Seattle Home Price: The Shocking Reality Revealed!

As of July 2024, the Seattle housing market has experienced notable changes. Home prices across King County have fluctuated, with areas showing different trends, impacting both buyers and sellers. This update will highlight these shifts, focusing on specific regions within King County, including Seattle, Southwest, Southeast, and the Eastside.

King County Overview

On a year-over-year basis (July 2023 to July 2024), the median home price in King County has increased by 9.32%. This rate of growth is more sustainable compared to the larger increases seen during the COVID-19 period. The median price for a home in July 2023 was $805,000, which rose to $880,000 by July 2024, despite the rise in interest rates to over 7%.

Seattle Housing Market

Seattle saw an 8.02% year-over-year increase in home prices, with the median price rising from $810,000 to $875,000. Certain neighborhoods, like Belltown and downtown Seattle, saw the highest growth, with a 22% increase in prices, while areas like Capitol Hill and Queen Anne also experienced significant hikes at 18% and 16%, respectively. These numbers indicate that Seattle remains competitive for buyers, with high demand pushing prices upward.

Southwest and Southeast King County

Unlike Seattle, Southwest King County saw a -2.69% decrease in the median home price, with areas like Federal Way and Auburn facing declines. For instance, Auburn saw prices drop by 5.7%, and Enumclaw in Southeast King County experienced a -4% decline. This makes Southwest and Southeast King County more attractive for buyers looking for more affordable homes.

However, the southeast region experienced smaller fluctuations, with a 1.97% overall decrease. Notably, Skyway saw the most dramatic drop at -19%, providing potential opportunities for buyers seeking bargains in this part of King County.

Eastside King County

The Eastside recorded the largest price increases across King County, with an 11.65% jump in the median home price. Specific areas like East Lake Sammamish saw an impressive 23% increase, followed by Juanita and Woodinville with a 12.3% rise. This shows a highly competitive market, particularly for buyers seeking homes in these affluent neighborhoods.

What Does This Mean for Buyers?

Buyers may want to focus on regions like Southwest and Southeast King County, where home prices are adjusting downward, making homeownership more attainable. Areas such as Enumclaw and Skyway, which saw price drops of 14% and 19% respectively, provide potential opportunities for securing homes at a more affordable rate.

What Does This Mean for Sellers?

For sellers, the Eastside and Seattle markets are prime locations to list homes, with significant increases in median prices. Bellevue, in particular, is an ideal spot for sellers, with a notable 11% increase in home prices. Sellers in these areas are likely to benefit from competitive offers, often at or above asking prices.