According to a recent article in Seattle Times, “Queen Anne has officially become Seattle’s first big neighborhood to have a median home price of $1 million.” Citing the ever-growing population boom and a strong economy thanks to our Silicon Forest, it comes as no surprise that homes are spending just 5 to 7 days on the market with record setting prices across the Seattle area. Queen Anne, a popular locale for its strong sense of community and close proximity to the downtown core, has seen ever-increasing prices, and its new status is the result of “a steep jump in the median price: to $1,000,779, up 11.3 percent from May’s $900,000.”

 

Prices continue to rise not only in single family residences but for condominiums as well, especially given the anemic inventory of new construction condominiums available in downtown Seattle. According to NWMLS, supply in the Puget Sound region is down 24% compared to last year with rising prices as “the average condo in Seattle is now priced at $475,000.”

 

In effort to beat high price tags, potential homebuyers have traditionally turned to the suburbs for lower home prices, yet prices continue to rise in the suburbs as “Snohomish County’s typical home now costs nearly half a million dollars.”

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