Soon, you will need to be a millionaire to purchase a house in Seattle's booming real estate market.
Seattle's median listing home price was $915,340 in January 2022, which is an increase of 13.4% over January 2021.
Adding to the positive news (at least for realtors) in Seattle is the new report released by Zillow Research. The report lists all the "million-dollar cities” in the United States.
To qualify as a "million-dollar city," a city or neighborhood must have a typical home value of at least $1 million. In 2021 there were 491 of these cities across the country- and sixteen of these are located in Seattle.
The most expensive neighborhood in Seattle
The most expensive area to live in in Seattle is Hunts Point, where the typical home value of homes in Hunts Point is $7,124,993. Hunts Point home values have gone up 23.1% over the past year.
Hunts Point is a town in the Eastside and part of the Seattle metropolitan area. The town is located on a small peninsula surrounded by Lake Washington and has a population of just under 400 people.
Hunts Point ranked as the third most expensive city in the United States to purchase a property in 2021. And while it may be too costly to live in Hunts Point now but in 2013, the average price was $2 million. So I guess a few savvy investors have made some significant property gains!
While the booming real estate market may please realtors, it has led to pessimism amongst prospective buyers. 70% of Americans believe that now is a bad time to buy a home.
“The conditions are becoming increasingly challenging for first-time homebuyers, who will have to compete against more experienced buyers who are willing to do whatever it takes to win.” Daryl Fairweather,Chief Economist for Redfin
Readers, what do you think?
Do you expect more neighborhoods to join the list? Does this mean that property in Seattle is becoming too expensive for the average person?
As always, please leave your comments below.