How Much House Can You Buy for $500K on Seattle's Eastside
As home prices are rising in all of Seattle, prospective home buyers often wonder how much house their home-buying budet will afford them. Let's take a look at what type of home you can buy on Seattle's Eastside between $450K - $550K, including the communities of Bellevue, Kirkland, Redmond, Issaquah, Sammamish, Snoqualmie and North Bend.
As of the date of this post, in the Eastside Seattle suburbs below (single-family homes only), there are 201 homes active on the market and available for purchase between $450-$550K. This sounds like a lot of inventory - but we're looking at a large area here, and we're not applying any home search filters, other than price. And more importantly, there are presently 229 homes which are pending in the same price range. When more homes are pending than active in any given price range, this is a general indication of a seller's market, as the listings are being absorbed quicker than new inventory becomes available.
So... let's take a look at how much house you can buy for approxmiately 500K on Seattle's Eastside...
- Bellevue: In the most popular community on the Eastside, the pickings can be rather slim in Bellevue, even in the upper price ranges. Today there are 35 active listings. The average home was built in 1972, has 2247 square feet, with a lot size of .21 acres. The average days on market is 39.
- Redmond: As the hometown of Microsoft , the housing market in Redmond is always active. Today there are 35 active listings. The average home was built in 1986, has 2459 square feet, with a lot size of .98 acres. The average days on market is 151. However, we should point out that these numbers also include homes to the east of Redmond, towards the Snoqualmie Valley. These homes are on larger lots, and have a longer time on the market. In central Redmond, for example the "Education Hill" neighborhood, homes are on smaller lots, and often sell in 14 days or less.
- Kirkland: A friendly and eclectic community along Lake Washington, Kirkland is always a popular place to buy. Today there are 34 active listings. The average home was built in 1981, has 2332 square feet, with a lot size of .27 acres. The average days on market is 55. Recent new construction in Kirkland is bumping-up the average age.
- Issaquah: Issaquah is literally at the mouth of the highway into the foothills of the Cascades. Today there are 49 active listings. The average home was built in 1994, has 2550 square feet, with a lot size of .62 acres. The average days on market is 106. There is a BIG difference in what you get for the money between the north and south sides of Issaquah. The north side communities of Klahanie and the Issaquah Highlands are very popular, and most homes sell in less than 30 days. Generally, the south side has larger lots and older homes.
- Sammamish: Incorporated in the early 1990's, parts of the Sammamish Plateau seem quite rural with large lots and towering trees, while other areas are more suburban in design. Today there are 26 active listings. The average home was built in 1987, has 2397 square feet, with a lot size of .51 acres. The average days on market is 137, although many homes on the plateau sell in less than 21 days, such as homes in Trossachs, Vintage, and Beaver Lake.
- Snoqualmie: Located in the historic Snoqualmie Valley and in the heart of the Cascade Foothills! Today there are 7 active listings, all located in the master-planned Snoqualmie Ridge neighborhood. The average home on the market today was built in 2010, has 2896 square feet, with a lot size of .16 acres. The average days on market is 44.
- North Bend, WA: Also located in the Snoqualmie Valley and deep in the Cascade Foothills, North Bend is well known as the filming location of the Twin Peaks television series. Today there are 7 active listings in North Bend. The average home on the market today was built in 1992, has 3200 square feet, with a median lot size of .26 acres. The average days on market is 83.