Seattle Housing Market: Trends & Prices

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    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 Resources

    $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.

    Housing market forecast chart

    *Graph taken from Zillow as of 10/2021

    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%

    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.

    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



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