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Home Values Are Surging in Bellevue, Washington

24/7 Wall St.
24/7 Wall St.
 2021-03-12

https://img.particlenews.com/image.php?url=0dOQlP_0Yt8LgYm00

https://img.particlenews.com/image.php?url=2w18W2_0Yt8LgYm00 In the early months of the COVID-19 pandemic, U.S. home sales slumped. Since then, however, the market has come roaring back -- and rising demand, in conjunction with a relatively low supply of housing, has caused home values to surge.

According to estimates from Zillow, a Seattle-based real estate data company, between January 2020 and January 2021, the typical single-family American home appreciated in value from $246,563 to $269,039, a 9.1% increase. Of course, housing markets also respond more to local forces, and not all parts of the country followed the national pattern.

In Bellevue, a city of about 144,400 residents in Washington’s Seattle-Tacoma-Bellevue metro area, home values are rising even faster than they are nationwide. The typical single family home in Bellevue was worth $1,079,601 as of January 2021, 10.9% more than what it was worth one year ago.

One factor that can contribute to rapidly climbing home prices at a local level is demand. And demand for housing is often precipitated by a growing population. According to the most recent available Census data, over the last one-year period, Bellevue’s population increased by 1.5%.

Nationwide, the typical home value is about 4.3 times higher than the median household income of $62,843. In Bellevue, housing is generally less affordable. The typical single-family home value is about 9 times higher than the local median household income of $120,456.

Here are the 31 communities with populations of at least 35,000 in Washington where home values climbed the most in the last year.

This is How Much Home You Can Buy For 200K in Every State

Rank in state: Place: 1-yr. increase in typical home value: Current typical home value: 1-yr. change in median income: Current median household income:
1 Parkland 19.2% $372,375 7.6% $55,346
2 Spokane Valley 18.9% $321,671 5.0% $51,961
3 Spokane 18.4% $303,564 5.2% $50,306
4 Lacey 17.9% $382,153 1.5% $67,687
5 Tacoma 17.5% $403,028 6.4% $62,358
6 Lakewood 16.5% $403,272 3.6% $51,972
7 Bremerton 16.5% $384,462 4.8% $52,716
8 Olympia 16.0% $411,230 2.2% $59,878
9 South Hill 15.4% $436,722 3.8% $86,568
10 Puyallup 15.0% $448,178 3.6% $73,248
11 Federal Way 14.6% $462,320 2.0% $67,347
12 Marysville 14.5% $455,034 5.3% $80,453
13 Auburn 14.0% $468,111 5.6% $72,822
14 Everett 13.8% $495,958 6.2% $60,759
15 Edmonds 13.8% $714,046 1.8% $89,229
16 Bothell 13.3% $736,428 5.2% $99,965
17 Kent 13.2% $495,741 4.6% $72,062
18 Lynnwood 12.9% $582,160 7.3% $63,743
19 Kirkland 12.3% $879,961 6.8% $117,190
20 Renton 12.2% $572,100 4.0% $77,739
21 Burien 12.1% $532,557 8.2% $67,402
22 Shoreline 12.0% $676,980 7.9% $86,827
23 Sammamish 12.0% $1,063,463 5.3% $174,003
24 Longview 11.8% $306,766 8.4% $44,957
25 Mount Vernon 11.7% $420,825 12.1% $62,056
26 Issaquah 11.5% $836,275 8.0% $109,676
27 Vancouver 11.3% $401,718 4.8% $61,714
28 Redmond 11.2% $975,085 7.1% $132,188
29 Pasco 11.2% $306,731 1.8% $62,775
30 Bellingham 10.9% $514,000 5.0% $53,396
31 Bellevue 10.9% $1,079,601 7.3% $120,456

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