Real Estate Trends October 13, 2020

King County Home Prices Hit All Time High

King county home price all time high

King County home prices hit an all time high of $753,600 in September.

Fueled by unrelenting buyer demand and historically low interest rates. This represented a 14% increase from September 2019.

The condo market continues to slide however. There were 1,550 condos for sale in King County in September, a 24% increase from last year. Renters and condo owners continue to seek more square footage as they work from home. Despite the increase in inventory, sold prices for condos do continue to increase however, up 7.8% from last year at $431,000.

The increase in King County home prices has been especially prevalent in homes priced under $800,000.This first time homebuyer price point is seeing an increase in both bidding wars and all cash offers. Higher end homes however saw a slight decrease in September, at $820,000 it still represents a 9.3% increase from last year.

If you would like a detailed analysis of the current value of your home please reach out here.