The median home price in Seattle has reached $700,000, which is twice as high as it was during the housing bust five years ago. Prices have jumped 7 percent in the last month, and $60,000 over the last year, according to the Seattle Times.
New monthly findings released by the Northwest MLS show that King, Snohomish, and Pierce counties all set home price records in March. The median price has risen at least 12 percent year-over-year in 17 of Seattle’s closest submarkets.
The Seattle region has the fastest-rising home prices of any U.S. metro area.
Demand — propelled by rising employment numbers, growing salaries and tenants desperate to escape soaring rents — has far outstripped a supply of homes for sale that reached an all-time low in February, creating intense competition and driving up prices.