When even PVC pipe is expensive in building or remodeling a home, the Puget Sound region’s housing market is bleak for non-millionaire hopeful buyers.noted that new listings increased 40% month-over-month. Median home prices continue to climb, 14% in King County year-over-year with percentage increases higher in Snohomish and Pierce counties.
Despite that, house prices are steadily climbing in the short term. Median sell price month-over-month January to February went up in King County by 10.7%. Gardner offered some advice for prospective new buyers: “No one should be overextending themselves. Don’t get into these bidding wars. Be comfortable with the debt you’re taking on.”
Renters, too, are squeezed by the rising cost of real estate in the Puget Sound region. The eviction moratorium, according to Gardner, helped incentivize landlords to sell. That, in combination with rising demand for rentals when otherwise prospective buyers are priced out, has resulted in “significant increases in rent pretty much across the board.”