A Lack of Inventory Driving King County Real Estate Prices to Unprecedented Heights!
Image courtesy of the Seattle Times
Home values and prices in King County have reach new highs that are never before seen! The Seattle Times recently reports that the median home value in King County is now at a staggering $514,975.
The increase in home values can be seen throughout most neighborhoods when broken down from the county-level to the local-level. Much of the gains in value can be attributed to the dearth of inventory; throughout many of Seattle's neighborhoods, properties have multiple bids that drive the value up through bidding wars.
According to the Seattle Times:
Single-family home prices in the city of Seattle jumped 24 percent over the year to a median $644,950. Despite an older housing stock, Seattle is ground-zero for the region’s job growth.
Expedia and Weyerhaeuser are moving their suburban headquarters to Seattle. Amazon.com recently opened its new high-rise campus in South Lake Union. And Silicon Valley titans like Facebook and Apple have established satellite offices here.