Seattle’s Median Home Price Rises to $820,000

According to the most recent data from Northwest Multiple Listing Service, Seattle-area home prices have now reached $820,000, and as Seattle Times reports, the highest gains can be found in South Seattle, a traditionally more affordable part of the city. Looking at South Seattle’s neighborhoods, the Southwest region (including SODO and Beacon Hill) had a median home price of $222,000 in 2012, a figure that in 2018 has reached $661,000. In the Southeast area, the $275,000 median of 2012 has increased to $650,000.

Why is Seattle’s Home Inventory So Low?

In looking at data from last year’s home price growth and number of sales, one clear trend emerges: a lack of available homes for sale was a major theme in Seattle’s market. And as Curbed Seattle reports, “so far this year, inventory has been even more sparse,” as recent Northwest Multiple Listing Service (NWMLS) data shows that there was less than 1 month of available inventory in February, down from just over one month last year.

Most & Least Affordable Seattle Neighborhoods

Seattle Mag Talks Changing Home Values & the City’s Most (& Least) Affordable Neighborhoods

The March 2018 print edition of Seattle Magazine asks what Seattle neighborhoods are seeing the most change in values and forecasts the best up-and-coming neighborhoods.

For those looking to purchase in a home where they know there will be some assurance that its value will grow, Zillow analyzed market data to forecast changes in the coming year. Among the neighborhoods expected to see the greatest appreciation are Belltown, at 7.8 percent; Delridge, SODO, Highland Park and Riverview, at 7.2 percent; and Beacon Hill, Georgetown and South Park, at 7 percent. Those with the least positive outlook? The University District, Laurelhurst, Windermere and Bryant, at 3.5 percent; Montlake, Madison Park and Denny-Blaine, at 4.2 percent; and West Seattle, Alki and North Admiral at 4.4 percent.

Seattle Home Prices Continue to Skyrocket as High as 18 Percent in February 2018

Though the winter months have historically given way to slowdowns in the real estate market, Seattle remains red hot, as Puget Sound Business Journal reports that in Seattle, “some buyers are submitting offers telling sellers to fill in the price,” while prices in Mercer Island and the Eastside saw median sales prices over $1 million.

A Lack of Inventory Drives Price Increases Across Puget Sound

In their latest press release, the Northwest Multiple Listing Service (NWMLS) reports that the January 2018 real estate market far from slowed down, as "activity shows a slight year-over-year gain in pending sales, a double-digit increase in prices, and continued shortages of inventory."

Market UpdateAaron FreemanFebruary 22, 2018NWMLS, King County, Snohomish County, Single-Family Homes, Condominiums, Market TrendsComment

Seattle Tops the Nation for Home Price Growth 15 Months in a Row

After a slight dip in home price growth from September to October, home prices in Seattle have begun their upward trek once again, as the index ended November 2017 at 0.18%. As Case Shiller noted in their official report, the highest year-over-year gains among the top 20 cities belonged to Seattle, Las Vegas, and San Francisco. “In November, Seattle led the way with a 12.7% year-over-year price increase, followed by Las Vegas with a 10.6% increase, and San Francisco with a 9.1% increase.”

1 in 6 King County Home Sales in 2017 Reached Seven Figures

As a recent Seattle Times article proclaims, the number of million-dollar homes in King County is soaring, as a staggering 1 in every 5 or 6 homes sold in 2017 reached seven figures, up 71% compared to 2016. Million-dollar price tags are no longer “reserved for mansions and waterfront estates,” and have “expanded to include ordinary houses in attractive neighborhoods and even some upscale homes in more affordable spots.”

Market UpdateAaron FreemanJanuary 26, 2018NWMLS, King County, Seattle Times, Seattle, Market TrendsComment

Zillow Says Seattle Will be 3rd Hottest Housing Market in 2018

According to a report released earlier this month by Zillow, the hottest housing markets for the coming year will be comprised of southeastern cities with strong job and population growth, and coastal tech hubs including Seattle and San Francisco. Though the nation continues to experience home value appreciation, with just over half of homes valued above the national housing boom's peak, Zillow says these markets have been "kept at a boil by healthy income growth, abundant job opportunities, and above-average housing appreciation."

Market UpdateAaron FreemanJanuary 23, 2018Zillow, Predictions, Market Trends, Seattle, Housing MarketsComment

Puget Sound Market Trends: Q4-2017

Seattle continued its reign as the hottest market into the fourth quarter of 2017, as the latest market statistics indicate that home prices increased a staggering 16.7% year-over-year to $882,000. This comes as the latest S&P/Case-Shiller Home Price Index reveals the Emerald City's home price growth has led the nation for 14 consecutive months.

Market UpdateAaron FreemanJanuary 23, 2018Quarterly Report, Q4, Market Trends, Market Update, Seattle, Bainbridge Island, Eastside, S&P Case-ShillerComment

Seattle Hits the Top Spot on the Annual Emerging Trends in Real Estate Report

Market UpdateAaron FreemanNovember 14, 2017Comment

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Aaron Freeman