Median home-sale price in Seattle up +26.1% y/y to record $737,800 in May. Typical home in Seattle metro sold for $47,878 above asking price in first six months of 2021. 68% of Seattle-area homes sold above asking price in May.
Staggering Numbers of Homes in Seattle Metro Selling for Staggering Above Asking Prices
First, take a look at Redfin’s May 2021 housing market summary for the Seattle metro:
- Median sale price – $737,800
- Median sale price, y/y change – +26.1%
- Home sold, y/y change – +73.3%
- All home for sale, y/y change – -7%
- New listings, y/y change – +25.3%
- Median days on market – 5
- Share of homes sold above asking price – +68%
- Share of homes sold above asking price, y/y change – +30.9%
Now, take a look at the number of homes sold above certain asking-price thresholds in Seattle metro, early 2021 vs early 2020:
$300K+ $100K – $25K – $1-$25K
above $299,999 $99,999 above
asking above asking above asking asking
price price price price
1/1-6/16, 2021
580 4,078 6,329 3,601
1/1-6/16, 2020
16 362 2,091 4,395
Seattle’s Eastside Suburbs Particularly Hot
In Bellevue, considered to be a “pricey” eastside suburb of Seattle, 88 homes have sold for more than $300,000 over asking price so far this year. Last year during the same timeframe, just 2 homes sold for more than $300,000 over asking price.
The median sale price of all five Eastside cities was over $1M in May.
The “typical” home in the Seattle metro has sold for $47,878 above asking price thus far in 2021. This $47,878 over asking price compares to $3,025 over asking price during the same time frame in 2020.
Number of Homes in High-Cost Metros Sold for More than $100,000, Early 2021 vs Early 2020
# Homes Sold # Homes Sold Aver. Price
for +$100K for +$100K Difference
Over Asking Over Asking
1/1 – 6/16/21 1/1 – 6/16/20
Oakland CA 5,212 777 $94.999
Austin TX 1,980 24 $32,627
San Francisco 2,395 906 $87,262
San Jose 3,285 808 $94,975
Seattle 4,658 378 $47,878
Denver 835 20 $17,782
Salt Lake City 100 9 $12,972
Portland OR 466 23 $14,646
Sacramento 392 18 $15,086
Boston 1,115 161 $11,968
Thanks to Redfin.
