Seattle’s Bellevue median home price, more than Manhattan

2022-08-15 0 By

For years, Seattle has been in a state of heightened anxiety about one day becoming the new Manhattan.But Bellevue, its sleepy neighbor, has raced ahead.People in the Greater Seattle area are probably tired of hearing crazy stories about east Side real estate bidding wars.The Seattle Times noted last week that a house in Bellevue received 14 offers and sold for $1 million above the asking price.Matt Miner, a real estate agent, said he failed to land a $900,000 bellevue home last year because 56 other buyers were competing.Mr. Maina predicted that the heady chaos would slow in the second half of the year.But what Bellevue calls a slowdown has its own definition.”The slowdown here means that instead of last year’s 30-plus offers per house, it will probably be down to five to 10,” Maina said.The tech-driven median price for houses and apartments in Bellevue hit $1.37 million in December, 28 percent higher than the previous December and nearly double Seattle’s December price increase, according to data tracked by Redfin, a real estate website.Belue’s overall median home price is now $1.25 million, surpassing Manhattan’s $1 million, according to Redfin.This is strange for Belu, where the city’s biggest business was once a shopping mall.Belue, with a population of 152,000, is more expensive than any other U.S. city except silicon Valley cities such as San Francisco (1.67 million yuan), Sunnyvale (1.67 million yuan), SAN Mateo (1.46 million yuan) and Santa Clara (1.44 million yuan).But since San Francisco has been hovering around $1.5 million for several years, it wouldn’t be surprising if Bellevue surpassed San Francisco in the spring.Despite the higher prices, bellevue is a better place to buy than Manhattan, largely because it has a large number of single-family homes and Seattle, across the bay, is more like Park Avenue these days.In Seattle, for example, a one-room apartment measuring just 850 square feet sold last week for $1.35 million.It’s not just housing prices that are skyrocketing in Bellevue, it’s rents too.According to data tracked by Apartment List, the average rent for a one-bedroom Apartment in Belyou is now more than 2,500 yuan a month, still less than in Manhattan and San Francisco, but 200 yuan more expensive than in Seattle.A Bel Air apartment costs 20,625 yuan a month, or nearly 700 yuan a day on average, about the same as a night at a Four Seasons hotel.Local real estate agents believe this is the early shock of Prosperity 2.0.Jason Foss, a broker who specialises in downtown Bellevue, said: “Amazon’s plan to hire 25,000 new people in Bellevue over the next few years is already having an impact on the local real estate market and people are now making buying decisions based on Amazon’s plan.”—END–