Seattle home prices have been rising steadily for years. However, some are wondering just how much higher it can go.
It’s no secret that Seattle is an expensive place to live. However, the real estate market has been exploding. And with that, comes high home prices. Recently, Redfin indicated that there may be some cooling off in sight.
“The affordability crisis may have reached a breaking point in Portland, San Jose and Seattle,” said Redfin CEO Glenn Kelman in a news release. “After 75 straight months of price increases in these markets that far outpaced wage growth, homebuyers are now becoming selective about which homes to buy, and at what price.”
It’s not exactly a “relief,” but it is an indication that the market may be cooling. And not a moment too soon in fact. The median price for a home in King County (Seattle) is $715,000. That number is down from a high water market that surpassed $800,000 earlier this year.
A drop of $85,000 may seem like a lot. However, consider that the median home price nationwide is around $200,000. This means that Seattle home prices are more than three times the national median.
Redfin anticipates that the market will slow down slightly. However, Seattle home prices remain extremely high.
Why So High?
Seattle home prices have been rising due to several factors. Not the least of which is good, old-fashioned supply and demand. Namely, there’s short supply and a lot of demand; which drives up the price.
Whatever the reason, it is becoming increasingly difficult for many residents to sustain their quality of life with costs rising steadily. For many, moving on to greener pastures is increasingly an option.
It’s All About Location
When it comes to your cost of living, your location matters. If Seattle home prices are out of reach, maybe it’s time to try your luck elsewhere. For that, there’s City vs City; a powerful cost of living calculator that shows you the true cost of living in your city.
Simply input your data and compare your costs with another city of your choosing. For example, let’s take a look at how your expenses would change if you moved from Seattle to Nashville, Tennessee.
Our app factors housing, transportation, and other monthly recurring expenses. We also account for all major state and local taxes. As a result, you’ll see a side by side comparison of costs between your two cities.
If you’re thinking of moving, don’t make a move without downloading City vs City first.