Seattle Culture
It Costs What? High-End Seattle-Area Homes Skyrocket in Price
The rise in pricey homes throughout Seattle is nothing short of astonishing
By Rob Smith January 10, 2023
This article originally appeared in the November/December 2022 issue of Seattle magazine.
It’s no secret that housing prices are skyrocketing. Some new numbers, however, may send you into a fit of apoplexy.
A study by home buying and selling service Orchard finds that the Seattle region has experienced a whopping 180% increase in the sale of million-dollar homes in just three years. So far in 2022, almost 8,700 homes have sold for at least seven figures.
Leading the pack are areas that have generally been considered upscale, including Bothell, Kirkland and Seattle’s View Ridge neighborhood. Snohomish County has also been a hotspot.
“What we are seeing in Seattle is a correction from unprecedented appreciation due to low supply and high demand,” says Hilary Britton, Orchard regional sales manager, Seattle. “Moreover, the million-plus market has become the norm for first-time home buyers purchasing a single-family home on the Eastside and Seattle communities.”
If you’re a glass half-full kind of person, take solace: The market has cooled this year and prices actually decreased 2% between May and June, according to the Case-Shiller Index, but were still up 19% year over year.
“Even as the market begins to slow,” Britton says, “buyers should still be prepared to place a competitive offer.”
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