Seattle’s Million-Dollar Housing Market Continues to Grow
More than a third of homes listed in the Seattle metro area last year were priced at over $1 million, according to Redfin.
Why This Matters
The increasing number of seven-figure homes is making homeownership less accessible for many, especially with rising mortgage rates adding financial strain.
Key Stats:
- 34.4% of Seattle homes listed in 2024 had asking prices above $1 million.
- This is a jump from 30.3% in 2023 and just 16.1% in 2020.
- Nationwide, only 9.3% of listings were priced over $1 million last year.
Bigger Picture
Million-dollar listings are becoming more common across the U.S., with 550 cities now having typical home values over $1 million, up from 491 cities in 2023, per Zillow.
Seattle Market Resilience
Despite high prices, home sales in the Seattle area remain strong:
- Sales were up 19.5% in November 2024 compared to the previous year.
- Similar trends were observed in other West Coast cities like Portland and San Francisco.
What’s Next?
The recent surge in new home listings in Seattle might offer buyers more choices in 2025, but demand could keep competition high.
As the Greater Seattle’s real estate market evolves, staying informed is key. Let’s connect if you want help navigating this challenging market or exploring your options.
