The median price of Seattle homes sold in March increased 18.9 percent over the year to $535,000. This is the biggest jump in at least five years.
Multiple offers have become commonplace across the region because of the shortage of homes for sale. In March, King County had 1.3 months’ supply of homes, while Seattle had less than a one-month supply.
The soaring Seattle home prices are expected to continue with Expedia’s announcement of plans to relocate about 3,000 employees from Bellevue to its new headquarters in Seattle.
For King County as a whole, the median price in March rose 6.1 percent over the year to $440,250. Active listings dropped almost 16 percent, while sales increased 18 percent.