Northwest MLS data reflects Washington’s soaring 2021 housing market

by Patrick Regan

The Central District and Madrona neighborhoods in Seattle Washington. In the background is Lake Washington and the I-90 bridge leading to Mercer Island and the Eastside.

Northwest Multiple Listing Service member-brokers sold more properties for more money in 2021 than ever before, the organization said in a news release this week.

Northwest MLS reported a record 107,000 total transactions valued at more than $75 billion in 2021, an $18.9 billion increase from 2020. 

Those lofty numbers come even as housing inventory dwindles to historic lows, and prices continue to rise in nearly all categories of housing in the Seattle area and most of Washington. 

Demand was so high that buyers paid an average of 104.7% of the listing price on properties in the Northwest MLS footprint, which includes 26 counties and 83% of the state’s population. Buyers of homes in King County paid 106.6%, on average, followed by purchasers in Snohomish County, who paid 106%.

Prices for single-family homes, excluding condominiums, increased 20.4% system-wide from $490,000 in 2020 to last year’s median sales price of $590,000, the news release said. The median sales price in King County was $828,111.

Condo prices area-wide rose from $380,000 in 2020 to $425,000 last year. In King County, the median price was $459,000, up 6.7% from 2020.

Less than 6% of last year’s sales of single-family homes sold for less than $300,000. About half (48.8%) had sale prices between $500,000 and $1 million, the news release said.

The average price of single-family homes and condominiums combined has more than doubled in the last 10 years in King, Snohomish and Pierce counties, the news release said. 

The average price in King County was $944,000 in 2021, compared to $392,000 in 2011. Snohomish County was $698,000 last year, compared to $253,000 a decade ago. Pierce County was $546,000 vs. $213,000. 

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