Is Seattle real estate expensive? The simple answer is yes. With limited land (Seattle is surrounded by water) and a strong economy with companies such as Amazon, Microsoft, Starbucks, Costco having a major presence here, Greater Seattle home and condos have a long history of steadily rising prices.
Greater Seattle Home Sales
Seattle is more than just the real estate in the city limits. Seattle is physically small. For example, Wikipedia ranks it the 137 our of 150 major cities when ranked by square miles. Thus for Seattle real estate, we will look at county real estate numbers. In January, 829 homes sold for a median price of $855,000 in King County. Both these numbers were up from the previous January when 756 sales for a median price of $849,850.
Greater Seattle Condo Sales
Seattle condo numbers increased even more. For example, King County had 352 condo sold in January 2025 for a median price of $600,000. In comparison, the previous January had 277 sales for a median price of $495,000.
Greater Seattle Luxury Real Estate
Seattle Luxury sales were also impressive in January. In King County there were 114 luxury homes sales of over $2 million and 83 luxury condos over $1 million last month. On the other hand, in January 2024, there were only 78 homes and 42 condos in the same price range.
The overall highest sale in January was a Seattle luxury home on the northern tip of Magnolia. The 15,000+ sq ft Seattle waterfront home sold off-market for $21.5 million.
Just across Lake Washington from Seattle, "The Eastside" generally dominates the local luxury real estate market. For instance, 8 of the top 10 home sales were located east of Lake Washington. Eastside sales include a Hunts Point sale for $16 million and a home on Clyde Hill for $12 million. Other areas on the Eastside include Bellevue (highest sale $5.295 million), Medina ($5.9 million), and Kirkland ($5.4 million). It was an unusual month in that no Mercer Island home made the top 10. The highest sale of a Mercer Island home was $2.18 million.
The top three condo sales in January include a waterfront condo in Kirkland for $5.350 million, a 19th floor condo in the Millennium Tower in Downtown Seattle for $3.380 million, and a Bellevue condo for $3.25 million.
Learn More About Seattle Real Estate
Click the link to learn more about the Seattle real estate market! The monthly reports have more specific numbers regarding both Seattle home and Seattle condo market. Or click here to contact a Seattle real estate broker to discuss the market.
Feature Picture: This Capitol Hill Mansion blends historic charm with modern updates. Sitting on over one-half acre gated gardens, this exceptional home features grand porches, ornate architectural details in columns & cornices, mature plantings, port-cochere, garage + carriage house.
For this blog, the information and statistics were derived from the Northwest Multiple Listing Service.
Comments(3)