With a growing population and dwindling supply of homes, Greater Seattle is becoming an increasingly challenging market for house hunters.
The most recent S&P CoreLogic Case-Shiller Home Price Indices data shows that in October, the price of a typical single-family home across King, Snohomish and Pierce counties was 10.7 percent higher than it was a year ago. That’s the biggest increase across all 20 major areas that the indices measure.
What’s more, according to The Seattle Times, Greater Seattle home prices have increased 59 percent since 2012. Prices are also up 7 percent compared to their previous high in 2007, shortly before the housing bubble popped. The average single-family home now costs $550,000 in King County, $400,000 in Snohomish County and $283,000 in Pierce County.
Home prices in the starter home market are rising the fastest, where there are many interested buyers vying for a small selection of cheaper homes. Starter home prices in Greater Seattle are up 12.7 percent compared with a year ago, while luxury home costs are up 9.7 percent.
As mentioned, the Case-Shiller data reflects the market as of October of last year. It does not include the post-election period, when sales activity increased and mortgage rates rose as people rushed to buy homes out of fear that interest rates would rise even higher.
Wondering what a typical home looks like today in King, Snohomish and Pierce counties? The homes below are now on the market for the current average home price in those areas.
27812 155th Lane Southeast #43, Kent — $549,950
This four-bedroom, four-bathroom, 3,183-square-foot home in King County is much more spacious than the typical Greater Seattle home. It boasts a private main-floor suite with a bedroom, walk-in closet, full bath, kitchenette and its own private entry. Perfect if you’d like to pay off the house with a little extra Airbnb income.
7410 Oxford Drive, Arlington — $400,000
In Snohomish County, $400,000 gets you a two-story home on a golf course. If you have kids, this is the ideal place to live. Located next to a trail, basketball court, park and highly rated elementary schools, it’s quite the family home.
12518 107th Avenue Court East, Puyallup — $284,000
Curl up by the fireplace in this four-bedroom home in Pierce County. Its price was recently cut by $5,000, and a house of similar quality in Seattle would be easily four times the price.