The median home price in the Northwest MLS increased for the 10th consecutive year in 2022, the service’s annual review shows.
The annual snapshot demonstrates the explosive growth in residential real estate prices — for both single-family homes and condominiums — in the last 30 years and especially the last decade.
The median price of a single-family home in the Northwest MLS 26-county footprint was $638,000 in 2022. That’s up from $590,000 in 2021, $490,000 in 2020 and $255,000 in 2012.
The median price of a condominium in the Northwest MLS was $473,000 in 2022. That’s an increase from $425,000 in 2021, $380,000 in 2020 and $175,200 in 2012.
Median pricing on both single-family homes and condos have increased every year since 2012, demonstrating the strength of the Washington residential real estate market as a whole.
The data is even more dramatic when looking at average pricing in King, Snohomish and Pierce counties over the last 30 years. (Note: median pricing was not available before 2003 so these numbers reflect average pricing instead).
Average sale price of single-family homes and condos combined, by county:
King County
1992 — $172,550
2002 — $311,285
2012 — $405,610
2022 — $1,026,431
Snohomish County
1992 — $149,084
2002 — $233,082
2012 — $265,920
2022 — $806,253
Pierce County
1992 — $140,494
2002 — $197,317
2012 — $216,286
2022 — $604,679