1 in 7 homes in Seattle now worth at least $1 million!
SEATTLE -- A growing number of Seattleites can consider themselves million-dollar homeowners as housing prices continue to climb in the region.
Seattle now ranks 10th among U.S. metro areas for percentage of homes worth $1 million or more, according to a newly-released study by Trulia. In 2018, 13.3 percent of all homes in the city are worth at least seven figures, up from 11.8 percent last year. The median house price stands at just under $565,000, Trulia says.
We're still a far cry from the Bay Area though, where 81 percent of homes in San Francisco and 70 percent of homes in San Jose are worth $1 million or more. Oakland checks in third at 30.7 percent, Truila says. Seattle's 13.3 percent just a little behind Los Angeles at 13.9 percent.
And Seattle's million dollar homes aren't just clumped in one or two spots. Trulia found out of the city's 95 neighborhoods, 10 of them are classified as "million dollar neighborhoods" where more than half the homes are worth $1 million or more.
But Seattle's not the only city in the region with million dollar homes.
Bellevue has the highest percentage in the region of Million Dollar Neighborhoods. Of the 23 Bellevue neighborhoods identified by Trulia, nine are over the $1 million mark-- three more than just two years ago. That's 39 percent of all the city's neighborhoods.
Other cities noted with at least one million-dollar neighborhood: Kirkland (5 out of 15), and Shoreline (2 out of 14). San Francisco, as mentioned, is pretty much million dollar city with 87 out of 102 neighborhoods having 50 percent or more million dollar homes.
Nationally, the share of homes worth $1 million or more has doubled since 2012 from 1.5 percent of all homes to 3.6 percent today.