Roxana Poenar 
By all accounts, Seattle had a strong 2017, and according to The Seattle Times, the city’s population growth is now twice the national average. Moreover, the city enjoys a diverse economy, as well as a young, educated workforce, and abundant capital. Consequently, it doesn’t surprise us to see that the newspaper predicts that the city will be America’s hottest real estate market in 2018.
At the end of Q3 2017, Seattle’s median home price increased 82% compared to 2012, resting at $618,906, with significant growth also visible at a neighborhood level. For an in-depth view of how far the Seattle housing market has come, we analyzed all residential transactions to close in the city during the first three quarters of 2012, and compared them with all the transactions closed in the first three quarters of 2017.
Looking at Seattle’s fastest-rising neighborhoods, we noticed that three out of our top five contenders have median home prices over the $1 million mark, while some have more than doubled their prices compared to 2012.
Keep reading to see which five Seattle neighborhoods saw the highest increases in median home prices last year, compared to 2012:
#1. Harrison—Denny-Blaine
Median sale price: $1,660,000
Change in median sale price compared to 2012: $913,750
Number of recorded transactions: 63
The Denny-Blaine neighborhood, also known as Harrison, is the fastest-rising neighborhood in Seattle. Median home prices in the area increased $912,750, reaching $1,660,000 at the end of Q3 2017.
It’s easy to see why prices went up in the neighborhood—just look at this swanky property at 3303 E Madison Street. The charming home has an open floor configuration, features a covered patio, and comes with an asking price of $1,050,000.
#2. Laurelhurst
Median sale price: $1,450,000
Change in median sale price compared to 2012: $630,000
Number of recorded transactions: 60
The upscale Laurelhurst snatched the second spot on our list. With a median sale price of $1,450,000 in Q3 2017, home prices in the neighborhood increased $630,000 compared to 2012.
The property at 3141 East Laurelhurst Drive is a fitting example of what the market has to offer. The lake view home comes with a private backyard and patio, and has an asking price of $2,260,000.
#3. Madison Park
Median sale price: $1,350,000
Change in median sale price compared to 2012: $529,125
Number of recorded transactions: 112
Bounded on the East by Lake Washington, Madison Park ranks third on our list. Compared to 2012, median home prices in the neighborhood increased $259,125, reaching $1,350,000 at the end of Q3 2017.
Surrounded by gorgeous gardens, the property at 3344 E Shore Drive represents the Madison Park market quite well. Featuring an asking price of $2,850,000, the four-bedroom, three-and-a-half-bathroom home is fully equipped and ready to welcome its new owners.
#4. Mann
Median sale price: $750,000
Change in median sale price compared to 2012: $448,000
Number of recorded transactions: 112
Mann, one of the smallest neighborhoods in Seattle, has seen its median home price more than double compared to 2012. Home prices in the neighborhood rose from $302,000 in 2012 to $750,000 in 2017, adding up to an increase of 148%.
Located at 2608 East Cherry Street, this well-placed, unique property gives us a taste of what Mann has to offer. The charming townhouse has been recently remodeled and has an asking price of $599,000.
#5. Madrona
Median sale price: $993,000
Change in median sale price compared to 2012: $431,125
Number of recorded transactions: 65
Madrona rounds out our list of the top five fastest-rising neighborhoods in Seattle. The neighborhood has seen an increase of $431,125 in median home prices compared to five years ago, reaching $993,000 at the end of Q3 2017.
This spacious 1,450-square-foot home at 832 34th Avenue is a good example of the state of the Madrona real estate market. The property provides easy access to the downtown area, offers exquisite views of Lake Washington, and boasts an asking price of $775,000.
