Seattle’s median home price has officially reached $1 million as of March, a milestone that reflects the growing affordability challenges facing today’s buyers. Compared to five years ago, the size of a $1 million home in Seattle has decreased from 2,388 square feet to 2,120 square feet – a loss of about one bedroom and a quarter bathroom. This trend, often referred to as “shrinkflation,” illustrates how rising prices are delivering less space and value than years past.
For many buyers, hitting the $1 million mark no longer guarantees a move-in ready home in a prime neighborhood. Instead, current listings in this price range often include fixer-uppers in desirable areas, older homes with minimal updates, or nicely maintained properties located on the fringes of the city. As a result, buyers are frequently weighing trade-offs – opting for smaller homes, taking on renovation projects, or expanding their search to less central neighborhoods to stay within budget.
Some neighborhoods actually sit well above the $1 million mark, particularly North Seattle ($1.18 million), Central Seattle ($1.2 million), and Queen Anne/Magnolia ($1.5 million). Still, there are areas that offer more breathing room when it comes to price. Southeast Seattle has a median of $905,000, while West Seattle and Beacon Hill come in at $800,000 and $680,000 respectively.
Crossing the lake, prices can climb even higher. Median prices in East Bellevue are around $2 million, in Kirkland and Bridle Trails they reach $2.2 million, and on Mercer Island the median hits $2.6 million. West Bellevue tops the list at a staggering $3.37 million. Overall, Eastside homes sold for a median price of $1.7 million in March.
Though Seattle remains one of the most expensive housing markets in the country, buyers here still get more square footage than they would for the same price in places like San Jose, San Francisco, San Diego, or Los Angeles – markets where $1 million often buys even less. Still, as demand continues to outpace supply, more Seattle homes are crossing the $1 million threshold. Since 2020, the number of local homes valued above that mark has jumped 87%, now totaling more than 60,000 properties.
This post was based on information found on The Seattle Times.