A real estate sign in Seattle.
Low inventory and high buyer demand has lead to competition over the few homes on the market, driving the already expensive home prices in the area even higher.
Home prices in the Seattle area have been rising for years. According to a new study from PropertyShark, Seattle homes that were sold in 2009 were resold in 2019 at a more than 50% higher median price. Seattle ranked ninth among cities with the highest home price gains over the course of the decade, according to the study.
“Bookended by the 2008 crash and COVID-19, the decade between 2009 and 2019 was a transformative one for the real estate industry,” the report said. “Curious to see how the housing market had fared between the two most significant, yet wildly different economic downturns in history, we analyzed residential sales across the U.S., putting the largest urban centers in the country into sharp focus.”
The study looked at home prices and analyzed homes that were sold in 2009 and then resold in 2019 to see how much those homes rose in value. The study sought to identify where home prices have risen the most significantly over the course of a decade.
“Overall, buying a home in the 2010s was worth it, especially in the majority of large urban centers,” the report said.
Across the country, homes sold in 2009 were resold in 2019 for about 35% more, with a median selling price of about $275,000, the study found.
“Meanwhile, when looking at homes that sold in both 2009 and 2019 in the country’s largest urban centers, sales trends both paralleled and diverged from national trends,” the report said.
“More precisely, homes in large urban centers appreciated in value at a noticeably more accelerated pace than the overall U.S. residential market. For instance, homes in the $500,000 to $750,000 range traded at a 35% increase, compared to the 30% national gain for that category. Even more noticeably, homes in the $100,000 to $250,000 price range resold at a 49% price jump than a decade prior, while nationally that range was up 33%.