The median price for a single-family home in Seattle has risen nearly 14 percent from the same time last year to $729,000. Some parts of the city are significantly higher than that, though.
The Seattle Times reports that median house prices are nearing $1 million in some of the city’s nicest neighborhoods, including Capitol Hill and Queen Anne/Magnolia.
Even in Southeast Seattle, the cheapest part of town, home prices have increased 31 percent over the year to $616,250.
Job growth, low mortgage-interest rates, and a supreme shortage of housing inventory have dramatically increased prices.
The Seattle metro area has led the nation in home-price increases for the last seven months. And statewide, Washington home prices were up 12 percent year over year in April, easily the most of any state, and nearly twice the national average increase.