Check out the table below to see how median sale prices changed compared to 2012, in all the neighborhoods we looked at:
| Neighborhood | Median Sale Price in 2012 | Median Sale Price in 2017 | Difference in Median Sale Prices 2012/2017 |
|---|---|---|---|
| Harrison--Denny Blaine | $746,250 | $1,660,000 | $913,750 |
| Laurelhurst | $820,000 | $1,450,000 | $630,000 |
| Madison Park | $820,875 | $1,350,000 | $529,125 |
| Mann | $302,000 | $750,000 | $448,000 |
| Madrona | $561,875 | $993,000 | $431,125 |
| Green Lake | $411,000 | $835,000 | $424,000 |
| Adams | $355,100 | $770,000 | $414,900 |
| Montlake | $679,025 | $1,075,000 | $395,975 |
| Wedgwood | $350,000 | $744,500 | $394,500 |
| Briarcliff | $750,000 | $1,140,000 | $390,000 |
| Alki | $442,500 | $830,000 | $387,500 |
| University District | $355,000 | $740,000 | $385,000 |
| Ravenna | $448,500 | $827,500 | $379,000 |
| Roosevelt | $449,975 | $825,000 | $375,025 |
| Matthews Beach | $409,500 | $780,000 | $370,500 |
| North Delridge | $216,300 | $570,000 | $353,700 |
| Sunset Hill | $512,000 | $865,000 | $353,000 |
| Atlantic | $257,550 | $609,900 | $352,350 |
| Fremont | $405,000 | $756,500 | $351,500 |
| Phinney Ridge | $453,650 | $802,500 | $348,850 |
| North Beach - Blue Ridge | $505,000 | $850,000 | $345,000 |
| Central Business District | $485,000 | $824,500 | $339,500 |
| Seward Park | $438,500 | $773,342 | $334,842 |
| Loyal Heights | $426,500 | $760,000 | $333,500 |
| Westminster Triangle | $225,600 | $559,000 | $333,400 |
| Fauntleroy | $409,000 | $742,250 | $333,250 |
| West Woodland | $396,250 | $725,000 | $328,750 |
| North Beacon Hill | $249,800 | $577,000 | $327,200 |
| Columbia City | $276,750 | $603,000 | $326,250 |
| Eastlake | $394,000 | $712,500 | $318,500 |
| Brighton | $184,288 | $501,000 | $316,712 |
| Minor | $385,000 | $700,000 | $315,000 |
| Lawton Park | $385,000 | $699,975 | $314,975 |
| Seaview | $327,500 | $640,000 | $312,500 |
| Lower Queen Anne | $300,000 | $610,000 | $310,000 |
| Bryant | $462,500 | $772,000 | $309,500 |
| Redondo | $242,000 | $550,000 | $308,000 |
| Richmond Beach | $400,000 | $706,500 | $306,500 |
| Hillwood | $248,000 | $550,000 | $302,000 |
| Whittier Heights | $433,200 | $731,550 | $298,350 |
| Mid-Beacon Hill | $230,000 | $527,000 | $297,000 |
| Pinehurst | $215,000 | $511,250 | $296,250 |
| Windermere | $738,400 | $1,029,000 | $290,600 |
| Wallingford | $490,000 | $780,000 | $290,000 |
| Olympic Hills | $235,750 | $520,750 | $285,000 |
| Westlake | $226,700 | $511,000 | $284,300 |
| Broadview | $423,475 | $707,000 | $283,525 |
| Cedar Park | $283,500 | $565,000 | $281,500 |
| Southeast Magnolia | $545,000 | $825,500 | $280,500 |
| Briarcrest | $178,500 | $457,750 | $279,250 |
| Crown Hill | $355,000 | $633,500 | $278,500 |
| North College Park | $323,505 | $599,975 | $276,470 |
| High Point | $244,322 | $518,450 | $274,128 |
| Highland Park | $178,475 | $450,000 | $271,525 |
| Bitter Lake | $244,000 | $515,000 | $271,000 |
| West Queen Anne | $531,000 | $801,000 | $270,000 |
| Genesee | $354,950 | $622,500 | $267,550 |
| Parkwood | $224,730 | $487,500 | $262,770 |
