Look, we knew last year’s Seattle real estate market was wild. Over the summer it was as hot as a heat dome. So we were prepared to see some bonkers figures in Northwest Multiple Listing Service’s annual report on home sales. But the stats in the 2021 recap are staggering even by our region’s very expensive standard. These numbers from across King County tell the story.
$1,055,632: The average price of a house in King County
Yes, one million dollars is average now. This is new. In 2020, single-family home prices rose significantly—to $880,000. The growth gets scarier (or better, if you’re a longtime homeowner) when looking at the average cost a decade ago, at the end of Obama’s first term. Back then, it was just $424,000. And lest you think we’re using the average to skew the price upward for shock value…
$828,111: The median price of a house in King County
…the median isn’t much lower. It’s a 14.2 percent hike from 2020. Counting condos, the cost dips a bit (to $750,000). Either way, clearly there are no bargains to be found around here.
106.6%: The average sale-to-list price ratio in King County
This stat shows just how far people were willing to go to lock down homes last year. People routinely offered way “above asking.” At this rate, a home listed for $750,000 would fetch just under $800,000 at closing time. That’s on average; the comment-section anecdotes you see online aren’t outliers. Real estate agents aren’t modest in their initial postings, either: Keep in mind this is what you’re looking at when a home is listed at a mere half-mil around here.
38,506: The number of homes sold in King County
Sales volume rose by nearly 16 percent last year. Sure, the shutdowns of 2020 contributed to the increase, but housing activity came roaring back during the latter part of that year. Continuing that pace into 2021 was hardly a given amid the uncertainty of a pandemic and rising prices.
0.27: Months of home inventory in King County in December 2021
Good luck in 2022, home shoppers. Properties came off the market ridiculously fast in 2021, but the low point, inventory-wise, came at the very end of the year. Expect competition to be fierce in the months to come.
