Prices of Seattle waterfront homes are steadily rising, particularly in King County, where waterfront property has been historically expensive.
However, for the past two years, the median sale prices of waterfront estate has continued to climb, according to a report by Sotheby’s Realogics.
Typically, areas that have been under-valued are those that show the most significant appreciation in the least amount of time, but such is not the case in King County.
According to Chris Murphy of Compass Real Estate on the Washington Waterfronts blog, the median price for a King County home in 2016 was $855,000. In 2017, that number jumped to $1,090,000, then back down to $1 million in 2018.
In 2019, the average price rose again to $1,227,050, and again in 2020 to $1,249,888. In the first quarter of 2021, the median price for a home was $1,247,250.
Sotheby’s Realogics reported that waterfront home sales in popular markets “have swelled more than 50% higher year to date in 2021,” even while inventory levels “have dropped by 60%.”