Aug 29, 2023 - News

One third of Seattle homes are worth at least $1 million

Illustration of a heavy golden house, glimmering.

Illustration: Aïda Amer/Axios

Roughly 33% of homes in the Seattle metro area were worth at least $1 million in June this year — down from just over 39% a year ago, but still a much higher percentage than seen in most U.S cities, per a new report from Redfin.

Why it matters: In most of the country, low inventory is pushing up prices and sending more homes into seven-figure territory.

  • Nearly 1 in 10 U.S. homes were valued at $1 million or more in June, a share close to last summer's all-time high and up from a 12-month low in February, according to Redfin.

Of note: Washington's slice of million-dollar plus homes rose from more than 6% in June 2019 to about 16% in June 2023, Redfin's data shows.

  • In King County so far this year, 7% of all homes sold are valued at $2 million or more, John Manning, the owner of RE/MAX Gateway in Seattle, told Axios.
  • Manning said the decline in the share of million dollar homes for sale in the Seattle area is reflective of the overall reduction in the number of homes for sale across the country at all price points.

Yes, but: $1 million may buy a luxury home in most U.S. cities, but not in Seattle and King County, where that's not much above the midpoint of housing values, Manning said.

Share of houses worth $1 million or more, by select metro area
Data: Redfin; Map: Thomas Oide/Axios

By the numbers: The median price of homes in King County year to date is $793,000, down from a pandemic era high of $820,000 in 2022, according to RE/MAX numbers.

  • Compare that to the typical home value nationally of $349,679, which is at an all-time high, according to Zillow spokesperson Gina Cole.

Zoom out: Parts of New England gained million-dollar homes fastest, but several California cities had higher shares with San Francisco posting the most at more than 81%.

Between the lines: Rising prices may be a boon for millions of homeowners who have seen big gains in equity in recent years, Axios' Emily Peck reports. But with mortgage rates at a 20-year high, many Americans feel priced out of the housing market.

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