Contact: data@mbaks.com

The median price for single-family homes and condos surged to $820,000 in King County and $715,000 in Snohomish County. In King County, the median price for single-family homes rose by 14% to $914,500, compared to last year. Similarly, Snohomish County witnessed a 9% increase, with the median price climbing to $750,990. These increases reflect a broader trend: the median sales price of homes increased in 19 out of 26 counties and decreased in 7 counties relative to February 2023.

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Homing in on Our Region's Housing Statistics

Though not quite a record low, housing supply is still far from healthy in the Puget Sound region. Year over year, months of supply dropped 42% to 0.57 and 27% to 0.36 in King and Snohomish counties, respectively.

The East of Lake Sammamish MLS map area had the lowest months of inventory for King County, at 0.16; Belltown/Downtown had the highest, at 2.41. King County condo supply was higher, at 0.94 months of supply, than single-family housing supply, at 0.47.

The Southwest Snohomish County MLS map area had the lowest months of inventory for Snohomish County, at 0.25, and Northeast Snohomish County had the highest, at 0.49. Snohomish County condo supply was lower, at 0.24 months of supply, than single-family housing supply, at 0.39. 

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Months' Supply of Housing Inventory

As of October 2021

	King County had 0.57 months' supply of inventory (down from 0.99 months' of inventory a year ago).
	Snohomish County had 0.36 months' supply of inventory (down from 0.49 a year ago).

Many industry analysts consider a four-to-six-month level as an indicator of a healthy market.

Source: Northwest Multiple Listing Service

Median Home Price

October 2021

	The median price of single-family homes and condos was $750,000 in King County and $664,950 in Snohomish County.
	For single-family homes only, the median price in King County rose 10.64%, from $745,000 a year ago to $824,270. The median price in Snohomish County rose 19.83%, from $579,972 to $695,000.
	In Seattle, the median price of single-family homes and condos was $790,000. The median price for single-family homes only was $850,000, a 6.25% increase from $800,000 in October 2020.

Source: Northwest Multiple Listing Service

Building Permit Activity

Jobs

	The seasonally adjusted Washington unemployment rate for October 2021 is 5.0%; for Seattle/Bellevue/Everett, it is 4.9%.
	Construction employment in Washington decreased by 800 between September 2021 and October 2021. Total construction employment is 228,100 statewide and 109,600 for Seattle/Bellevue/Everett specifically.

Source: Employment Security Department: WA Employment Estimates (Seasonally Adjusted), October 2021 and Bureau of Labor Statistics.

Population

The Puget Sound region's population as of April 1, 2021 was 4,330,400. Over the past year, the region added 66,200 people, as follows:

Source: Office of Financial Management

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