With few exceptions, Seattle real estate prices are rising rapidly. In 2006, 53 of the 86 neighborhoods in King County had a median home price of $350,000 or more. And Seattle average home prices in many neighborhoods are well above the $400,000 mark.
Home prices in Seattle neighborhoods with prestige will cost a pretty penny, as these 2004 median prices will tell you. Madison Park's median price range was $905,000 and Laurelhurst wasn't at $600,000. Queen Anne – with its beautiful views – had a median price range of $500,000 and private Magnolia ran in the $700,000 range.
If you're on a budget and still wish to buy a home in Seattle, don't despair. There are neighborhoods with more affordable home prices in Seattle. But you'll need to look south of downtown to find them. South Seattle real estate prices in communities like Beacon Hill, Rainier Beach, and Georgetown had a 2006 median price in the $340,000 to $390,000 range.
Seattle average home prices are comparable to the many cities and neighborhoods on the east side of Lake Washington, such as Bellevue, Redmond, Issaquah, and Kirkland. Yet, if you want to buy a home in Seattle and are willing to look beyond these more expensive areas, affordable gems are readily available in South King County. For example, Burien (average $395,000), Covington (average $320,000), and Des Moines ($291,000) offer many well priced homes.
Snohomish County to the north also gives Seattle average home prices a run for their money. In 2004, Everett had a median home price of just over $186,000, although Lynnwood was closer to $280,000. Pierce and Thurston Counties are even further south and offer many less expensive options to the higher Seattle average home prices.
After price, the biggest challenge facing families who wish to buy a home in Seattle is the rapid turn-around time from listing to sale. Inventory is still low, and demand is high, and bidding wars are not uncommon. This can drive Seattle real estate prices even higher!
Although home prices in Seattle are high, the Emerald City has much to offer prospective buyers. An economy that is coming back to life after the dot-com bust is one reason to buy a home in Seattle. The great outdoors are another. The surrounding water and mountain views, and access to some of the finest arts and cultural activities available today, make home prices in Seattle worth the cost.
