King County Real Estate Breaks More Records: Analyzing Each Community
Just when you think the real estate market in Seattle and throughout King County can't get any hotter, there's news of yet another shattered record. The Seattle Times recently reported that for the first time, the median price of a King County home rose by more than $100,000 between July 2016 and July 2017. The median sales price of a home in King County is now a whopping $658,000, according to data published in the article and released by the Northwest Multiple Listing Service. With an 18.6 percent increase in prices since the previous July, this also is the hottest July market since the year 2000.
So, as a whole, King County is enjoying a booming real estate market. But let's break it down by community:
Seattle Home Sales
As the county seat of King County, it's no surprise that Seattle is the epicenter of the real estate boom. The Seattle real estate market continues to shatter records month after month, with prices on the rise and inventory levels lagging behind. In the last year, median home sales prices increased in Seattle by more than 17 percent, and currently rest at $660,000. Buyers are struggling to find affordable real estate in the most popular neighborhoods, particularly those situated near the downtown area that is bursting with life as a result of the tech industry. However, this competitive market has catapulted many Seattle neighborhoods into the limelight, allowing them to enjoy fresh life and create a new identity.
Kirkland Home Sales
With its waterfront views and its proximity to Seattle, Kirkland has become the place where people want to live. In fact, there is such a high demand for houses in Kirkland, the median sales price has increased by nearly $140,000 in the last 12 months. Currently, the median sales price of a home in Kirkland is $700,000, with many properties in the most idyllic locations going for much higher prices.
Bellevue Home Sales
If you look across Lake Washington from the heart of Seattle, you'll see the thriving community of Bellevue. Known for its beautiful parks and its appreciation for culture, Bellevue is a charming community. Median home sales prices climbed by more than 19 percent, or $140,000, during the last year. Currently, those who want to purchase a home for sale in Bellevue will find the median sales price to be $875,000.
Issaquah Home Sales
One of the more intimate communities in King County, Issaquah boasts a population of just more than 37,000 residents. But don't let its size deter you. The homes for sale in Issaquah are in high demand amongst buyers who want to live near Seattle yet enjoy a peaceful and tranquil life. The median sales price in Issaquah is currently $705,000, rising from $570,000 just a year ago. Like the rest of King County, Issaquah is not immune to the increased demand and low inventory levels that have become the hallmark of the local real estate market.
Redmond Home Sales
Just 16 miles outside of Seattle, Redmond is where many commuters set their sights. A year ago, buyers would have found median home sales prices to be about $640,000, as it is one of the most desirable communities in King County. Today, however, prices have risen sharply. The current median sales price in Redmond is about $782,000. Inventory levels are still low, and buyers are clamoring to get their hands on one of the fantastic listings in Redmond.
For buyers, this is a market with unique challenges. It's an exciting time to be getting into the King County real estate market, but the staggering price increases can be tough to swallow. It's important to work with a real estate professional who can guide you through this record-setting market and help you secure an amazing home at the right price. To learn more about the latest King County real estate trends and to find out about the community that could be your next home, contact our real estate team today.