Whether you’re on the cusp of buying a new home, or you’re in the market for a new North Seattle apartment, taking a look at the current state of the real estate market can help you decide when the time is right to buy a house or extend your apartment lease for another year.
Seattle is considered one of the hottest real estate markets in the country, and residents have been feeling it regarding rising housing costs. Living in one town might mean paying more, on average, for various goods and services, while living in another might mean getting great deals on everyday purchases.
However, it’s best not to guess on such matters, and doing a bit of footwork before setting out to find a new home can help you complete the process faster. Understanding where the rates are affordable for your budget and where they aren’t may help you avoid accidentally touring the “perfect” community before realizing the average costs are too high for your income.
Housing Prices in North Seattle & Washington
A look at the major real estate sales websites of Redfin, Trulia, and Zillow reveals that the North Seattle housing market features homes that would be considered more expensive than the national average. A brief search on Redfin shows a few homes under the $300,000 mark, but several homes well above the $500,000 level.
According to figures kept by the federal government, the average price for a new house sold in the United States in September 2017 was $385,200, and the mean price was $319,700. For the same approximate timeframe, Zillow reported that the average home price in the entire Seattle region was $695,600, or well above the national average.
The demand for housing in Seattle has meant a significant number of new construction has come to the region. Many of Seattle’s urban areas saw more construction than any other major metropolitan area in the United States. Busy areas like Chicago, Denver, and Washington, D.C. couldn’t compare to the activity in Seattle.
How Easy is It to Find a Rental in North Seattle?
Despite the high prices and “hot” market for real estate in Seattle, the region has retained some areas with affordable apartments. Some of the downtown areas of Seattle have soared in their rental costs, but living outside of the city and in the region’s suburbs have become an option for couples and families seeking affordable rental payments.
Just to illustrate some of the differences in prices for apartments in Seattle and outside of Seattle, the average rent inside the city was $1,819 for all units in 2017, according to Rent Cafe. However, rental rates in the Shoreline area, which is north of Seattle, were $1,472 for all units during the same timeframe.
The difference in price from one part of the region to another illustrates the fact how important it is to shop around when it comes to finding an affordable and pleasant North Seattle apartment. In addition to comparing prices, finding an affordable place to live would also need to include a look at commuting times and the general costs of living associated with a particular town.
Live at the Excellent Apartments of City North Seattle
Will you shortly move to North Seattle? Is it time to find a new apartment for school, work, or a new life in Washington? We’d love to see you come by for a tour of City North Seattle, where you’ll find spacious one- and two-bedroom apartments with lush amenities, a friendly atmosphere, and beautiful design. Get in touch today to arrange a tour.