Based on the recent updates we’ve given on the Seattle real estate market, one thing we can say is that Seattle’s median home value can be misleading. If someone simply looks at the current median and does no further investigation, that person may not realize how greatly the market varies by region. As we’ve seen, some neighborhoods in the Seattle market have median home values well above $1 million; others are much lower, closer to half a million. Simply put, things aren’t distributed evenly throughout the entire city; some areas are quite high, while others have values closer to cities bordering Seattle to its north and south. The key point is that we always need to look below the surface in order to gain a full understanding of what’s going on in the market. We can’t simply take a look at the general median and then assume that all areas in Seattle are close to that figure. This is an essential part of what we do as brokers.
In this post, we’ll take a look at two more areas within the city of Seattle: Capitol Hill and Wedgwood. Capitol Hill is a very well-known area in Seattle; in fact, many people consider this to be the quintessential “Seattle neighborhood.” Wedgwood is a bit less well-known, but is a highly attractive area. Let’s take a look at these two areas in detail.
Update on the Capitol Hill Real Estate Market
Currently, as of February, 2020, the neighborhood of Capitol Hill has a median home value of roughly $690,089. That figure may actually seem low to many observers. Capitol Hill is generally considered to be among the busiest areas in Seattle; parking is notoriously difficult to come by, and large crowds are a common sight. But this figure is accurate, and it’s a bit lower than the general median for Seattle as a whole. What’s more, this figure of $690,089 represents a decline of about 3.4% over the past 12 months. Experts predict that this area will rebound and rise by 3.0% during the upcoming 12 months. If this upward trend keeps going, we may see the median in Capitol Hill rise to the level of the general median for Seattle in the near future.
Update on the Wedgwood Real Estate Market
Tucked away between Lake City, Laurelhurst and the University District, the neighborhood of Wedgwood is an attractive place boasting a relatively high median home value. As of February, 2020, Wedgwood had a median value of $816,160. That’s a bit higher than the general median for Seattle. Wedgwood actually decreased by about 2.6% during the past 12 months, but is expected to increase by 2.9% during the upcoming 12 months. This value of $800,000+ for Wedgwood is fairly impressive. This shows that real estate in this area is well desired, although it’s not quite as popular as real estate in other, nearby neighborhoods, such as Laurelhurst.
Contact Cobb & Associates for More Information
The bottom line is that if you’re thinking about entering the market, as either a buyer or seller, you need the counsel of an experienced real estate broker. An experienced Seattle real estate broker can give you the valuable information you need to navigate the selling or buying process successfully. The real estate market can be quite complex, as these market data updates have shown, and you need a qualified broker to help you understand and thrive in the market. Give Adam Cobb a call today at 206-854-9454.
Image credit: david_jones