King County Median Home Price on the Rise

According to the Seattle Times, the median home price for a single family home has risen 15% in King County from this time last year, after a rise in home sales over the summer. The median price for a single family in King County in July rose to $434,000, the highest it has been over the last 5 years.
In October we experienced a more balanced market, with 2,187 homes sold which was 10% more than those closed in October 2012 according the the NWMLS. Over the last year we’ve seen competitive bidding wars due to low inventory, and last month we began to see more listings on the market. In King County there were 4,575 single family residences listed, 6% up from last year, and while inventory is still relatively tight, we’re beginning to see a healthier real estate market emerge. If you’re interested in buying or selling your home, contact your local real estate agent today.