The mad pricing in Seattle and Portland is not alone as the coast has seen a robust increase in housing prices. The overall market has been mostly driven by a lack of inventory more so than a glut of buyers. Supply chain woes and a severe shortage of labor has made building homes that much harder. the insane inflation of the last 12 months adds to the cost of building and even maintaining a home. All of this adds up to price pressure that gets further exasperated by a complete lack of sellers.
The peninsula is seeing prices that are now almost double what they were just five years ago. The area is still a relative bargain when contrasted to the soaring prices in Seattle and Portland but the $100k beach house has definitely faded off into the horizon of the rear view mirror. The Long Beach Peninsula saw a 22% increase in prices over the year from 2021 to 2022. That is bit faster pace than the I-5 corridor cities.
With rates on the rise and pricing as well, buyer looking for the beach house dream need to pull the proverbial trigger now, before the dream slips away.
