Seattle Housing Market: Trends & Prices

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    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.

    $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.

    Housing market forecast chart

    *Graph taken from Zillow as of 02/2020

    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%

    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



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