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How Far Do Your Real Estate Dollars Go?

Posted by Johnine Larsen on July 11, 2016
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Home prices keeps rising. In fact, Washington State home prices are rising faster than in any other state in the Union—Washington now ranks among the top five states for priciest homes overall. We sit right below Hawaii and California.

Of course, price and price-rise differs wildly across the state. Take San Juan Island, for instance. The median home there costs a staggering one million dollars. Yet in Grays Harbor, median home price bottoms out at $141,000. Across the state, median home price hovers just above $305,000 (note: this is the first time Washington as a state has passed the real estate highs of 2007).

How about the price-rise? Well, state-wide, that $305,000 median price represents a 37-percent increase from four years ago. Just in the past year, home prices in metro areas have jumped 5 percent. The exception: Wenatchee, where prices dropped 3 percent. If you want cheap housing: Grays Harbor and Wenatchee, folks.

But for those of you who want to stay in King County, you’re looking at a median home price of $508,000. Let’s break that down further, shall we? We’ll do this two ways: (1) we’ll look at median price in various neighborhoods, and (2) we’ll look what $1,000,000 gets you in various neighborhoods.

 

Median Real Estate Price Across King County

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Capitol Hill: $528 per square foot (average). Typical home: 3 bedroom, 2.5 bath, 1,320 square feet. Views of Mt. Rainier and the Cascades. $699,000.

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Medina: $697 per square foot (average). Typical home: 4 bedroom, 3.25 bath, 4,043 square feet. 1993 rambler on 0.37 acres. $2,819,000.

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Bellevue: $442 per square foot (average) Typical home: 3 bedroom, 1.75 bath, 1,830 square feet One-story home built in 1952 on a 0.26 acre lot.

 

$1,000,000 Across King County

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Haller Lake: 4 bedroom, 3.5 bath, 3,633 square feet. Brand-new, modern house. $1,025,000.

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Denny Triangle: 2 bedroom, 2 bath, 1,296 square feet condo. Located inside a hotel (read: include perks), and with a private deck overlooking South Lake Union. $1,040,000.

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Broadview: 4 bedroom, 3.5 bath, 3,080 square feet. Views of the Puget Sound. $1,050,000.

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Greenwood: 3 bedroom, 2.25 bath, 2,700 square feet. Passive House Certification. $1,050,000.

1_952393_15_1464765039.0Cedar Park: 5 bedroom, 2.5 bath, 3,150 square feet. 1962 midcentury home. $1,025,000.

 

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