Seattle Housing Market: Trends & Prices
Seattle Real Estate Market Overview
(Last Updated – 03/2020)
There is no denying that Seattle has been having a moment lately. Young professionals have been flocking to this modern city for its affordability and great career opportunities.
Because of its popularity, Seattle real estate prices are expected to jump next year. Seattle gets a bad wrap for its weather, but the rain creates lush greenery and gives the city a sparkling clean feel.
Almost three quarters of a million people call Seattle home, the bulk of which can find valuable job opportunities in the city. There are over 450,000 employees in Seattle, and the average median household income is a whopping $93,481.
This city is vibrant and full of young people, with the median age of Seattle residents being around 35 years of age.
Another benefit of Seattle, that big cities don’t always offer, is ease of movement. Walking, biking, and public transportation are so accessible in Seattle that the average commute time is only 26.2 minutes and the average household only has one car.
Overall Seattle Market Trends
Those looking to move to The Emerald City are not alone, as Seattle real estate trends are heating up. The Seattle real estate market has been competitive in recent years.
It’s currently considered a “very competitive market” by industry insiders, with houses staying on the market for only 32 days. Houses in Seattle have been selling for only 1% below list price and typically receive one offer.
$690,000
Avg. Home Price
$451
Avg. Price Per Sq. Ft
32 days
Avg. Time on Market
Seattle Housing Market Forecast
If you’re looking to purchase a home in this area, you might want to begin your search. Home values for Seattle in general increased by 9.5% over last year, but experts predict that the Seattle house price trend is about to take a turn. Home values in Seattle are anticipated to rise further in 2020.
Demographics of the Seattle Market
If you love a good rainy day, then Seattle may be the perfect fit for you. This hip city gets over 150 rainy days a year.
The upside is that Seattle is home to the original Starbucks, and this city takes their coffee seriously. There will be no shortage of good, hot cups of joe to keep you warm on drizzly days.
Median Income: $93,481
Median Age: 35.2
College Educated: 63%
Homeowners: 44.7%
Married: 42%
Popular Seattle Neighborhoods
Like any big city, Seattle has a ton of great neighborhoods to choose from. But unlike sprawling cities like Los Angeles, Seattle is relatively compact and it’s mostly easy to get around.
No matter what neighborhood you choose, it’s likely you’ll be able to take advantage of everything the city has to offer. Seattle is both pedestrian and bike friendly, and has great public transportation options.
Downtown Seattle
If you have business on the brain, then consider buying a home in Downtown Seattle. This neighborhood has a somewhat commercial feel and will put you in the heart of the financial business hub of Seattle. Don’t worry, there is also some fun to be had with plenty of restaurants, bars, and shops to choose from.
Quick Facts
Population:
33,682
Median Age:
40
Housing Units:
23,969
Bike Score:
72
Walk Score:
99
Transit Score:
100
Average Household Income:
$75,227
Downtown Housing Market
Although current house prices are down 1.9% since last year, the average list price per square foot in this neighborhood is more than $300 higher than the Seattle average.
Homes stay on the market on average of about 45.5 days and are 2% under list price.
Average Home Price
$580,000
Average Price Per Sqare Ft.
$685
Capitol Hill
The Capitol Hill neighborhood lies east of downtown and is very populated. It is the hub of art and music culture for this city.
This area of Seattle was formerly the center of the grunge movement and has maintained a passion for music, theater, and art.
Quick Facts
Population:
30,908
Median Age:
36
Housing Units:
17,457
Bike Score:
83
Walk Score:
91
Transit Score:
81
Average Household Income:
$150,673
Capitol Hill Housing Market
The Capitol Hill housing market has seen growth in the past few months with current house prices up 10% compared to last year. Homes in this neighborhood stay on the market for an average of 39 days and are 1.3% under list price.
Average Home Price
$647,000
Average Price Per Square Ft.
$644
East Queen Anne
If you have safety concerns about living in a big city, then the neighborhood of East Queen Anne may give you some peace of mind.
Residents find that this neighborhood is safe to walk alone at night, has plenty of sidewalks, and the streets are generally well-lit.
Quick Facts
Population:
27,002
Median Age:
32
Housing Units:
16,624
Bike Score:
70
Walk Score:
81
Transit Score:
70
Average Household Income:
$127,169
East Queen Anne Housing Market
The East Queen Anne housing market is a bit all over the place. Home values declined over the past year, but prices are currently up 1.4%.
East Queen Anne is another pricey neighborhood in Seattle. The median home value in this neighborhood is 250,000 dollars higher than the Seattle average.
Average Home Price
$945,000
Average Price Per Square Ft.
$450
Eastlake
Eastlake is a well-situated neighborhood that offers a close commute to Downtown, the U-District, and Wallingford.
Traffic can get a bit noisy if your home is too close to I-5, but it’s a nice area with some historical homes to choose from.
Quick Facts
Population:
8,256
Median Age:
33
Housing Units:
5,240
Bike Score:
77
Walk Score:
74
Transit Score:
59
Average Household Income:
$113,374
Eastlake Housing Market
Some homes in Eastlake may come with waterfront views, but they can also come with hefty price tags. The average home price is over $900,000.
Current home prices in this neighborhood are 26.7% up since last year.
Average Home Price
$937,000
Average Price Per Square Ft.
$628
Belltown
If you’re looking to play tourist in your own town, then the Belltown neighborhood should hold some appeal for you. This area is home to Pike Place Market, the Seattle Art Museum, and Olympic Sculpture Park.
It’s a fun area on the weekends, but stays nice and quiet during the week. But be warned, tourist season in the summer can make things a bit crowded in Belltown.
Quick Facts
Population:
9,762
Median Age:
36
Housing Units:
7,355
Bike Score:
75
Walk Score:
97
Transit Score:
99
Average Household Income:
$112,489
Belltown Housing Market
Sellers may not be celebrating the housing market in Belltown right now, but buyers should be. Current home prices in this neighborhood are down 6.7% compared to last year.
The median price per square foot is still more expensive than the Seattle average, so now may be the time to get a deal on a home in this more expensive neighborhood.
Average Home Price
$524,000
Average Price Per Square Ft.
$685
SoFi Home Loans
It’s easy to see why Denver has become such a popular market to buy a home in. There are some really amazing neighborhoods to choose from whether you’re young and single or have a family to look after. If you think Denver could be your home sweet home, then you may need to consider your home loan options.
If you’re buying a home or refinancing an existing mortgage, SoFi can help you make the process as quick and painless as possible. And don’t worry, there won’t be any hidden fees or prepayment penalties to worry about.
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