Market Update - Nearly 1 in 7 Homes in Seattle Worth At Least $1 million

Nearly 1 in 7 homes in Seattle are worth at least $1 million according to a new report by Trulia. Over the past year the typical home has appreciated about 7.6 nationwide bringing the median home value in over 100 neighborhoods into the $1 million territory. This brings the total to more than 3,000,000 homes across the country, just about 3.6 percent, and more than double the amount from 2012 (1.5 percent).

When it comes to the percentage of homes worth $1 million or more, Seattle ranks 10th among metro areas. In October 2018, 13.3 percent of homes in the Seattle metro were worth at least $1 million, up 1.9 percent from the year prior–enough to rank it 8th in the country when it comes to the biggest increase in Million Dollar Homes.

As a state, Washington ranks 4th on the list of states with the most $1 million neighborhoods. At the top of the list is California, which accounts for two-thirds of the country’s 838 neighborhoods with a median home value of $1 million or more. Within California, 29 percent of its neighborhoods fit the criteria.

Bellevue has the highest percentage of Million Dollar Neighborhoods in the region as nine of the city’s 23 neighborhoods are over $1 million—three more than it previously had two years ago. Other Washington cities with multiple Million Dollar Neighborhoods include Kirkland (5 out of 15) and Shoreline (2 out of 14).

Overall, the median home price in Seattle fell to $750,000 in October, down $80,000 from the record set earlier this year. Meanwhile, on the median home price on the Eastside remained the same at $890,000, down $87,000 from its record earlier this year. In the end, the median closed price for residential listings were up nearly 5 percent from a year ago.

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