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. Looking to the city as a whole, median “home prices topped $800,000 for the first time” as “the median cost of a single-family house, now just under $820,000, smashes the old record of $777,000, which was set just one month prior.”
Since 2012, the Emerald City has grown at an unprecedented rate, with the King County average increasing 107%, the Seattle average up 112%, Southeast Seattle increasing 136%, and Southwest Seattle up a staggering 198% in median home prices. The figures are one show of a region that has now reigned in fastest growing home prices among the nation for 17 consecutive months.
In a countywide outlook, “single-family-home prices grew 11.8 percent in Snohomish County, 18.6 percent in Pierce County and 18.5 percent in Kitsap County.” Pierce and Kitsap counties set records for their median home prices, at $350,000 and $341,000 respectively.
Other notable highlights include Queen/Anne Magnolia, where a typical home sold for $1.275 million and the Eastside, where a median of $926,000 was up 6 percent year-over-year. Unsurprisingly condo prices also surged, as “the typical condo in Seattle sold for $527,000 last month, up 22 percent in a year.”