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Mar 12

Few homes for sale are driving Puget Sound home prices to new highs

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King County median price hits all time high in February

The Seattle Times reports that the median price of single-family homes sold in King County hit a new all-time high in February— $514,975 — amid record-low inventory. This is sure to herald in even more intense bidding wars ahead for the typically busy spring home-buying season.

​The Eastside remains the most expensive submarket: i​ts median price, $739,975, was about 20% higher than a year ago. The median price of ​all ​single-family homes sold in King County hit a new all-time high last month — $514,975 — amid record-low inventory, heralding even more intense bidding wars ahead in the typically busy spring home-buying season.

Seattle ‘ground zero’ for job growth

Median Prices Hit Another Record - Feb 2016​Single-family home prices in the city of Seattle jumped 24% over the year to a median $644,950. Despite an older housing stock, Seattle is ground-zero for the region’s job growth. Expedia and Weyerhaeuser are moving their suburban headquarters to Seattle. Amazon.com recently opened its new high-rise campus in South Lake Union. And Silicon Valley titans like Facebook and Apple have established satellite offices here.

King County median price higher than 2007 peak 

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​Not surprisingly, areas close to the city center and to the water saw the biggest jump in median family incomes from 2010 to 2014. That’s helped home prices in Seattle outpace King County in price gains: King County’s median is 7% above its 2007 peak, while Seattle’s median is up 29% from its 2007 top.

How about your house?  Check map…

For information on individual sub-markets in your area, click through to the Seattle Times interactive map. Get details on prices, number of homes sold and one-year price changes for your area. ​

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