King County Home Prices End 2017 Up 16 Percent

KIRKLAND, WA - King County continued its streak as the hottest housing market in the U.S. with a big increase in home values and a rock-bottom low inventory, according to the latest data from the Northwest Multiple Listing Service.

Home prices increased in King County 16 percent between December 2016 and December 2017 to $585,000. Regionally, prices were much higher. On the Eastside, the median price was up to $810,000 compared to $692,000 in December 2016. The median home price in Seattle was up to $679,000 by December 2017.

The cheapest homes were located in southwest King County, where the median price was about $392,000.

Inventory was also at record lows. In King and Snohomish counties, there's only about 15 days worth of inventory on hand.

"While all year we've been bemoaning lack of inventory and escalating prices, the statistics show 2017 was a banner year in many respects for real estate in the Puget Sound region and throughout the Northwest," Coldwell Banker Bain President Mike Grady said in a statement. "As a result of this strong market, homeowners are experiencing bountiful gains in property values."

Image via Realtor.com