The number of “million-dollar cities” in the Seattle metro area — where typical homes are worth $1 million or more — continues to rise. There are now more of these properties than the region has ever previously had.
“Affordability is still a big challenge for buyers, but that hasn’t stopped prices from growing,” Zillow economic research data scientist Anushna Prakash said in a statement, adding that there are more options for homebuyers these days, but that also means more competition .
RELATED: You need to earn how much for a ‘starter home’ in Seattle?!
“Competition will stay fierce, especially for the most attractive and well-priced homes. If mortgage rates drop later this year, as many expect, we may see a surge in million-dollar cities as even more buyers jump in and drive prices higher. “
The Seattle metro area has 17 “million dollar cities” as of February 2024 (it had 15 in February 2023). Statewide, Washington has 18 cities with a million-dollar stamp (it had 16 a year ago). See a full list of these pricy communities below.
Zillow reports that there are now 550 “million dollar cities” in the United States (up from 491 a year ago). That is a record high for the nation.
While California, and its metro areas, have the most million dollar cities, the Seattle metro area is still near the top of the list. Washington comes in seventh on Zillow’s list. Focusing on cities, the Seattle metro area comes in sixth.
A “typical” home in Zillow terms is a bit different than the “average” or “median” value that real estate officials often refer to. Zillow considers a typical home value to be the average for the middle third of homes (it focuses in on a portion of prices at the middle of the pack and averages those out, excluding the very high and very low end of the spectrum). Zillow says that the current average home value in Seattle is $847,419).
RELATED: Will Seattle’s new growth plan produce enough housing for newcomers?
Zillow’s report echoes a sentiment about affordability from another Seattle-based real estate company, Redfin, which recently reported that a homebuyer should earn about $173,000 annually to afford a “starter home” in Seattle. That’s according to February data, which is up 8.4% ($31,000) from just six months ago.
Seattle area million dollar cities
- Hunts Point
- Medina
- Yarrow Point
- Clyde Hill
- Beaux Arts Village
- Woodway
- Mercer Island
- Sammamish
- Bellevue
- Redmond
- Woodinville
- Newcastle
- Kirkland
- Fall City
- Issaquah
- Snoqualmie
- Bothell
The above million dollar cities are included in the “Seattle metro area.”
Bainbridge Island is also a million dollar city. It is considered part of the Bremerton metro area.
