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Seattle real estate market overview
- Average Monthly Rent: $2,233
- Home Price/Value Percentage Change: -4.60%
- Median Home Value: $850,175
- Best Time To Sell a Home: April
- Affordability Index: Low
- Days To Sell a House: 37
- Job Market: Fair
- Public School Ranking: 31
Location and weather
Seattle's majestic location sits with the Olympic Mountains to the west and the Cascade Mountains to the east. Nestled on the beautiful Puget Sound, Seattle is a progressive city, home to major corporations like Boeing, Microsoft, and Amazon.
The summers in Seattle are short but beautiful, with high temperatures in the 80's and lows in the 60's. The winters are cold, cloudy and rainy, with highs in the low 50's and lows in the high 30's.
Population, job market and cost of living
The total population last year was 775,523, with a growth rate at 1.68%.
The job growth has decreased by -5.19% over last year and in ten years, is predicted to be at 43.81%. Home to the Boeing Company, the world's largest aerospace firm, Seattle has a diverse economy with the manufacture of transportation equipment, forest products, food processing, advanced technology in computer software, biotechnology, electronics, medical equipment and environmental engineering. Tourism is also a growing industry, as people seek out the majestic views that come with Seattle's location on Puget Sound. The cost of living is high, due to the Seattle real estate market and demand for housing.
With a thriving and diverse economy, progressive city lifestyle, stunning location, increasing job growth, and a variety of recreational activities, Seattle will continue to attract those that want a hip, urban lifestyle.
Seattle real estate market details
- Greenwood
- Broadway
- Belltown
- Wallingford
- East Queen Anne
The average monthly rent in Seattle is $2,233 for an average apartment size of 691 sq. feet.
There has been a -4.6% decrease in median home value over the last year. As of 2023, the median home value is $850,175.
On average, homes in Seattle sell after 37 days on the market.
The best time to sell a home for the highest valued sale is during April. For the quickest sale, homeowners should sell in May.
The affordability index in Seattle is 168. This number indicates low affordability in this city.
The top ranked public schools are Cascadia Elementary School, Stephen Decatur Elementary School, Mcdonald international School, Frantz Coe Elementary School and Raisbeck Aviation High School. This information is based on data measuring academic performance and equity.