Real Estate Update: ​The Pulse of Seattle’s Market – July 2017

Posted

The Seattle housing market is moving quickly. For those of you who love numbers, especially in a quick and convenient list form, here is an update of the market’s current status.

An important side note: if you’re interested in buying or selling a home, keep in mind that it’s best to work with a real estate agent who can navigate the market for you. Get in touch with the SeaReal Team today at 206-518-5518 or info@searealteam.com to find someone to expertly help.

1. Current Real Estate Stats

•Seattle median home price: $650,000 (17% increase from July 2016)

• Median Seattle monthly rent: $2,800

•Burien median home price: $395,000 (10% increase from 2016)

• Burien median monthly rent: $2,357

•SeaTac median home price: $320,000 (8% increase from 2016)

•Tacoma median home price: $367,000 (12.2% increase from 2016)

•Bellevue median home price: $890,000 (11% increase from 2016)

•Bellingham median home price: $390,000 (14% increase from 2016)

(All data is from either realtor.com, trulia.com, or seattlehome.com)

2. Current Job Market Stats

Real estate isn’t the only market that’s on the rise in the Seattle area. According to recent LinkedIn data, the city also currently has the fastest growing market for software developers. The median salary for software developers in Seattle is $132,000, just under the median salary for developers in the Bay Area.

3. Other Tips to Keep in Mind

The Seattle Area market is competitive (maybe you’ve heard?), and prices are only going to keep rising. So, if you’re thinking about buying a home, most real estate professionals recommend doing it now rather than later. Especially when compared to Los Angeles and San Francisco, Seattle is still a relatively affordable west coast city.

Additionally, up-and-coming neighborhoods on the edge of and just outside of Seattle –like White Center, Beacon Hill, and Burien– remain strong options for affordable living that still close to the city. However, these up-and-coming neighborhoods won’t remain affordable for long, so it’s smart to take advantage of their lower prices now.

4. A Few More Numbers

Just in case you’re wondering, the most expensive home for sale in Seattle right now is the $15 million Sam Hill mansion.

Seattle rent for June 2017 is 5.2% more than rent in June 2016, and the average one-bedroom apartment in Seattle costs between $1,330 and $1,920 per month.

The Seattle Area bidding wars are real right now: in April 2017, 88.7 percent of Seattle homes for sale received multiple offers, which was the highest rate for homes in cities tracked by Redfin. This percentage was even greater than the percentage of homes that received multiple offers in Los Angeles (79.3 percent).

This high competition for Seattle area real estate makes it even more crucial to find a professional who can help. Let the SeaReal Team know if you’re thinking about buying or selling your home: 206-518-5518 or info@searealteam.com.