WASHINGTON, USA — The number of "million-dollar cities" in Washington is growing.
There are now 18 cities where the typical home is worth $1 million or more.
According to Zillow, 17 of those are in the Seattle metro area. The other is Bainbridge Island, which is in the Bremerton metro area. The two newest additions to the list in the last year are Snoqualmie and Bothell.
Nationally, Washington ranks 7th for having the most million-dollar cities. California holds the top spot with 210. Followed by New York with 66 and New Jersey with 49.
In the past year, Bothell has seen a whopping 5.4% increase in home values. Skylar Olsen, Zillow's chief economist, said that is due to more people moving out of the city and into the suburbs.
"Over the course of the pandemic, we saw the strongest home price appreciation in a ring around the core city itself right as we pursued remote work opportunities and buying a home," Olsen said. "It was also generally kind of the time for the millennial generation to be buying homes. That makes areas like Bothell, you know, exceptionally attractive."
Olsen said that while they are seeing more price cuts for homes on the market than usual, the Seattle metro area market isn't showing any signs of a substantial price reduction in the near future.
"If I were to zoom out today and look at, you know, where is the fastest home price appreciation, it would be kind of in the more affordable areas down near Olympia and more towards Tacoma," Olsen said.
Here is a complete list of million-dollar cities in Washington:
- Hunts Point
- Medina
- Yarrow Point
- Clyde Hill
- Beaux Arts Village
- Woodway
- Mercer Island
- Sammamish
- Bellevue
- Redmond
- Woodinville
- Newcastle
- Kirkland
- Bainbridge Island
- Fall City
- Issaquah
- Snoqualmie
- Bothell
According to Zillow's Home Value Index, the typical home value in Hunt's Point is nearly $7.5 million, and in Bothell, it is just over $1 million.