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Builders Bulletin: Home Prices Rising in Two Counties

Homing in on Our Region's Housing Statistics

By MBAKS Senior Policy Analyst Allison Butcher

Median home prices continued their upward trend in February, rising to $759,735 in King County and $700,250 in Snohomish County. The median price of a single family home meanwhile was $857,750 and $745,725 respectively.

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Months' Supply of Housing Inventory

As of February 2022

icon showing a house for saleKing County had 0.55 months' supply of inventory (down from 0.85 months' of inventory a year ago).
icon showing a house for saleSnohomish County had 0.41 months' supply of inventory (down from 0.42 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

February 2022

icon showing a price tagThe median price of single-family homes and condos was $759,735 in King County and $700,250 in Snohomish County.
icon showing a price tagFor single-family homes only, the median price in King County rose 14.37%, from $750,000 a year ago to $857,750. The median price in Snohomish County rose 19.49%, from $624,075 to $745,725.
icon showing a price tagIn Seattle, the median price of single-family homes and condos was $760,000. The median price for single-family homes only was $925,000, a 15.91% increase from $798,000 in February 2021.

Source: Northwest Multiple Listing Service

 

Building Permit Activity

 

Jobs

icon showing a hand holding a hammerThe seasonally adjusted Washington unemployment rate for February 2022 is 4.3%; for Seattle/Bellevue/Everett, it is 3.4%.
icon showing a hand holding a hammerConstruction employment in Washington increased by 2,500 between January 2022 and February 2022. Total construction employment is 230,600 statewide and 105,200 for Seattle/Bellevue/Everett specifically.

Source: Employment Security Department: WA Employment Estimates (Seasonally Adjusted), February 2022 and Bureau of Labor Statistics.

 

Population

icon showing a group of peopleThe 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:
 

King County

+32,500

Kitsap County

+3,400

Pierce County

+16,400

Snohomish County

+13,900

Source: Office of Financial Management

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