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The greater Seattle area now has the third-highest “median” home sale price of any metro area in the nation — at $766,725.

If that sounds low to you, it’s because it includes homes throughout King, Snohomish, and Pierce County.

“In Seattle itself, we’re now above $1 million,” John Manning, managing broker for REMAX Gateway, said.

More specifically, he said, “The last time I looked, about two weeks ago, it was at $1,000,035.”

Seattle area home prices increased in June

And he said, unlike San Francisco and Honolulu, Seattle area home prices increased in June, compared to June of 2024, albeit at a slower pace of 2.2%.

“We are definitely hitting up against the limits on buyer purchasing power. That’s the main reason prices haven’t gone up more than they would have in prior years, but they’ve still gone up just a little bit above 2% over the same time as last year,” Manning said.

What’s unusual is that prices are increasing even though more homes are coming onto the Seattle area market.

“We’re seeing a higher number of homes available than we have since 2015,” Manning shared.

That’s nearly a 50% increase over this time last year. Typically, more homes on the market drive prices down and give buyers more negotiating power. But Manning believes a couple of factors keep driving prices up.

“For multiple years, there have not been enough homes to satisfy buyer demand,” he said.

In addition, he said, the greater Seattle area’s strong and diverse job market keeps bringing new workers and potential buyers.

“That maintains pressure on housing demand, to keep [prices] high,” Manning added.

Broker says don’t wait to buy Seattle area home

Despite climbing home prices and mortgage rates, which are higher compared to the historically low rates a few years ago, he urges would-be home buyers not to wait.

Barring some unforeseen disaster, he does not expect prices to pull back significantly — if at all — and he believes home ownership over time is still one of the best ways families can grow wealth.

“Real estate is the number one way for a regular working person to create wealth in their lifetime,” Manning said.

Read more of Heather Bosch’s stories here.