The Seattle real estate market has emerged in February, 2020 as one of the most vibrant, impressive markets in the country. However, even though Seattle as a whole boasts an impressive median home value, things become even more interesting when we disaggregate this market according to region. As we’ve been showing in some of our recent posts, certain regions within Seattle have home values which are quite a bit removed from the general Seattle median. In this post, we’d like to examine the numbers on two of the more expensive areas in Seattle: Magnolia and Laurelhurst. We’ll start by giving a refresher on the numbers for Seattle itself and then move to these two areas. These areas rival places like San Francisco and New York City when it comes to median value. Let’s explore the numbers.
An Update on the Seattle Market
The city of Seattle as a whole currently has a median home value of about $752,187. When we consider the size of Seattle, this number is really quite impressive. This figure represents a small decline of 0.7% over the past 12 months. Experts predict that the Seattle market will increase by about 3.9% over the upcoming 12 months, which is significant given the relatively high point of the median home value as of February, 2020. We’ve seen a lot of change going on the Seattle market over the past decade. The market grew rapidly, but then more recently it has leveled off as fewer buyers have been able to enter the market.
The Magnolia Real Estate Market
As of February, 2020, the Magnolia real estate market has a median home value of roughly $1,009,402. That’s right, this small town in Seattle has a median home value slightly above $1 million! The Magnolia market is presently categorized as a “neutral” market; bidding wars aren’t common, but also not impossible. Home values here have grown by a meager 0.5% over the past 12 months, but a more robust increase of 4.1% is predicted during the upcoming 12 month period. The neighborhood of Magnolia certainly has plenty going for it; the town features stunning views of both downtown Seattle and of the Olympic Mountains. Look for this area to continue to see gains in the future.
The Laurelhurst Real Estate Market
Laurelhurst is one of the “quiet giants” in the city of Seattle. This area packs a big punch when it comes to home values, but it’s not a town which you’ll often hear about the media or the local news. Tucked away near the University of Washington, Seattle campus, Laurelhurst currently boasts a very impressive median home value of $1.656 million. Amazingly, this represents an increase of 0.2% from last year, and this value is expected to increase by a further 4.0% during the next year. Part of Laurelhurst’s attractiveness comes from its proximity to the U Village shopping center and to downtown Seattle. Laurelhurst also has ample scenic beauty and lots of top quality architecture.
Image credit: Eugene Kim