What Is the Housing Market Like in Sammamish, WA?
Although Sammamish, WA only has about 65,000 residents, it’s quickly becoming a prime target for those moving to the state. It’s ranked as one of the best small cities in the country to live and raise a family. With people flocking to larger cities in the state for work opportunities, many are choosing to live on the outskirts. The city boasts of a large percentage of residents who commute on a daily basis.
Because the city is highly sought-after by working professionals, the housing market is booming. Therefore, now is a great time to move into the area as home prices are predicted to continue rising indefinitely. Those who have lived in the area for years will most likely make a hefty profit if they decide to sell.
The average age of residents in the city is 38 years, which is expected since many business professionals live in the area. The population consists of both singles and families. Most households earn an average of $167,000 per year, which is much higher than the average income for the state.
Over the last year, home values in Sammamish, WA have increased by over 10 percent. This trend doesn’t seem to be letting up anytime soon. Real estate gurus expect that the market will continue in this upward trend, with estimates of home values increasing by another 6.5 percent by the beginning of next year.
Since home values are at an all-time high, housing prices are also rising. The average selling price for a home in the city is a little over $900,000. Most homes sell for an average of $390 per square foot. The allure of great schools and close-knit communities draws both families and first-time buyers to the area. Most of the properties being sold are single-family homes with 3 or 4 bedrooms. There is a huge demand for properties, and many homes are sold after only being on the market for a little over a week.
Investors can make a good profit by purchasing rental properties in Sammamish, WA. As the population continues to rise, so does the demand for rentals. The average rental rate is $3,000 per month. Although the number of rentals has greatly increased in the past two years, there is no shortage of tenants.
Comparison to Other Cities
Those looking to get more home for their money should consider making the move to Sammamish, WA. Although housing prices may seem higher than other popular cities, such as Seattle, buyers pay less per square foot. Homes are selling quickly, as the calm neighborhoods are enticing to families with small children.
Those considering moving to Washington may find that Sammamish, WA is the perfect city for their family. It’s never been a better time to buy a home as the market only continues to increase with each passing day. Investing in a home now may prove a profitable move in the next several years. The city is a wise choice for homebuyers and investors who want to get a good-sized property for their money.
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