Greater Seattle Area Overview
The Seattle metropolitan area remains one of the most dynamic real estate markets in the United States. Driven by a strong tech-sector economy, steady population growth, and limited housing supply, the region continues to see high demand across all property types.
Key market characteristics include:
- Low inventory: The number of homes available for sale remains below historical averages, which supports prices and creates competitive conditions for buyers.
- Strong employment: Major employers in technology, healthcare, and aerospace anchor the local economy, attracting new residents and sustaining housing demand.
- Mixed property types: The market includes single-family homes, condominiums, and townhomes at a wide range of price points, from starter condos under $500K to luxury estates above $2M.
- Rental demand: High home prices have kept the rental market active, particularly in urban Seattle neighborhoods with strong transit access.
Neighborhood Spotlights
Capitol Hill, Seattle
Capitol Hill is one of Seattle's most vibrant and walkable neighborhoods. Known for its arts scene, nightlife, diverse dining options, and proximity to downtown, it attracts young professionals and long-time residents alike. Housing stock is primarily condos and apartments, with some single-family homes on the quieter residential streets.
Price range for condos typically falls between $400K and $800K, while the limited single-family inventory can exceed $1M. The neighborhood's high walkability score and access to the light rail make it a perennial favorite for buyers who want urban convenience.
Ballard, Seattle
Ballard has evolved from a Scandinavian fishing village into one of Seattle's most popular neighborhoods. It offers a strong mix of breweries, restaurants, boutique shops, and outdoor recreation along the Ship Canal and Golden Gardens Park. The housing market includes older craftsman homes, newer townhome developments, and mid-rise condos.
Single-family homes in Ballard generally range from $750K to $1.3M depending on lot size and condition. New construction townhomes offer a more affordable entry point in the $600K-$900K range. Ballard's popularity continues to drive steady appreciation.
Redmond
Redmond sits at the heart of the Eastside tech corridor and is home to major corporate campuses. Families are drawn to its excellent school district (Lake Washington School District), extensive trail system, and safe neighborhoods. The Redmond Town Center and the growing downtown core add urban amenities to the suburban setting.
Median home prices in Redmond typically range from $900K to $1.5M for single-family homes. Condos and townhomes provide entry points starting around $500K. The extension of the light rail to Redmond has boosted interest in properties near future stations.
Bellevue
Bellevue has transformed from a bedroom community into a major urban center with its own skyline. Downtown Bellevue features high-rise condos, luxury retail at Bellevue Square, and a growing restaurant scene. Established neighborhoods like Enatai, Clyde Hill, and Somerset offer premium single-family homes with Lake Washington or mountain views.
Bellevue commands some of the highest prices on the Eastside. Single-family homes range from $1.2M to well over $3M in prime locations. Downtown condos offer a more accessible entry point, typically between $500K and $1.5M. The market remains competitive, with well-priced homes often receiving multiple offers.
Kirkland
Kirkland's waterfront charm and walkable downtown make it one of the Eastside's most appealing markets. The city offers a mix of older homes in established neighborhoods and newer development in areas like Totem Lake and Juanita. Cross Kirkland Corridor, a multi-use trail, connects neighborhoods and adds to the area's livability.
Home prices in Kirkland generally fall between $800K and $1.5M for single-family properties. Waterfront homes carry significant premiums. Condos and townhomes in the $450K-$900K range provide alternatives for buyers seeking lower maintenance living.
Somerville, MA
Somerville, located just north of Boston, has experienced significant growth and revitalization. The opening of the Green Line Extension has improved transit access, making neighborhoods like Union Square and East Somerville more connected than ever. The city is known for its diverse population, strong food culture, and active community life.
The Somerville market features a mix of triple-deckers, Victorian homes, and new condo developments. Median prices for condos range from $550K to $900K, while single-family homes and multi-family properties can range from $800K to $1.5M. The city's proximity to Cambridge, Harvard, and MIT adds to its long-term appeal.
Tips for Buyers in a Competitive Market
- Get pre-approved early. In fast-moving markets, sellers often prioritize buyers who can demonstrate financing readiness. A pre-approval letter shows you are serious and capable.
- Be ready to act. Desirable homes can receive multiple offers within days. Work with your agent to set up alerts for new listings and schedule tours quickly.
- Know your limits. It is easy to get caught up in bidding wars. Set a maximum price before you make an offer and stick to it. Overpaying can lead to financial strain or negative equity.
- Consider emerging neighborhoods. Areas that are slightly outside the most popular zones often offer better value and strong appreciation potential. Look for signs of investment: new businesses, infrastructure improvements, transit expansion.
- Do not skip the inspection. Even in competitive conditions, a home inspection protects you from costly surprises. If the market pressure is extreme, consider a pre-inspection before making an offer.
Tips for Sellers
- Price strategically. Overpricing leads to longer days on market and eventual price reductions, which can signal desperation. Work with your agent to set a competitive price based on recent comparable sales.
- Invest in presentation. Clean, decluttered homes with fresh paint and professional photos sell faster and for more money. First impressions matter — both online and at the front door.
- Be flexible on timing. Buyers may need specific closing timelines. Flexibility on the closing date can make your listing more attractive in a negotiation.
- Understand your local market. Pricing strategies that work in Bellevue may not apply in Somerville. Lean on your agent's local knowledge to tailor your approach.
Understanding Market Indicators
Whether you are buying or selling, keeping an eye on key indicators helps you time your decisions:
- Days on market (DOM): The average number of days a listing stays active before going under contract. Lower DOM indicates a seller's market; higher DOM suggests more negotiating room for buyers.
- Inventory levels: Measured in months of supply (how long it would take to sell all current listings at the current sales pace). Under 3 months favors sellers; over 6 months favors buyers.
- Median sale price: Tracks the midpoint of all sale prices. More reliable than average price because it is not skewed by unusually high or low sales.
- List-to-sale ratio: The percentage of the asking price that sellers actually receive. Ratios above 100% indicate homes are selling above asking price.
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