We can all feel the sudden population influx in Seattle, but this population boom is extending into a state-wide trend. A recent study by Atlas Van Lines found that incoming migration patterns to Washington State are the second highest in the nation.
Inbound moving traffic
62.5% Of Washington movers traffic in 2017 was incoming migration, second only to Idaho at 65.1%. That’s just domestic migration, Washington State also ranked in the top 10 U.S states for incoming international migration. The state population has been on a steady climb since 2014. New data reveals that 2017 was the highest increase in a decade.
In the past five years, net migration has tripled and shows no signs of slowing down.
Net migrations reached 90,768 in 2017, the first time it’s breached 90,000 since the 90s. In one year alone, the net migration increased 4.2% according to the data released by Washington State Office of Financial Management.
WHAT DOES THIS MEAN FOR WASHINGTON STATE?
Property value increases are reaching all four corners of the state. University of Washington’s Runstad Center for Real Estate Studies found housing prices for 2017 were approximately 8% higher than 2016 state-wide. In the fourth quarter alone, property values experienced an 8.8% increase from the previous year’s value.
WHAT DOES THIS MEAN FOR INVESTORS?
Now is the time to buy. As properties values and population density increases, people begin migrating further outside of the cities, continuing to drive up the overall costs. Property values are gaining steam very fast, get involved before it’s too late!