You may already know that Seattle is the hottest real estate market in the country right now, but what about the individual areas of the city? Where are the neighborhoods that home buyers are currently flocking to?
Here is a quick rundown of the hottest neighborhoods in Seattle to buy a home right now, according to one of Seattle’s top real estate agents.
First, What Defines a Hot Neighborhood?
When you read about real estate, you’ll often see it in terms of “hot” or “cold.” But what does that really mean?
“There are three types of real estate markets: a buyer’s market, a balanced market, and a seller’s market. And no question we are in a seller’s market in the Seattle and the Eastside areas. A seller’s market is what people are referring to when they say the market is hot. That’s the term we hear about the market now. It’s fast paced, and sellers dictate the terms,” Laura Brodniak, a real estate agent in Seattle, says.
In short, there just aren’t enough homes for buyers and homes are sold quickly. Sellers often receive multiple offers for their homes which allows them to compare bids and dictate terms that are advantageous to them.
“It’s kind of like an eBay auction. That’s on a very basic level somewhat similar to what the process can be these days,” Brodniak says.
So what are the specific neighborhoods where these sellers hold all the chips and then some? The following are some of the most desirable areas in the Seattle metro right now, where demand is outpacing supply, according to Laura Brodniak.
Originally a Scandinavian waterfront neighborhood that actually used to be its own city, Ballard was once a home for fishermen, mill workers, and boat builders. Today, it is one of the most desirable neighborhoods in town with good public schools, lots of shopping, craft breweries, and Scandinavian architecture. According to Zillow, the median home price in Ballard is $615,000.
Bellevue may not be in Seattle proper, but this “boomburb” across Lake Washington is routinely named one of the best places to live and work by publications like CNNMoney and USA Today. With a fairly easy commute to Seattle, excellent schools, and plenty of shopping and quiet streets, this suburb is a place where many families are choosing to work and play. According to Zillow, the median home price in Bellevue is $853,500.
It doesn’t get much cooler and hipper than Seattle’s Capitol Hill neighborhood. Diverse, fun, and accepting, this neighborhood is the city’s LGBTQ+ hub and home to beloved Seattle institutions like Volunteer Park, Elliott Bay Book Company, and plenty of great restaurants and local artisanal shops. Younger home buyers are snapping up homes in this neighborhood. According to Zillow, the median home price in Capitol Hill is $630,400.
Free-spirited is one way to describe the Fremont neighborhood in Seattle. Home to the Snapchat-worthy Fremont Troll underneath the Aurora Bridge, there are plenty of other quirky things to do and see in Fremont. You’ll likely never run out of coffee shops, bike shops, or craft breweries in Fremont as well as plenty of art, music, and even “story slams.” According to Zillow, the median home price for Fremont is $748,100.
If you enjoy the great outdoors, you might want to consider the Green Lake neighborhood, which is located right next to Green Lake and its many walking and biking trails. A little quieter, Green Lake is perfect for those who want to be close to the city but still have a retreat from the city center’s hustle and bustle. According to Zillow, the median home price for Green Lake is $800,800.
Just north of Bellevue, Kirkland is another very popular suburb of Seattle, which is located just across Lake Washington. With plenty of beaches, waterfront activities, and a growing downtown area, many families are choosing Kirkland to call home. According to Zillow, the median home price for Kirkland is $706,900.
When you’re looking for true downtown Seattle living, there’s no better place to be than Queen Anne. Not only is it pretty close to the best of what Seattle offers like the Space Needle, Pike Place Market, and Key Arena, but it’s also easy on the eyes with bungalows, Victorians, and modern townhomes and apartments. According to Zillow, home prices range from $895,800 in North Queen Anne to $642,500 in Lower Queen Anne.
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