Seattle's real estate market has more than recovered from the financial crisis of the past five years. The median selling price for a home sold in the city in July 2014 was $543,500, up 8.9% from June 2014 and over 16% for July 2013. The median selling price for homes as of July 2007 was $501,000.
Compared to the countrywide median of $468,000, which is up 7.8% from last year, Seattle real estate is relatively expensive. However, nationwide median trends have stayed down as the countrywide median home price in July 2007 was $481,000.
One of the big reasons that homes are expensive in Seattle is that there is very little supply. In July there was 1.36 months of supply, and currently there are a little over 1,600 homes for sale in Seattle (as of the time of this writing, September 3, 2014).
The Seattle real estate market size measured by dollar amount of homes for sale is currently $1,144.5M.