THE NEW state of real estate in King County goes a little something like this: Homes are about as expensive as they have ever been, and the suburbs are still hot.
The average price for a single-family home in King County is now more than $1 million, $1.055 million to be exact. That’s a 20.1% increase from the 2020 average of $878,000.
Snohomish and Pierce counties saw similar percentage gains year over year. The average price of a single-family home in Snohomish County rose from $600,000 in 2020 to $741,000 last year, a 23.5% increase. Pierce County saw a 19.3% increase from $467,000 in 2020 to $577,000 last year.
Fueled in part by extremely low inventory, population growth and an influx of high-paying tech jobs in recent years, all three counties have seen a similar housing value growth line in the last 10 years.
Last year’s numbers from the Northwest Multiple Listing Service complete the picture. Looking at data from both condo and house sales, every single area in King County experienced an increase in median sale price in 2021, except one—Belltown/Downtown.
Elsewhere, suburbs in South King County and the Eastside trended up, some as much as 30 percent. What’s more, in nearly all these communities, the number of closed sales also increased, meaning more homes were sold and at more expensive prices.
East of Lake Sammamish
Microsofties have long favored the plateau community of Sammamish for being close to Nerd HQ as well as a plethora of waterfront and mountain escapes. More homes went on the market in 2021 compared to the previous year, which might account for the slight uptick in sales. That $200,000 and change increase in the median sale price, however, we’ll chalk up to the pull of this particular suburb.
Price growth year-over-year: 25.08%
Median sale price in 2021: $1.124 million
Located north of Bellevue, people flock to the Bothell/Woodinville core because they could live there and still easily commute to their jobs in Seattle or Everett. From wine tasting, equestrian properties and easy access to the tech hubs of Bellevue, Redmond and Seattle the Bothell/Woodinville area has grown steadily and remains one of the most popular Seattle suburbs. Bothell/Woodinville area home prices were up 20.3% compared to last year, selling for a median price of $1.215 million. On average, homes in Bothell/Woodinville sell after 5 days on the market compared to 6 days last year. There were 112 homes sold in December this year, down from 151 last year.
Price growth year-over-year: 20.30%
Median sale price in 2021: $1.215 Million
Eastside (south of 90)
Factoria and Newcastle might as well be considered suburbs of Bellevue. Some areas here are well developed, especially around T-Mobile headquarters, while others still have the wide-open rambling feel of the nearby Coal Creek Natural Area and Cougar Mountain. All that’s to say, it’s not exactly a surprise this area is popular, seeing the steepest median sale price percent increase of all King County last year.
Price growth year-over-year: 30.56%
Median sale price in 2021: $1.175 million
Projections are homes listed by March and closing in April will see the maximum number of bidding wars and escalating prices
Bellevue (east of 405)
A little less glossy than its downtown cousin to the west, this slice of the Eastside’s biggest city still sports plenty of draws—Crossroads Mall, Bellevue Botanical Garden, and Kelsey Creek Park, to name a few. Add on the closeness factor to Lakes Sammamish and Washington, and, yeah...that median price topping $1 million makes total sense.
Price growth year-over-year: 23.89%
Median sale price in 2021: $1.115 million
In the dead of winter, the Eastlake Sammamish (98074) housing market is heating up by the day. In January we observed 8 sales logged on the NWMLS and LITERALLY EVERYTHING went over this month! One property went for 127.74% of the asking price, and average price per square foot appreciated to $686.78 for the month.
Eastlake Sammamish is up 20.16% over last year. Neighborhood Deep Dive with Gabe Martinez-Bodine HERE
Let’s be real—property on this exclusive island has always been in demand. (Its median price in 2020 was already at $1.59 million.) But sales were brisk in 2021, increasing by 10 percent, with nearly the same number of homes going on the market as the previous year. Perhaps all that competition explains the staggering new median sale price.
Price growth year-over-year: 24%
Median sale price in 2021: $1.982 million
Renton (Benson Hill)
South of downtown Renton, this micro burb has a lot going for it, including easy access to major thoroughfares and somewhat affordable prices. Recent numbers suggest that many folks have caught on to this. The number of sold properties and homes on the market remained steady between 2020 and 2021, but the median price rose by over $100,000.
Price growth year-over-year: 24.26%
Median sale price in 2021: $639,950
Black Diamond and Maple Valley
State Route 169 cuts through these former coal towns, which now serve as commuter hubs for those seeking a little space and quiet. And it seems quite a few folks are. While new listings were slightly down in 2021, closed sales were up around 7 percent. Which makes the nearly $150,000 increase in median sale price easy to understand but no easier to stomach.
Price growth year-over-year: 26.12%
Median sale price in 2021: $702,500
For Active Listings In Monroe CLICK HERE