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North Seattle Home Prices Rise 42 Percent

Home prices are up. Way up. Central Seattle and Beacon Hill both saw their median home price climb nearly 40 percent last year. In parts of North Seattle, the median home price leapt 42 percent.

Forty-two percent. That’s absurd.

The Seattle-wide median home price isn’t as bad. That measure only jumped 24 percent last year, to a city-wide median home price of $644,950. For all of King County, the median price is lower, still (at $514,975). But even that is an all-time high for the county.

This reminds many people of the months that led up to the 2007 housing bubble burst. Our current situation is a bit different for a few reasons:

  • Many buyers are paying with cash this time around, and overall there’s more money behind the sales.
  • Lenders are screening borrowers more thoroughly.
  • Seattle has a seemingly inexhaustible influx of new high-income workers who keep buying homes. Amazon won’t stop hiring any time soon, and Expedia and Weyerhaeuser are moving their headquarters to Seattle. Facebook and Apple’s satellite offices also pull other highly paid workers to the city.

The near future looks rough. Lots of bidding wars, tiny inventory, and high, high prices.

However—and this is key—this isn’t the new normal. The current state of the market is unsustainable. Prices will go down. We aren’t expecting a bubble burst like 2007, but the market will adjust itself.

In the meantime, don’t panic. Don’t ruin your future. Don’t go out and spend all your equity on one of those houses whose price increased 42 percent this year. Think ahead of the current trends, and look to the neighborhoods that will be the hot places in the 2020s. Places like:

  • Rainier Valley
  • Rainier Beach
  • Shorewood
  • Burien
  • White Center
  • Highland Park

And most importantly, find a real estate agent you trust. A good agent matters more than ever in this market. We’ve seen these decade-long up-and-down cycles before. We’ll keep you from making a rash decision, and we’ll help you navigate this turbulent market safely. Here’s our number: 555-425-8585.

  • Sarah Donaldson
    Sarah Donaldson
    18:44 18 Jul 19
    Darcie was such a joy to work with. She felt like family during the sale of our house and the search for our new home. We may have found our forever home, but if we ever need a Realtor in future, Darcie from Real Estate Gals will be our first call.
    Brian Heagler
    Brian Heagler
    16:55 02 Jun 19
    I have worked with Johnine and her team for 19 years and have always received personal, knowledgeable and professional service and attention! There is never and pressure and they will guide you away from a property when appropriate, which is always appreciated when a market is hot and the tendency is to move quickly. I trust them and have never been let down!
    Anne Slater
    Anne Slater
    18:03 25 May 19
    Johnine Larsen is fabulous! She listened and came up with ways we could get what we wanted in a house and stay within our limited budget. When we found the house we wanted, she moved super fast to get the house inspected and implemented creative ideas to make our offer appealing. And out of 13 offers, we were selected and got our house. I recommend her to anyone buying a home.
    Amy Burdick
    Amy Burdick
    19:13 24 May 19
    Real Estate Gals made sure we found our perfect house! Then, when we were up against other bidders, Johnine worked tirelessly to ensure we were tops! Her extensive real estate experience combined with exceptional character and integrity provided peace of mind throughout the process. She also made sure we received the right value as a seller and got the transaction done quickly and efficiently. Simply stated: there is nobody better to help you find your dream home.
    Bill Hollman
    Bill Hollman
    22:21 19 May 19
    I'd give Real Estate Gals 6 stars if I could. We have used them multiple times, both in selling and buying homes in Seattle and the surrounding area. I can't say enough about the professionalism, knowledge, and patience they bring to the task of buying a new home, or selling your current residence. And they know the Seattle area so well, they'll offer valuable insights into the pros and cons of any location you may be to considering. Look no further, call Johnine at Real Estate Gals. You will be glad you did!
    Beth Guerra
    Beth Guerra
    01:14 18 May 19
    Johnine was a breath of fresh air in the real estate market. She listened intently to our wishes and goals, and was tireless in her search for our perfect house. She is well versed in both Seattle and the surrounding areas. She made sure all the details were taken care of after the inspection, and made the closing process seamless. She even gifted us with a housewarming present. Nearly 7 years later, we still receive holiday cards and well wishes. I highly recommend Real Estate Gals and will look no further in the future.
    Aidan Key
    Aidan Key
    15:44 17 May 19
    Johnine and the Real Estate Gals brilliantly took us through the home buying process two different times. Their willingness to educate (I was new), hear our home hopes, and support us through the process are a few of the reasons that I highly recommend this team. Speaking of a team, I love their collaborative business model - it meant that we--the home buyers--always had a returned phone call and an ability to look at a house on OUR schedule. Truly felt like they place the customer first!
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