Seattle Housing Market: Trends & Prices
Seattle Real Estate Market Overview
(Last Updated – 12/2021)
There is no denying that Seattle has been having a moment lately. Young professionals have been flocking to this modern city for career opportunities and more.
Because of its popularity, Seattle real estate prices are expected to continue their ascent into 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 whom can find valuable job opportunities in the city. There are nearly 450,000 employees in Seattle, and the average median household income is a healthy $92,263, according to the latest U.S. Census Bureau data.
This city is vibrant and full of young people, with a median age of 35.
A benefit of Seattle that big cities don’t always offer is ease of movement. Walking, biking, and public transportation are so accessible that the average commute time for those living in the Seattle metropolitan area is 31.6 minutes. Even so, the Emerald City is still considered car-dependent. Seattle rates second-highest in car ownership out of the 10 most densely populated U.S cities.
Recommended: Home Ownership ResourcesOverall Seattle Market Trends
Those looking to move to Seattle are not alone. The real estate market heated up over the past year, and prices are expected to continue to rise, though at a slower pace.
The Seattle real estate market has been competitive in recent years. In the past five years, the median sale price rose by nearly 35%, according to Redfin data.
At year’s end, it’s considered a “very competitive market” by industry insiders, with houses staying on the market only seven days. Houses in Seattle have been selling for 3% above list price, with many homes receiving multiple offers.
Recommended: Local Housing Market Trends by City$775,000
Median Sale Price
$544
Avg. Price Per Sq. Ft
7 days
Avg. Time on Market
Seattle Housing Market Forecast
If you’re hoping to purchase a home in this area, expect to face high competition in the face of low inventory and low interest rates. Single-family home values, in general, saw double-digit gains over the year, and experts predict that more millennials looking to start or advance their careers in big tech will continue to flow into this market.
This along with local real estate agents forecasting constrained inventory until at least the early spring will keep Seattle a seller’s market for the near future.
Demographics of the Seattle Market
If you love a good rain, Seattle may be the perfect fit for you. This city gets over 150 rainy days a year.
The upside is that Seattle is home to the original Starbucks, and this city takes its coffee seriously. There will be no shortage of hot cups of joe to keep you warm on drizzly days.
Median Income: $92,263
Median Age: 35.3
College Educated: 64%
Homeowners: 45.7%
Married: 42.2%
Popular Seattle Neighborhoods
Like any big city, Seattle has a ton of great neighborhoods to choose from. But compared with sprawling cities like Los Angeles, Seattle is compact. It’s both pedestrian- and bike-friendly and has great public transportation options.
No matter what neighborhood you choose, it’s likely you’ll be able to take advantage of everything the city has to offer.
Recommended: Price-to-Rent Ratio in 50 CitiesDowntown 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.
There’s also fun to be had with plenty of restaurants, bars, and shops to choose from.
Quick Facts
Population:
36,981
Median Age:
39
Housing Units:
26,745
Bike Score:
63
Walk Score:
99
Transit Score:
100
Average Household Income:
$89,026
Downtown Housing Market
Redfin considers Downtown Seattle a “somewhat competitive” market. The typical home goes pending in only around 13 days and sells for near list price. Some homes get multiple offers.
Homes stay on the market on average of about 45.5 days and are 2% under list price.
Median Sale Price
$650,000
Average Price Per Square Foot
$785
Capitol Hill
The Capitol Hill neighborhood lies east of downtown and is densely 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:
32,237
Median Age:
36
Housing Units:
18,215
Bike Score:
83
Walk Score:
93
Transit Score:
81
Average Household Income:
$167,577
Capitol Hill Housing Market
The Capitol Hill market is considered very competitive. Multiple offers are common. Typical homes in this neighborhood stay on the market for roughly nine days and sell for 1% above list price.
Median Sale Price
$815,000
Average Price Per Square Ft.
$631
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 in at night and has plenty of sidewalks, and the streets are generally well lit.
Quick Facts
Population:
30,384
Median Age:
31.1
Housing Units:
19,137
Bike Score:
70
Walk Score:
82
Transit Score:
70
Average Household Income:
$137,928
East Queen Anne Housing Market
The East Queen Anne housing market stayed pretty flat over the past year, but it’s still a pricey area.
The median home value is higher than the Seattle median sale price.
Median Sale Price
$801,000
Average Price Per Square Ft.
$555
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 close to I-5, but it’s a nice area with some historical homes to choose from.
Quick Facts
Population:
8,796
Median Age:
32
Housing Units:
5,618
Bike Score:
77
Walk Score:
82
Transit Score:
59
Average Household Income:
$122,927
Eastlake Housing Market
Some homes in Eastlake may come with waterfront views, but they can also come with hefty price tags. The median home price is over $1 million.
Median Sale Price
$1.22 million
Average Price Per Square Ft.
$743
Belltown
If you’re looking to play tourist in your own town, the Belltown neighborhood should hold some appeal. 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 quiet during the week. But be warned, tourist season in the summer can make things a bit crowded in Belltown.
Quick Facts
Population:
11,344
Median Age:
36
Housing Units:
8,399
Bike Score:
75
Walk Score:
98
Transit Score:
99
Average Household Income:
$132,709
Belltown Housing Market
Sellers may not be celebrating the housing market in Belltown right now, but buyers should be. Home prices in this neighborhood were lower many months than last year.
Nonetheless, Redfin still considers this a “somewhat competitive” market, with some homes receiving multiple offers. Typical homes sell in about 15 days for around list price.
Median Sale Price
$517,000
Average Price Per Square Ft.
$717
SoFi Home Loans
It’s easy to see why Seattle 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 different mortgage loans during your home buying process.
If you’re buying a home or refinancing an existing mortgage, SoFi can help you make the process as quick and painless as possible.
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