Washington State Real Estate Market Update
Washington state offers not only beautiful scenery and diverse communities, it is also the birth place of many large businesses and tech giants, including Microsoft, Amazon, Zillow, Boeing, Nordstrom and Expedia. This year Seattle ranked as #4 on Forbes’ Best Places For Business and Careers List, Washington also boasts a job growth rate of 3.1%. The Washington state real estate market as a whole is considered to be very strong. In this post we break it down to two areas, Washington State as a whole, and the Seattle area.
Washington State Market
Here are a few key statistics of the Washington State market as a whole according to Zillow, the median home value in Washington is $322,700. Washington home values have gone up 10.3% over the past year and Zillow predicts they will rise 3.6% within the next year. The median list price per square foot in Washington is $177. The median price of homes currently listed in Washington is $309,000. The median rent price in Washington is $1,795.
In the popular King County market the number of available homes is down nearly 30% from a year ago resulting in higher home prices. Sale prices for single family homes in the county are up 19.8% already for the year, and in ten other counties around the state double digit price gains have been reported as well. Current inventory levels are around 2.4 months, well below the 4-6 months that is preferred for a balanced market. The Puget Sound region is below 2 months, and King County is the lowest at 1.3 months of supply.
Seattle Area Market
The Seattle real estate market is the hottest in Washington and one of the hottest in the US. According to Zillow, the median home value in Seattle is $624,700. Seattle home values have gone up 11.4% over the past year and Zillow predicts they will rise 3.8% within the next year. The median list price per square foot in Seattle is $437, which is higher than the Seattle Metro average of $211. The median price of homes currently listed in Seattle is $599,950. The median rent price in Seattle is $2,400, which is higher than the Seattle Metro median of $2,000. In Seattle, rent prices increased by 0.5% over the last month, and rents are now 4.9% higher than last year.
City Rental Data From Apartmentlist.com
- Seattle: 1-bedrooms in Seattle have a median rent of $1,650, while 2-bedrooms cost $2,250. Seattle is the 2nd most expensive city in Washington State.
- Bellevue: Bellevue has the highest rent prices in the Seattle metro. 2-bedrooms there rent for $2,460, and 1-bedrooms go for $1,980. Bellevue rents have grown by 5.0% in the last year.
- Redmond: Redmond is the 3rd most expensive city for renters. A 2-bedroom in Redmond costs $2,210, while 1-beds have a median rent of $1,780. Rents in Redmond grew by 2.9% in the past year, and prices increased by 2.4% over the past month.
- Kent: Kent has the 6th highest rent prices in the Seattle metro. Median rents in Kent are at $1,400 for 2-bedrooms and $1,150 for 1-bedrooms. Rent prices have grown by 2.9% in the last year.
- Tacoma: Tacoma shows the most year-over-year rent growth Having experienced a 10.2% increase in rents this past year, Tacoma shows the fastest-growing rents in the metro. 2-bedrooms in Tacoma cost $1,220, while 1-beds run a median rent of $1,020.
- Kirkland: Rents in Kirkland are 6.8% higher than last year, the 3rd highest rent growth of any city in the metro during that same period. 1- and 2-bedrooms in Kirkland rent for $1,650 and $2,050, respectively.
- Renton: Renton shows the 4th fastest-growing rents in the Seattle metro, at a 5.7% increase over last year. A 2-bedroom in Renton goes for $1,560, while 1-bedrooms cost $1,350