open Listings finds biggest home price jumps for Microsoft & Amazon employees -- median listing price near Seattle tech companies now at $660,000

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Apple, Google, and Facebook's Seattle workers still find some relief compared to their Bay Area counterparts

As software developers now top the list of Seattle resident occupations, so have housing prices near their workplaces. According to a recent study by homebuying startup Open Listings, home sale prices have increased 12% on average since Q1 of last year near Seattle's biggest tech companies.

Open Listings found that median home or condo sale prices near Amazon, Microsoft, and ten other technology companies for Q1 2017 was $590,000, but has risen to $660,000 in Q1 2018. These median sale prices include many condos and townhouses, which are often cheaper than single family homes for sale across King County, which are now going for a median price of $725,000.

The study also found that the average percentage Seattle homebuyers are paying above listing price has jumped to 6%, compared with the 3% above listing price average paid in Q1 2017.

House closings were also significantly up through Q1 of this year versus last year. Across the areas analyzed, 16,660 properties were sold to those looking to live near Seattle tech campuses in 2018, compared to the 12,825 properties sold in 2017.

Tech workers looking for homes near Microsoft’s Redmond headquarters saw the biggest jump in housing prices (14%). While current prices are still lower in Redmond ($630,000) compared to prices across King County, they’ve jumped $75,000 from the $550,000 median they were selling for in the area last year.

However, for those looking to relocate from the Bay Area, Apple, Google, and Facebook's Seattle-based workers’ wallets are doing much better on the housing front compared to their Bay Area HQ counterparts, with only 16-20% of their monthly pre-tax income needing to go towards housing, as opposed to the 29-33% needed in the Bay Area.

Read the entire study here:

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Angeline Vuong
Open Listings (YC W15)

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