Study: Nearly a third of Seattle homes for sale are listed above $1M

Written by MLHA Team

July 30, 2021

A Redfin real estate yard sign is pictured in front of a house for sale on October 31, 2017 in Seattle, Washington. 

A Redfin real estate yard sign is pictured in front of a house for sale on October 31, 2017 in Seattle, Washington. 

Early morning sun highlights the front of a hillside of houses in Seattle, Washington.

Nearly one-third of the homes for sale in Seattle have a listed asking-price of at least $1 million, according to a new study by an international real estate search portal.

The study, done by Point2, examined the number of “luxury homes” for sale in the 30 biggest cities in the U.S. Seattle was ranked number seven on the list, with 28.1% of listings above $1 million. San Francisco claimed the top spot, with 64.1% of listings above $1 million.

San Francisco also beat out the other 29 cities with the number of homes listed above $3 million (34.2%), while Los Angeles boasts the largest number of homes listed above $5 million (11%). Only 3.2% of Seattle’s available homes are listed above $3 million, and just 1.1% of available homes are listed above $5 million.

This chart shows the top 14 large cities with the most available homes listed above $1 million. 

The study also examined the number of luxury homes for sale in mid-sized and small cities. The study defines mid-sized cities as ones with a population of at least 150,000, and small cities as ones with a population of at least 50,000.

Tacoma had the seventh-most listings above $1 million in the mid-sized category. The study said 8% of the city’s available homes are listed above $1 million. The top city on that list is also in California — in Santa Clarita, 68.6% of available homes are listed above $1 million.

In the small city category, Burien also ranked seventh, with 7.3% of available homes listed above $1 million. The top city on that list is also in — you guessed it — California. In Glendora, 41.2% of available homes are listed above $1 million.

“No matter the type of city they would like to move to, American high-end buyers have plenty of options,” the study authors wrote. “Big, established hubs like San Francisco and New York are obvious choices, but mid-sized and smaller, up-and-coming markets such as Santa Clarita, California; Tacoma, Washington; or Queen Creek, Arizona; also have significant shares of luxury homes waiting for the right buyer.”

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