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.

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