Seattle-area housing market is ‘on steroids’; see what’s happening near you | Seattle RE Podcast

In the year since the coronavirus pandemic first took hold, the Seattle-area housing market has not just rebounded. The market is “on steroids,” said Seattle-area broker Raché Boston.

Prices are up. Inventory is flying off the market. Home showings draw lines of potential buyers down the driveway, and multiple all-cash offers. List prices can feel like a mere suggestion.

“I knew it was going to be hard,” said buyer Lis Manning, who with her husband recently bought a four-bedroom house in North Edmonds after putting in seven other offers. “But I didn’t think it was going to be a monthslong process.”

Single-family home prices climbed all over the Puget Sound region last month compared to February, according to monthly data released Wednesday by the Northwest Multiple Listing Service.

King County zoomed past other counties, with a 10% jump over February, the largest month-to-month spike since last June, when shrinking inventory started to supercharge the market. In March, the median King County home sold for $824,997.

In Snohomish, Pierce and Kitsap counties, median prices increased by single-digit percentages month-over-month to $640,000, $480,000 and $450,000, respectively.

Join your host Sean Reynolds, owner of Summit Properties NW and Reynolds & Kline Appraisal as he takes a look at this developing topic.

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