Seattle-area among the most competitive real estate markets in the nation

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It’s become well-known that Seattle’s rental market is fierce. Now, data is showing that the region’s real estate market is just as competitive.

How competitive? Redmond’s Overlake neighborhood was the second most competitive neighborhood to buy a home in the nation in 2015. Seattle’s Roosevelt neighborhood came in at fourth place. And they aren’t the only locally sought after neighborhoods.

Overlake and Roosevelt are just two out of the top 30 toughest markets — a list that Seattle-area neighborhoods account for more than a third.

Seattle-based real estate website Redfin determined which neighborhoods across the country faced the toughest real estate competition in 2015. It found that the Seattle region was highly prized by buyers in 2015.

Redfin’s real estate blog stated that it was no surprise that cities drawing tech companies to their communities had a dramatic influence on the real estate market. Seattle is one such booming tech hub. It was just four cities that are home to neighborhoods with the steepest competition, including Seattle, but also Boston, Portland, and San Francisco.

Among Redfin’s considerations to determine which areas were most competitive were: the percentage of homes sold above asking price; how many homes on Redfin caused a bidding war; how many home were paid for in cash; and how quickly homes sold.

The Seattle area neighborhoods that made the list include (with their ranking):

2. Overlake (Redmond)
4. Roosevelt (Seattle)
7. Grass Lawn (Redmond)
9. Phinney Ridge (Seattle)
11. Stevens (Seattle)
12. Greenwood (Seattle)
14. Newport Hills (Bellevue)
16. Victory Heights (Seattle)
17. Green Lake (Seattle)
20. Madrona (Seattle)
22. West Woodland (Seattle)
28. Idylwood (Redmond)
30. Newport (Bellevue)

Moving to town

Another Seattle-based real estate website, Zillow, punched some numbers of its own and found out some other interesting information about the Northwest attraction.

Washington was the no. 3 most moved-to state in 2015. It was beat out only by Florida and Texas.

Within Washington, Seattle was the second most moved-to city in the nation during 2015. Denver took first place, and Portland came in at a close third.

Source: mynorthwest.com