What Does a $1M Home Look Like in Seattle?
Seattle is topping many of the real estate charts across the country, and is becoming the prime example of what low inventory levels and high demand can do to a metropolitan market. As buyers clamor to get their hands on any type of house in the city, sellers are noticing that the values of their homes continue to rise.
In fact, recent data published by Realtor.com revealed that Seattle ranked 8th in the country for the highest percentage gain of properties valued at $1 million or higher. In 2017, about 7.7 percent of properties on the market in Seattle were listed for $1 million or more, according to an article published on GeekWire. That's a 2.4 percent increase since 2014, and experts are attributing the price increase to the affluent residents who are relocating to the city for the high-paying technology jobs that are available.
Some of the property prices are even surprising to real estate agents and investors who have lived in the region for years. Certain neighborhoods that have traditionally lower-priced homes are seeing a steep increase in property values due to the extremely competitive market – even as you move away from downtown and look at listings in Redmond, prices are still dramatically increasing. In addition, older homes near the downtown area — which is where many of the technology start-ups and corporations are located — are becoming increasingly trendy. Also, many tired and distressed properties also have been demolished, with luxury townhomes and spectacular single-family homes being rebuilt in their place.
Features Buyers Can Expect
For those who are looking to purchasing properties worth $1 million or more, there are plenty of benefits. Here's a few features and amenities one might expect to find in a $1 million home in Seattle:
- Spacious floor plans — In the current competitive state of Seattle's real estate market, homes with more space beg a much higher price tag. Anyone who is looking for a home with 4 or 5 bedrooms, or several full bathrooms, will find that many of them hit the $1 million mark. Extra living spaces, such as breakfast nooks, family rooms or dens, are going to increase both the price and the popularity of the property.
- Gourmet kitchens — One of the benefits of owning a home in Seattle is often having access to a fantastic kitchen. Most of the properties that boast a $1 million list price include a chef's kitchen. Kitchen features that are common in these luxury homes are granite counters, state-of-the-art appliances that also are energy-efficient, handcrafted cabinets and plenty of space for entertaining guests.
- Outdoor living space — Any home that is listed at $1 million is likely to have outdoor living areas, including covered porches, back decks and rooftop lounges. In addition, many of these same homes also offer unparalleled views of the Puget Sound. For the right price, buyers are able to enjoy the best views of the city all to themselves.
- Gallery windows — As mentioned previously, many of these homes feature majestic views of the mountain ranges, city skyline and the waters that define the coast. Given that fact, it's not surprising that these same properties also offer magnificent gallery windows that allow property owners to soak up the beauty of Washington from the comfort of their home.
- Premier location — Of course, the location of a home also will dictate its price. Many of these $1 million properties are located in popular neighborhoods along the waterfront or within walking distance of downtown Seattle.
In today's market, million-dollar properties look a lot different than they used to. Modest bungalows that happened to be located within walking distance of downtown Seattle are often priced between $1.25 and $1.5 million, while the luxury estates that once defined the $1 million milestone are now listed at $3, $4, and $5 million.
There are real estate options in Seattle in many price ranges — even in this hyper-competitive market. Contact us today to learn more about how we can help you find your dream home in Seattle.