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.”
According to year-end data released by the Northwest Multiple Listing Service (NWMLS), just over 2,200 homes sold at $1 million or above in 2016. In 2017? The number reached nearly 5,000.
While the Eastside remains “the land of the luxury home,” Seattle “clocked in with 221 million-dollar home sales, about two-and-a-half times as many as a year prior.” Notable stats include the county’s highest ever recorded sale – a $23.375 million transaction in Medina – and in the history of the NWMLS, an expansion of the luxury condominium market, with sales at $500K or above up nearly 60-percent from 2016, and a slight increase in single-family home sales despite a 22% dip in inventory.