More Than 4,500 Seattle-Area Homes Have Sold For At Least $100,000 Above Asking Price in 2021, Versus 400 During the Same Period Last Year

Rhea-AI Summary

In 2021, Seattle's housing market has seen a significant surge, with 580 homes selling for $300,000 or more above asking prices, compared to just 16 last year. A total of 4,078 homes sold for between $100,000 and $299,999 above asking price, while 6,300 sold for $25,000 to $99,999 over asking. The median home-sale price rose 26.1% to $737,800. 68% of homes sold above asking price, with typical sale times dropping to five days. The competitive market is driven by local tech employees seeking larger homes, heavily influencing prices and availability.

Positive

• 580 homes sold for $300,000+ above asking price vs. 16 last year.
• 4,078 homes sold for $100,000-$299,999 above asking price vs. 362 last year.
• Median home-sale price increased 26.1% to $737,800 in May.
• 68% of homes sold above asking price, up from 37.1% a year ago.
• Typical homes sold in just five days, down from nine days last year.

Negative

• Significant increase in home prices may make housing less affordable.
• 68% bidding wars indicate fierce competition, leading to potential buyer exhaustion.

SEATTLE, June 23, 2021 /PRNewswire/ -- (NASDAQ: RDFN) — So far this year, 580 homes in the Seattle metro area have sold for $300,000 or more above their asking prices, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage. That compares with 16 homes during the same period in 2020. 

Meanwhile, 4,078 homes in Seattle have sold for between $100,000 and $299,999 above asking price, compared with 362 last year. Just over 6,300 Seattle homes have sold for between $25,000 and $99,999 above asking price, up from about 2,000 during the same period last year. 

The typical home in the Seattle metro has sold for $47,878 above asking price so far in 2021. That's compared to $3,025 during the same time period in 2020. 

"I've never seen anything like this housing market," said Seattle-area Redfin agent Scott Petrich. "It's fueled by employees of local tech companies like Amazon and Microsoft and companies with big offices in the area like Google and Facebook. A lot of them didn't want to work remotely during the pandemic in small apartments, and that pushed them to seek out large homes with office spaces. Most of those people have the money to compete with other buyers and drive up prices."

The median home-sale price in Seattle rose 26.1% year over year to a record $737,800 in May, partly because so many homes are being bid up above asking price. (Note that because pandemic lockdowns slowed homebuying and selling in May 2020, year-over-year price growth is somewhat exaggerated.)

In May, 68% of Seattle-area homes sold above their asking price, up from 37.1% a year earlier. More than 74% of Redfin offers in the Seattle metro faced a bidding war, and the typical home sold in just five days, down from nine days a year ago. 

Nearly 90 Bellevue homes have sold for more than $300,000 above asking price this year, versus just 2 during the same time period in 2020

Pricey suburbs east of Seattle have been particularly hot this year. After Seattle proper, five Eastside cities top the list of areas with the biggest increases in homes sold for at least $300,000 over list price. 

In the city of Seattle, 146 homes have sold for more than $300,000 over asking price so far this year, up from just eight during the same period last year, a bigger gain than any other city in the metro area. 

In Bellevue, 88 homes have sold for more than $300,000 over asking price this year, versus just two last year. It's followed by Redmond (70, up from zero), Sammamish (54, up from 1), Kirkland (46, up from 2) and Issaquah (35, up from zero). To be included in this list, cities must be located within the Seattle metro and have at least 100 home sales so far in 2021 and at least 100 home sales during the same period in 2020. 

"I meet a lot of buyers dreaming of living over here because they see big homes listed at unrealistically low prices," said Petrich, who focuses on Eastside cities including Bellevue, Sammamish and Issaquah. "But the reality is, people can't get a home for the list price or even slightly over list price. Because buyers almost always have to pay way above the asking price to win a home, they should start their search with homes below their budget and make sure they have money in the bank to cover a low appraisal to make their offer stand out. That may mean compromising by looking at smaller homes or considering a location with a longer commute." 

The median sale price in all five of those Eastside cities topped $1 million in May. 

To read the full report, including charts and additional metro-level details for other U.S. markets where homes sold significantly above their asking price, please visit: https://www.redfin.com/news/seattle-homes-sold-above-list-price 

About Redfin 
Redfin (www.redfin.com) is a technology-powered real estate broker, instant home-buyer (iBuyer), lender, title insurer, and renovations company. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 95 markets across the U.S. and Canada and employ over 4,100 people. 

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.

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SOURCE Redfin

FAQ

How many homes sold in Seattle for more than $300,000 above asking price in 2021?

580 homes sold for $300,000 or more above asking prices in Seattle in 2021.

What was the median home sale price in Seattle in May 2021?

The median home sale price in Seattle rose to $737,800 in May 2021.

What percentage of homes sold in Seattle were above asking price in May 2021?

68% of homes sold in Seattle were above their asking price in May 2021.

How much have home sale prices increased in Seattle compared to last year?

Home sale prices in Seattle increased by 26.1% year-over-year.

What factors are driving the Seattle housing market in 2021?

The Seattle housing market is driven by tech employees seeking larger homes and the competitive nature of bidding wars.