According to a recent article published by Seattle Times, “the sky-high cost of living has overtaken traffic as the most-hated part of living in the Puget Sound region, as local home prices continue to set records in King and Snohomish counties.” This revelation comes in response to the most recent Puget Sound Regional Council poll, which reveals that cost of living has become the main concern for nearly 30 percent of respondents, not a surprise given rents have increased 60 percent over the last seven years and home prices have grown faster than anywhere else in the nation for 18 consecutive months.
The latest home sales data released by the Northwest Multiple Listing service reveals that “the median cost of a single-family house in King County hit a record $725,000, smashing the hold high of $690,000 set just one month prior.” A number of areas saw gains of over 20 percent, including downtown Seattle, West Seattle, Kenmore/Lake Forest Park, and Kent, among others. The median price of $819,000 in Seattle held steady from the previous month but was up 13 percent year-over-year, while the Eastside dipped slightly at $943,000 though still posting a 7 percent increase from last year.
One silver lining? Inventory experienced a rare increase, as “King County’s inventory of houses on the market was up 12 percent over a year ago – the biggest increase in 10 years.”