Washington Leads Nation in Construction Job Losses as Seattle Housing Prices Hit Record High

Among those trends is a sharp rise in office vacancies. Seattle’s commercial real estate market continues to reel from the long-term effects of remote work, with vacancy rates hovering near 30%. As demand for physical office space dwindles, the value of many office properties has weakened, slowing new construction initiatives.

Despite the decline in construction activity, several major projects remain underway in the region. These include the ongoing renovation of Microsoft’s Redmond campus, the East Link light rail extension, and development in Bellevue’s Spring District.

Interestingly, while construction jobs are on the decline, home prices in the greater Seattle area continue to climb. A new report from Remax ranks Seattle as the third most expensive metro region in the country in terms of median home sale price, trailing only San Francisco, Los Angeles, and San Diego.

The report places Seattle’s median home price at $766,725, factoring in sales across King, Pierce, and Snohomish Counties. This milestone marks an all-time high for the region and underscores the persistent demand in the residential real estate market, even as parts of the construction sector falter.