At the end of March, the four most valuable companies in the world (Apple, Google, Microsoft and Amazon) were all U.S. technology businesses – half of which are Seattle founded and based. Wherever you look, Seattle is changing, growing and evolving and one of the more obvious places this is reflected is in the housing market. Spring is always the busiest time of year for real estate, and this year’s “busy season” is recording higher-than-ever prices due to reduced inventory. The median price for a single-family home in Seattle is $722,250 according to the NWMLS, and new listings have dropped 16.2 percent since last April.
Where is Seattle seeing the sharpest increases? People are flocking to the previously more attainable suburbs like Bellevue, Mount Baker and farther North, which is causing massive spikes in home prices. Currently, the fastest-rising property prices are in Skyway (median home price $472,500), Bellevue/East of 405 (median home price $936,250), East of Lake Sammamish (median home price $871,000), Leschi, Mount Baker, and Seward Park (median home price $580,000), and Bellevue/West of 405 where the median home price is an astonishing $2,203,000.
Last month, the median home price for a single-family home rose almost 16 percent across King County. Contrary to the neighborhoods listed above, the following communities are seeing the slowest rising home prices in Seattle: Madison Park/Capitol Hill (median sale price $845,000), Enumclaw (median home price $330,000), Kent (median home price $373,000), North Seattle (median home price $755,000) and Des Moines/Redondo (median home price $379,995). Whether Seattle home values are rising at lightning speeds or slightly slower, the resulting price tag is higher than ever.