Seattle Housing Market: Trends & Prices
Seattle Real Estate Market Overview
(Last Updated – 4/2023)
There is no denying that Seattle has been having a moment in recent years. Young professionals have been flocking to this modern city for career opportunities and more.
Seattle’s hot real estate market is in part due to the influx of high-earning, remote tech employees from big companies like Amazon and Facebook. Seattle gets a bad wrap for its weather, but the rain creates lush greenery and gives the city a sparkling clean feel. Plus, more spacious homes allow for office areas for remote workers.
Over 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 high $144,955, according to the latest U.S. Census Bureau data from 2021.
This city is vibrant and full of young people, with a median age of 35.3.
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 27.7 minutes. Car ownership in Seattle is also lower than the U.S. average, with an average of only one car per household.
Recommended: Home Ownership ResourcesOverall Seattle Market Trends
Those looking to move to Seattle are not alone. The real estate market heated up in recent years, but prices have gone down since the summer of 2022. Like many other parts of the country, Seattle’s real estate market is starting to cool off in 2023 due to rising mortgage rates and higher inventory.
The Seattle real estate market has been very competitive in recent years. Often homes get many offers, some even with waived contingencies.
As we enter spring, Seattle’s considered a “very competitive market” by industry insiders, with most houses staying on the market for only 12 days. Most houses in Seattle have been selling for around list price, while popular ones sell for 2% above list price.
Recommended: Local Housing Market Trends by City$769,000
Median Sale Price
$571
Avg. Price Per Sq. Ft
12 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 as homes are selling quickly and, on average, receive four offers. The strong job market, scenic views, and cultural scene make it a desirable location for millennials and people of all backgrounds.
This along with constrained inventory means Seattle is a seller’s market, although local real estate agents forecast the market is getting more balanced in some areas.
Demographics of the Seattle Market
If you love rain, Seattle may be the perfect fit for you. This city gets about 155 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: $105,391
Median Age: 35.3
College Educated: 65.9%
Homeowners: 45.2%
Married: 41.5%
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:
38,864
Median Age:
36
Housing Units:
28,514
Bike Score:
70/100
Walk Score:
98/100
Transit Score:
100/100
Average Household Income:
$95,296
Downtown Housing Market
Redfin considers Downtown Seattle a “somewhat competitive” market. The typical home goes pending in only around 16 days and sells for about 1% below list price. Some homes get multiple offers.
In March 2023, median home sale prices were down 12.5% compared to last year. Homes stay on the market, on average, for about 54 days.
Median Sale Price
$570,000
Average Price Per Square Foot
$749
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:
31,205
Median Age:
36
Housing Units:
17,865
Bike Score:
84/100
Walk Score:
93/100
Transit Score:
76/100
Average Household Income:
$182,934
Capitol Hill Housing Market
The Capitol Hill market is considered very competitive. Multiple offers are common, some with waived contingencies. However, typical homes in this neighborhood stay on the market for roughly 23 days and sell for 1% below list price.
Median Sale Price
$609,000
Average Price Per Square Ft.
$684
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:
29,376
Median Age:
32.2
Housing Units:
20,291
Bike Score:
71/100
Walk Score:
82/100
Transit Score:
68/100
Average Household Income:
$145,246
East Queen Anne Housing Market
The East Queen Anne housing market is very competitive, and the median home sale price went up 59% in March 2023 compared to last year.
Many homes get multiple offers, some with waived contingencies.
Median Sale Price
$1,100,000
Average Price Per Square Ft.
$625
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:
8,570
Median Age:
33
Housing Units:
5,663
Bike Score:
77/100
Walk Score:
82/100
Transit Score:
56/100
Average Household Income:
$133,897
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 was $670,000 in March 2023, which is actually down 29.1% from last year.
Median Sale Price
$670,000
Average Price Per Square Ft.
$556
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:
12,223
Median Age:
35
Housing Units:
9,128
Bike Score:
76/100
Walk Score:
98/100
Transit Score:
97/100
Average Household Income:
$144,992
Belltown Housing Market
Sellers should be celebrating the housing market in Belltown right now, as home prices were up 0.3% in March 2023 compared to last year.
Redfin considers this a “very competitive” market, with many homes receiving multiple offers. Typical homes sell in about 22 days for 2% above list price.
Median Sale Price
$539,000
Average Price Per Square Ft.
$684
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 Seattle 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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