Over one-third of Seattle-area home listings top $1M
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More than one-third of homes listed for sale in the Seattle metro area last year were priced over $1 million, per Redfin.
Why it matters: The rising share of local homes with seven-figure asking prices puts homeownership further out of reach for many aspiring buyers — especially when coupled with recent increases in mortgage rates.
By the numbers: Last year, 34.4% of homes listed for sale in the Seattle metro area had asking prices over $1 million, Redfin found.
- That's up from 30.3% of local listings in 2023, and 16.1% in 2020, per the Seattle-based real estate company.
Zoom out: Nationwide, 9.3% of home listings were priced over $1 million last year — a much lower share than in the Seattle area.
Yes, but: Million-dollar listings are dominating the market in more and more U.S. cities.
- The number of U.S. cities in which typical home values are above $1 million climbed to 550 in 2024, up from 491 in 2023, according to Zillow.
State of play: Locally, high prices haven't caused a decline in home sales.
- Seattle home sales were up 19.5% in November compared to a year earlier, per a report Redfin released late last month.
- Similar increases in home sales were seen in November in other West Coast cities, including Portland and San Francisco.
What we're watching: Whether a recent spike in new home listings in the Seattle area will give local buyers more options in 2025, or if pent-up demand will keep the market as competitive as ever.