Median Home Prices Up, Still Down From Peak

Posted: February 20th, 2014 by Brad

The median price of single-family homes sold in King County in 2013 hit $415,000, its highest in five years, as the local housing market’s recovery gained steam.

After tumbling to a seven-year low of $340,000 in 2011, the median rose 7 percent in 2012 and grew 14 percent more last year, according to data from the Northwest Multiple Listing Service. The median price means that half of homes sold for more, half for less.

Despite the strong annual gains for homes, the median sales price for 2013 in nearly all areas of King County was still below its peak in 2007, when the housing bubble burst. But some places are close to recovering all the ground they lost. Overall, the countywide median price of homes sold in 2013 was still 9 percent below its 2007 peak of $455,000.

Central Seattle, which includes Capitol Hill, Washington Park and Madrona, is the only area where the 2013 median price — $619,000 — surpassed the level set during the 2007 housing bubble and saw a new high.

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