| Greenwood | $314,000 | $574,000 | $260,000 |
| Meridian Park | $243,650 | $502,500 | $258,851 |
| North Queen Anne | $564,000 | $821,688 | $257,688 |
| Stevens | $598,875 | $853,547 | $254,672 |
| Echo Lake | $236,000 | $487,840 | $251,840 |
| South Delridge | $160,000 | $410,000 | $250,000 |
| Richmond Highlands | $309,152 | $557,500 | $248,349 |
| North Admiral | $441,475 | $688,500 | $247,025 |
| Central Waterfront | $358,000 | $604,985 | $246,985 |
| Dunlap | $164,674 | $410,000 | $245,326 |
| East Queen Anne | $486,000 | $731,000 | $245,000 |
| Ridgecrest | $225,300 | $470,000 | $244,700 |
| Pike Market | $683,750 | $923,000 | $239,250 |
| Fairmount Park | $314,500 | $551,500 | $237,000 |
| Rainier Beach | $214,950 | $445,000 | $230,050 |
| Meadowbrook | $397,000 | $624,700 | $227,700 |
| Pioneer Square | $331,000 | $556,850 | $225,850 |
| North City | $201,500 | $425,000 | $223,500 |
| Portage Bay | $725,000 | $948,500 | $223,500 |
| Maple Leaf | $363,000 | $585,000 | $222,000 |
| Leschi | $603,000 | $823,250 | $220,250 |
| South Park | $162,475 | $378,750 | $216,275 |
| South Beacon Hill | $191,500 | $405,050 | $213,550 |
| North Central | $113,400 | $325,500 | $212,100 |
| Broadway | $294,500 | $500,000 | $205,500 |
| View Ridge | $488,000 | $693,500 | $205,500 |
| Highland Terrace | $257,000 | $455,000 | $198,000 |
| Rainier View | $162,500 | $360,000 | $197,500 |
| First Hill | $208,800 | $405,000 | $196,200 |
| Roxhill | $256,635 | $451,000 | $194,365 |
| Mount Baker | $438,000 | $630,000 | $192,000 |
| Haller Lake | $262,100 | $453,500 | $191,400 |
| Marina District | $120,000 | $310,000 | $190,000 |
| Riverview | $213,203 | $400,000 | $186,797 |
| Arbor Heights | $325,000 | $510,450 | $185,450 |
| Belltown | $389,000 | $572,750 | $183,750 |
| Ballard | $285,000 | $465,000 | $180,000 |
| Woodmont | $167,500 | $347,000 | $179,500 |
| Gatewood | $375,000 | $550,000 | $175,000 |
| North Hill | $186,000 | $350,000 | $164,000 |
| Victory Heights | $278,750 | $438,822 | $160,072 |
| Yesler Terrace | $150,000 | $306,250 | $156,250 |
| Zenith | $177,500 | $330,000 | $152,500 |
| Ballinger | $179,153 | $329,100 | $149,947 |
| Holly Park | $334,875 | $477,500 | $142,625 |
| Central Des Moines | $139,450 | $279,950 | $140,500 |
| South Des Moines | $171,854 | $305,000 | $133,146 |
| International District | $179,000 | $300,000 | $121,000 |
| Pacific Ridge | $54,750 | $135,000 | $80,251 |
| South Lake Union | $325,000 | $345,000 | $20,000 |
Methodology: To determine which are the fastest-developing neighborhoods in terms of home prices, we looked at all residential transactions closed between January 2012 and September 2012 and compared them with the figures from January to September 2017. We considered condos and co-ops, as well as single- and two-family homes. All package deals were excluded.
The Highlands, Innis Arden, Interbay, and Georgetown areas were excluded from our list, as they are either not registered as administrative parts of Seattle, they didn’t record enough transactions, or are not recognized as official neighborhoods.
