Greater Seattle has experienced the sharpest home-price increases of any major market in the country for the fifth month in a row, as home costs accelerate at their fastest pace in three years, reports the Seattle Times.
According to the monthly Case-Shiller home price index, the typical price of a home across King, Snohomish and Pierce counties rose a whopping 11.3 percent in January compared to a year prior. The January increase is tied for the biggest jump in home prices since March 2014.
The median single-family home price in February was $675,000 in Seattle and $832,000 on the Eastside, both record highs reported in the most recent NWMLS data. In Snohomish County, the median home cost $412,500 (also a record), and $280,000 in Pierce County.
Does it matter what kind of home you buy? Not really. Luxury homes cost 11 percent more than a year ago, the biggest rise since September 2013, and up from 9.3 percent growth just a couple months ago. Starter homes are up 11.6 percent which again sounds steep, but that’s actually down from the 12.6 percent rise from a few months ago.
How do we compare with the rest of the major markets? Portland came in behind Seattle at 9.7 percent, Denver at 9.2 percent, Dallas at 8.2 percent and Tampa at 8.1 percent. Nationally, prices grew 5.9 percent, a 31-month high. That sounds pretty big, but for perspective, Seattle’s increase was nearly double that.