How Much Did It Cost to Buy a Home in Seattle for the First Quarter?

house with 'for sale' sign upfrontHomebuyers that are priced out in Seattle’s housing market should consider buying in Richland, WA from realty companies like Retter & Company Sotheby’s International Realty, as real estate prices in the major city have been increasing since 2012.

Property values in Southwest and Southeast Seattle have registered the biggest growth, up by 198% and 136% respectively in the last six years. During the first quarter of 2018, median home prices in the city reached almost $820,000.

Fastest-growing market

Average home prices in the southwest of Seattle cost only $222,000 between January and March 2012, but it has ballooned to more than $660,000 in the last three months of this year. The same situation happened in the southeast, where prices surged to $650,000 from $275,000 in the covered period.

While these numbers are too expensive, experts said that the city’s south remains the cheapest option for buyers among other parts of the city. However, home prices there are less affordable when compared to other cities such as Boston, Denver, Miami and Washington, D.C. Several factors have caused the home price growth in Seattle, including a shortage of properties.

Why are prices so high?

Higher prices partly stem from a lack of available homes for sale in Seattle. For instance, there were only around 2,000 homes on the market in King County in March. The region historically had more than 7,800 houses for sale in the last 20 years.

In case homeowners decide to sell their properties, they have the luxury of asking for higher prices due to a large demand from buyers. More people have moved into the county, which made it more difficult to find a house since there is only one available house property for every 1,060 people.

Homebuyers should consider looking for homes in other parts of Washington State since it would be difficult to compete with many buyers in Seattle.