Homing in on Our Region's Housing Statistics
Multifamily permits jumped again in King County—a 113% increase over the average for the last 12 months. King County was joined this month by a spike in Pierce County multifamily permits (247% over average) and modest growth in Snohomish County multifamily permits (8% over average). 51% of housing permitted for the month in the three-county region was in buildings in King County with five or more units. Two-unit building permits are also up 87% over average in King County, possibly due to local ADU policy reforms. Single-family permits remain fairly stable, with slight month-over-month increases in Snohomish and Pierce that are nonetheless at or below the 12-month average for those counties.
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Months' Supply of Housing Inventory
As of September 2021
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King County had 0.68 months' supply of inventory
(down from 1.12 months' of inventory a year ago). |
|
Snohomish County had 0.48 months' supply of inventory
(down from 0.56 a year ago). |
Many industry analysts consider a four-to-six-month level as an indicator of a healthy market.
Source: Northwest Multiple Listing Service
Median Home Price
September 2021
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The median price of single-family homes and condos was $745,000 in King County and $650,000 in Snohomish County. |
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For single-family homes only, the median price in King County rose 9.55%, from $753,600 a year ago to $825,600. The median price in Snohomish County rose 18.42%, from $569,997 to $675,000. |
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In Seattle, the median price of single-family homes and condos was $765,000. The median price for single-family homes only was $850,000, a 3.66% increase from $820,000 in September 2020. |
Source: Northwest Multiple Listing Service
Building Permit Activity
Jobs
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The seasonally adjusted Washington unemployment rate for September 2021 is 4.9%; for Seattle/Bellevue/Everett, it is 4.8%. |
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Construction employment in Washington increased by 3,600 between August 2021 and September 2021. Total construction employment is 229,500 statewide and 110,000 for Seattle/Bellevue/Everett specifically. |
Source: Employment Security Department: WA Employment Estimates
(Seasonally Adjusted), September 2021 and Bureau of Labor Statistics.
Population
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The Puget Sound region's population as of April 1, 2021 was 4,330,400. Over the past year, the region added 66,200 people, as follows:
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Source: Office of Financial Management
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