Same story, different month: Median home values in the Seattle area are rising as inventory continues to drop.
Zillow’s monthly housing report says that in the Seattle metro area, which includes King, Pierce, and Snohomish counties, the median home value is $426,300—up 11.6 percent from last year.
Last month, when the report put area home values at $420,200, Zillow told us it was the highest they’d ever seen.
Rising home values have been rising as inventory has been dropping, and this month is no exception. The report saw a 17.2 percent decline in inventory—a even steeper year-over-year drop than in February.
Nationwide, Zillow saw a rise in cost and a drop in inventory, too, but not as dramatic as in Seattle. For the United States as a whole, values saw a 6.8 increase as inventory fell 5.3 percent year over year.
Over the last few months, we’ve been getting multiple reports of bidding wars and homes being sold above asking, driving up prices even further.
With these new numbers showing an even bigger supply drop, it doesn’t seem like competition is going to cool down at all.