How Population Growth Across Western Washington Impacts Real Estate
A few weeks ago Gene Balk reported in the Seattle Times that King County Population Growth Hit is Decade Low. That said, King County still ranked 6th in the nation for overall growth at 28,934 total population growth which is still pretty good. The most interesting part of King County’s growth was that NONE of it was from people moving to King County from other counties across the nation. King County actually LOST a net of 4,868 residents to other US Counties. Which US counties though, we’re not exactly sure, but that leaves King County’s growth stemming only from births outpacing deaths (+12,367), and International Migration (+21,491).
Growth Beyond King County
What Gene did not look at though was how Snohomish, Pierce, or Kitsap Counties were doing; so let’s do that here! They are, after all, a pretty big component of how the overall Puget Sound Region is doing, and therefore how our housing market is doing.
- Snohomish County doing very well. Snohomish County netted 11,862 new residents between July 1, 2017, and July 1, 2018. Not overly surprisingly, 4,404 of that increase came from residents of other US counties moving there (Ie. Probably people from King County moving to Snohomish County). Total population gain +1.5%
- If you thought Snohomish County was doing well, Pierce County’s doing better. Pierce County gained 14,098 total new residents last year, with 8,189 coming from other US Counties (again, probably mostly from King County Haha). Total population gain +1.6%
- Our friend across the pond gained 3,255 new residents last year, with 73.5% of that coming from other US Counties (King County? Anyone?). Their population growth was measured at 1.2%
King County may have lost net 4,868 residents to other US Counties between July 1, 2017, and July 1, 2018, but with Snohomish, Pierce, and Kitsap gaining a total net of 14,986 from other US Counties (with a majority of that likely from King County); and the 4 county region as a whole gaining 58,149 net new residents, the Puget Sound is still on solid ground as far as population metrics are concerned. As an aside, according to the US Census, there were only 27,850 new housing units created to house the 58,149 new residents…A key contributing factor to why our median house prices are back on the rise this Spring.