Since When Does a “Starter Home” in Washington Cost $1 Million or More?

"$1 million ain't what it used to be"

 

The typical "starter home" is defined as a home priced in the lowest third of listing prices for a real estate market in a specific area.

The price for a "starter home" was at least $1 million in 237 cities, according to Zillow.  The figure is the highest number of cities ever and an increase of abut 280% in five years when there were only 84 such cities.

In Washington state, there are 8 cities where a starter home tops $1 million or more, the same number as in 2023 and up from five cities listed In 2019.

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Nationwide, the typical starter home is worth $196,611, which is affordable for a median-income household.

Zillow says a housing shortage that deepened during the pandemic helped drive the cost of all homes out of reach for more homebuyers.. Starter home values have risen  54.1% since 2019.

Washington state also has the fourth highest average real estate prices in the country and Zillow has also reported typical prices top $1 million in 18 cities in western Washington as KPQ reported earlier SEE THE LIST 

While Zillow did not reveal the list of cities where a "starter home" goes for a million dollars or more, it's a good bet that they are on the list of 18 cities where a typical home price exceeds $1 million.

In places like Hunt's Point, Medina and Yarrow Point, you might bump into former Seahawks coach Pete Carroll or former Microsoft CEO Steve Ballmer at the supermarket and you'll pay about $7.5 million for the average home in those upscale neighborhoods.

Wenatchee Real Estate Sales Price and Sales Report