Today, we’re going to continue our series on the Seattle market and discuss data on two more iconic Seattle neighborhoods: Madrona and Leschi. Both of these areas sit close to Lake Washington and boast high median home values. Leschi in particular offers fantastic views of Lake Washington and is located close to several attractive parks. One of the few issues with these neighborhoods is accessibility: homes in these markets don’t come up for sale too often, and they do they tend to get snatched up by a buyer fairly quickly.
Let’s look at the numbers for these markets so we can see precisely how they have developed in recent months.
Update on the Madrona Real Estate Market
As of February, 2020, the Madrona real estate market had a median home value of approximately $1,102,868. That’s a very high value! This value is over $300,000 higher than the current median value for the city of Seattle as a whole. This value represents a small 0.3% decline during the past 12 months; experts predict that this market will rebound and see a modest increase of roughly 3.2% during the upcoming year. These values don’t necessarily tell the full story of this small market. Even though these numbers might make it seem like bidding wars are uncommon, the truth is that the sheer attractiveness of this market makes bidding wars a constant possibility.
Update on the Leschi Real Estate Market
The Leschi real estate market presently has a median home value of $1,000,313. Again, this is a very impressive figure! This also puts Leschi well above the general median for Seattle as a whole. Leschi home values have increased by about 0.6% during the past year, and experts predict a further increase of approximately 4.1% during the next 12 months. As with Madrona, Leschi’s attractiveness is such that competing offers are likely to be seen all the time in this market. This is true even when other markets in the Greater Seattle area are not likely to see competing offers. Make no mistaken, Leschi is one of the most attractive markets in Seattle, and this is shown in its home values and also its turnaround time for listings.
Contact Adam Cobb for More Information
If you’re going to enter the Seattle market, or a neighboring market, it’s best to obtain the services of an experience real estate broker. An experienced real estate broker can help you negotiate terms, achieve a better price, and navigate the entire sales process. Get in touch with Adam Cobb today to learn more by calling 206-854-9454.
Image credit: LeAnn E. Crowe