All of Washington is hot right now, as evidenced by the steadily climbing markets in Seattle and the surrounding cities. 

1. Over the last ten years, Seattle’s market has appreciated by 85%.

2. Seattle remains in the top 10% of national real estate markets.

While the overall trend across the state has been increasing over the last decade, real estate prices in Washington dropped in 2020, likely due to COVID-related concerns. However, this means that the market in the Evergreen State is ripe for savvy investors who may want to put their money into a rental property or a renovation. 

But when it comes to the Washington market, there are a handful of key elements that make this area a prime place for real estate investments. 

Economy

Washington is one of the most economically healthy states in the US - leading the rest of the nation in economic health and innovation. The job market includes everything from tech and military / defense to business and finance. The diversity of Washington’s economy alone makes for a great place to invest!

Population

The health of Washington’s economy directly correlates to the health and wellness of its population. Washington’s average salary is higher than the national average, thanks to Seattle’s implementation of the $15/hour minimum wage several years ago. Other cities in the state followed suit after this mandatory minimum - which means that Washington retains a skilled workforce. This is good news for investors, as a happier and higher-paid workforce means that people are often willing to spend a bit more on your rental property.

So where should you be looking to buy real estate? What cities are best for intrepid investors interested in flipping houses in the Evergreen State? 

Here are a few ideas to get you started!

Rental Properties

Best cities for rental properties in Washington state

Kent

• King County 

• Median home price: $428,654

Federal Way

• King County

• Median home price: $449,450

Stanwood

• Snohomish County

• Median home price: $488,388

Des Moines

• King County

• Median home price: $480,994

Shoreline

• King County

• Median home price: $507,600

Give us a call today if you’re interested in investment properties in properties! We’d love to chat about your plans.