Remember when we told you home prices in the King County area were on the rise? We weren’t kidding. The median home price in the county rose for the second month in a row in May and according to the Seattle Times, the year over year increase is the highest we’ve seen since 2007. Is the housing market beginning to recover? All signs point to yes! The median price of single family homes that sold last month was around $362,000, up 0.6% from April and nearly 4.9% from May of last year!
The year over year increase is the largest we’ve seen since the cost of homes peaked in 2007, and there has only been a handful of months since then where prices have risen in general. According to a map provided by the Seattle Times, the city of Seattle had the highest median sale price last month at $425,500, which had risen more than 10% more than this time last year. Other neighborhoods that saw a significant increase included Leschi/Mt Baker, West Seattle, Queen Anne, and NorthEast Seattle.