With a shortage of available homes for sale and bidding wars driving up the price on whatever does hit the market, Seattle is part of an exclusive list of cities boasting a large increase in its share of million-dollar listings.
According to new data from Realtor.com, the share of homes listed for $1 million and over is steadily on the rise across the U.S., and it has increased from 3.2 percent to 4.3 percent from the first quarter of 2014 to the first quarter of 2017.
Seattle ranks eighth among 10 cities cited for the biggest percentage gain. The city saw its share of $1 million-plus homes in 2017 rise to 7.7 percent — up 2.4 percent from 2014. Realtor.com says Seattle’s “tech wealthy” and “global affluent” population is on the rise and good deals are being snatched in a hurry.
“Even once unimpressive neighborhoods like Ballard and Delridge have also seen dramatic shifts of late,” the website said. “Bungalows have been torn down to make room for new development. Newly constructed luxury condos and renovated century-old homes are proving extremely popular, thanks to their proximity to downtown and high-tech employers.”
Denver leads the list thanks to a booming tech scene of its own, coupled with great outdoor recreation, legal marijuana, an influx of Californians and more. Nearly one in 10 homes in the city’s metro area was listed for $1 million or more in the first quarter of this year.
Realtor.com ranked more than 900 metropolitan areas as part of its data research, focusing on growth, not just luxury. This ruled out places that were already super rich, such as Aspen, Colo. And for geographical diversity, the list was also limited to two metros in every state.
Read the report at Realtor.com for more details on the cities in the top 10.
