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Want to live in Seattle or nearby? Buying a home in Seattle isn’t as easy as it used to be. A lot of that has to do with the rising median home price for a home in Seattle, or even nearby.
The median home price for a home in Seattle has jumped far beyond many homebuyers’ means in recent years. Can you still afford a home in Seattle or its suburbs?
What to Expect From the Seattle Average Home Price in 2022
In March, 2022, there were 1,752 homes for sale across 95 neighborhoods ranging from $15K to $16M in price. The median listing home price is $820,000, but the median sold home price was $880,000, representative of offers well over asking price even though the average was only 4.22% over asking in March.
Seattle, WA is expected to stay a seller’s market throughout 2022, with more people looking to buy than there are homes available despite the rise in interest rates. Homes are selling on average after 32 days on the market, although certain neighborhoods sell after less than a week on the market on average.
The average home price in Seattle can be expected to keep climbing, although perhaps not at the rate it did in 2021, when some neighborhoods saw a 60%-100% increase year over year.
The Increased Home Price in These Seattle Suburbs Is Unreal
Prices just won’t stop rising in some of Seattles’ most desirable suburbs. Historic lows in inventory mean that at least eight communities in the area saw more than a 30% increase in the median sale price of homes compared to early 2021.
The median home price in Seattle suburbs like these is unpredictable and you better have extra savings account somewhere if you plan to buy in this rarified market.
Kirkland/Bridle Trails: $1,507,500 (up 30.52%)
The suburb north of Bellevue doesn’t have a lot of homes available but is a fave for Seattle lovers thanks to gorgeous waterfronts and an incredible state park.
Juanita/Woodinville: $1,067,500 (up 33.44%)
You might find a home here if you’re lucky but forget a condo, only 3% as many listings as last year have left the condo market almost impossible to get into. However, a single-family home would be nice in this small city: it’s nestled in the northeast crook of Lake Washington, and has tons of tasting rooms if that’s your “thing”.
Enumclaw: $641,250 (40.04%)
In the shadow of Rainier, this small community might be considered by some to be a proper suburb of Tacoma rather than Seattle, but its affordability even with the massive 40%+ spike and the appeal for remote workers keeps it on the list.
Renton Highlands: $831,000 (44.15%)
Cougar, Squak, and Tiger Mountains overlook this favored retreat for Boeing employees and other Seattlites looking for a place to land as Seattle home costs spiral ever upward. However, locals are still in shock that their neighbors paid almost twice what they did for a similar home.
Renton Benson Hill: $685,000 (45.44%)
The shock at rising prices continues just south of Renton’s Highlands neighborhood, where Benson Hill saw the available number of homes actually go up but prices jumped anyway. Still, it’s cheap compared to Seattle proper.
Newcastle, Factoria, Newport: $1,417,500 (63.87%)
Eastside, South of 90, a little group of communities is exploding in costs, with more than a half million dollar jump since last year. Inventory is shrinking, not growing, so if you want in the time is now.
Bellevue (West of 405): $2,225,000 (84.8%
Medina, Clyde Hill, and downtown make West Bellevue one of the hottest markets in the country. Prices have gone up by a whole million in the past year, putting this neighborhood far beyond the reach of ordinary plebs.
Bellevue (East of 405): $1,500,000 (100%)
Cheaper but still staggeringly expensive in East Bellevue, where you can buy a home for a mil and a half -this year. Oh for last year when the price was only half that!
Where to Buy Near Seattle if You Have $1 Million To Spend
Got the big bucks and an appetite for a bidding war? If you can swing seven figures, here’s where you should be house shopping.
In contrast to 2021, when only ten cities in the Seattle metro area had a typical home value of more than $1 million, this year the number of cities where you can choose high-priced homes numbers sixteen.
Home values are rising, and so are home prices, with the median sales price in King County at $815,000, up 10.3% from last year, but the average tells an even more surprising story, spiking the sales price in King County to $1,078,000, a 17.8% jump.”
To be fair, homes in King County have been selling for easily 5% to 6% above asking price, and some exclusive neighborhoods have seen wars break out with the result being offers of 25%, 30%, or even 40% over asking price.
Redmond, Kirkland, and Bellevue saw would-be buyers struggling in the seller’s market, and offering anywhere from $200,000 to 500,000 over asking price while competing with dozens of other people trying to close a sale on a highly desirable home. Overall, 20-30 offers isn’t unexpected these days.
However, some buyers have managed to get offers accepted that were lower by being savvy negotiators. Cash only buys, removal of contingencies from the contract, and other tactics can still help homebuyers get offers approved.
Most Affordable Seattle Suburbs
These Seattle suburbs could be more affordable than you’d expect, while still delivering proximity to the city and amazing PNW vibes. Here is the median home price for a home in Seattle suburbs you should definitely be considering.
Federal Way: $500,000
Federal Way and unincorporated Dash Point house nearly 100,000, and for the early part of the pandemic prices stayed low for this desirable neighborhood with a great shopping and restaurant scene. However, with the anticipated arrival of the Link, and more and more people spreading out since Seattle and King County’s prices have become outrageous, we can expect to see price hikes here as well. Buy a home in this Seattle suburb before you can’t afford it.
Bremerton: $370,000 to $385,000
Kitsap County has stayed less expensive than King, Pierce, or Snohomish counties but the fast ferry expansion will mean it could be viewed as a highly desirable option for a commute to the city as workers go back to the office. This is another “just in time” option, as prices keep going up. East Bremerton is still cheaper than West Bremerton, but that could change as demand keeps rising and inventory stays low.
Another half a million-dollar suburb south of Seattle was ranked as one of King County’s least expensive cities for years, but that’s poised to change as the smaller, more village feel attracts work-from-homers and retirees. Close to the escape of the mountains, Auburn is a prized center for outlets and arts organizations and even more fun to live in than it is for a weekend road trip.
Snohomish County’s seat is well over the half mil mark, but it’s still quite reasonable by rigorous Puget Sound region standards. There is a wide range of transit options including a newly renovated ferry terminal in Mukilteo, so getting to the city isn’t a chore.
Lake Forest Park – $758,000
For the price of a condo in Belltown, you can buy a home in this small city just north of Seattle, and enjoy amazing Eastside views with access to Lake Washington from the other side. Perfect for those craving a spot just outside the city but with the same richness of the environment and big city feel from afar.
Talk With a Seasoned Loan Professional
To make sure you’re getting the best loan for your specific situation, talk to a Loan Officer (LO) at a reputable mortgage company and discuss your future plans in detail before deciding whether or not to buy discount points. The goal is to get a monthly payment you can manage readily, a loan term and interest rate that is favorable, and a mortgage that fits both your present and future homeownership needs.
By working with the right home loan professionals and comparing rates and mortgage quotes, you can get the best loan for you, protecting your future and helping to ensure that you don’t end up with a bigger loan than you can afford, or paying unnecessary lender fees. Once you’ve fully weighed all the options with help from a professional, you can move forward with confidence in your home purchase plans.