Industry News Lennox in the Media Market Update

Seattle median home price hits record $820K, soaring $43K in a month, putting buyers in a ‘pressure cooker’

View of Seattle from West Seattle. Photo credit: Geekwire

Nat Levy | Geekwire

Seattle’s median home sale price climbed to $819,500 in March, gaining nearly $43,000 in value over last month’s record numbers.

In its latest monthly update, the Northwest Multiple Listing Service calls Seattle’s housing market a “pressure cooker situation,” heading into the busy spring buying period. Should this pace continue, the median sale price could creep up close to $1 million toward the end of the year.

“What used to be a quick action market for buyers is now, once again, an instant response market, and this has been the case since the first of the year,” J. Lennox Scott, chairman and CEO of John L. Scott Real Estate said in a statement. “This is especially true in the more affordable and mid-price ranges in all markets, and also pertains to luxury properties close to the job centers.”

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