Tyler Davis Jones of The Rise Seattle Group, a Compass real estate brokerage, listed a three-bedroom home in Magnolia for $950,000. “We received 8 offers. I can’t disclose where we ended up going to, but we went well over $1.1 million,” he said. That kind of competitive market is tough on first-time buyers like Andrew and Alexa Brooks, who are starting their search.
“Just to hear the stories of 30-some offers on a home makes it incredibly intimidating,” Andrew Brooks said. “We were ready to make a possible offer yesterday,” Alexa Brooks said. But that place is already gone.
New numbers from the Northwest Multiple Listing Service show the median price of a single-family home in King County reached $750,000 in February, up 11% from the year before.
Pierce County’s median price is now $315,000, up 19% in a year. In Snohomish County, the median is $624,000, a 21% jump.