Life in Snohomish County & King County | Powered by Lisa Bender at SPIRE ONE Realty
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🤯 Snohomish workers are beating inflation. Are you one of them?

🤯 Snohomish workers are beating inflation. Are you one of them?

Stay up to date on what's happening in the Snohomish County economy.

Lisa Bender
June 21, 2024

Happy Friday!

Summer is shining bright on the Snohomish County and Seattle economies!

Snohomish leads the nation in wage growth, and a museum you’ve probably seen on your Facebook or Instagram feed is bringing its incredible exhibits to Seattle!

We’re also looking at how home values have increased in the greater Seattle area. It’s never been a better time to own a home if you can afford that monthly payment!

— Lisa

💸 Snohomish County Leads the Nation in Wage Growth

Driving the news: Snohomish County saw a remarkable increase in worker pay, with average weekly wages growing 18.6% between Q4 2022 and Q4 2023, the highest in the U.S.

This growth helps address affordability and inflationary challenges in the Puget Sound region.

Details:

Average Weekly Wages: $1,664
Total Employment: 297,204 (up 2.3%)
Washington State Wage Growth: 6.7%, reaching $1,742
National Wage Growth: 3.6%, reaching $1,435

Why it matters: The wage growth in Snohomish County is a critical factor in attracting and retaining talent in the region.

It reflects the county’s powerful economic environment and its appeal as a destination for innovative industries.

The big picture: Snohomish County’s wage growth outpaced that of King County and the national average, signaling its competitive edge in attracting high-paying industries.

Companies like Helion, Zap Energy, and TerraPower are at the forefront, driving the demand for specialized talent.

By the numbers: King County experienced a wage growth of 7.2%. The Professional, Scientific, and Technical Services industry saw a significant pay increase of 150.6%, reaching $5,275 weekly.

Between the lines: The significant wage increases come with challenges such as high living costs and inflation in the Seattle-Tacoma-Bellevue metro area, with the consumer price index rising by 4.4%.

What’s next: As more companies express interest in establishing operations in Snohomish County, continued wage growth and employment opportunities are expected.

The bottom line: Snohomish County’s leadership in wage growth underscores its position as a thriving economic hub.

With its blend of competitive wages and a growing labor market, the county is well-positioned to continue attracting top-tier talent and businesses.

🪞 Museum of Illusions Coming to Seattle's Downtown

Driving the news: The Museum of Illusions, a Croatia-based interactive museum chain, is set to open its doors in downtown Seattle on June 28.

The museum will occupy more than 9,000 square feet in the Skinner Building at 1330 Fifth Ave., a space previously home to Ben Bridge Jeweler.

Details: The Museum of Illusions offers an immersive experience featuring exhibits such as the Vortex Tunnel, an anti-gravity room, and a walk-in kaleidoscope.

The Seattle location will also include city-specific attractions, such as visitors appearing to levitate upside down on a monorail or hanging from a well-known Seattle building.

Why it matters: The Museum of Illusions joins a growing trend of experiential businesses filling vacant retail spaces in downtown Seattle and Sodo.

Unlike pop-up experiences with limited runs, the museum plans to remain at its downtown location permanently, contributing to the revitalization of the area.

The big picture: The Museum of Illusions operates nearly 50 museums in 25 countries, with 18 locations in the U.S.

The company aims to attract a diverse audience, including locals, tourists, schools, and corporate events.

What's next: In addition to the Seattle opening, the Museum of Illusions has plans to expand to San Diego, Boston, and Nashville, Tennessee.

The bottom line: The Museum of Illusions' permanent presence in downtown Seattle signals a shift in the use of retail spaces, as experiential businesses continue to gain popularity and contribute to the city's evolving landscape.

💸 Seattle's Million-Dollar Norm: 18 Cities Where Luxury Is Standard

Driving the news: Million-dollar homes are now the norm in 18 cities near Seattle, as the area grapples with the fourth-highest home sale prices and some of the tightest inventory in the nation.

Details: Despite a slight cooldown in the rise of prices post-pandemic, significant reductions in the Pacific Northwest are rare, as explained by Jon Bergerson of Re/Max Metro Realty in Seattle.

Cities on the coast with mild weather and abundant job opportunities are in high demand, and Seattle's housing expansion is geographically limited by mountains and water.

By the numbers: The Seattle area experienced a 9.6% year-over-year increase in home prices in April, according to the latest Re/Max National Housing Report.

The current median home sale price in Greater Seattle is $740,000, per Re/Max.

However, many individual municipalities, such as Issaquah, Mercer Island, Sammamish, Bellevue, Redmond, and Woodinville, have typical home prices at $1 million or higher, according to Zillow.

Why it matters: The combination of rising home costs and persistently high interest rates is making it increasingly difficult for new, young, or single prospective homebuyers to enter the market amidst a long-standing housing crisis.

The big picture: Cash buyers who are not concerned about high mortgage rates are pushing more homes into the luxury price range.

The number of U.S. million-dollar cities has increased from 491 to 550 in the last year, partly due to growing demand for homes outside cities since the pandemic, as stated by Stephanie Anton, president of the Corcoran Affiliate Network.

In Washington state, the number of cities with a typical home value of $1M+ has risen from 16 in 2023 to 18 in 2024, according to the Zillow report.

Of the 18 cities, 17 are officially in the Seattle, Tacoma, and Bellevue areas, with Bainbridge Island in Kitsap County also making the list.

The bottom line: The Seattle area's housing market continues to face affordability challenges as million-dollar homes become increasingly common, making it difficult for many prospective buyers to enter the market.

📊 Our Current Local Market Data

The real estate market is hot in Snohomish County!

If you want to buy a home in this market, you’ll need a solid strategy for searching and making strong offers. Your home search could take a while, but you’ll have to move quickly when you find a home you like.

I’m staying on top of the market daily and there are even financing options that can help you purchase at a lower rate.

If you ever have questions, don’t hesitate to ask.