3 bed, 2.5 bath for $7M in Seattle?
Jul 3, 2017, 10:29 AM | Updated: 10:30 am
Puget Sound's housing prices continue to rise. (AP file photo)
(AP file photo)
Someone scanning through home listings in Seattle may have come across a doozy on Redfin.
A three bedroom, 2.5 bath home built in the 1970s in the Pinehurst neighborhood with an estimated value of just under $700,000 sold for — according to the listing page on the popular website — $7 million. (note: by the time you read this, the page may have been updated)
As someone pointed out on Reddit, that $7 million is likely a typo. Other websites show a pending sale of $697,000.
Though $7 million for a home valued around $700,000 is extreme, the idea of someone overpaying for a place to live in Seattle isn’t.
As the recent Case-Shiller home price report shows, home values have continued to rise in the city. In April, Seattle led the nation with a 12.9 percent year-over-year price increase, followed by Portland. As Geekwire reports, it was the eighth month in a row where Seattle maintained the title for “hottest housing market.”
Just over 6,000 homes were on the market in Seattle in May, Zillow recently reported. That, Geekwire points out, is about 22 percent fewer homes than in April 2016.
The demand for homes has led to many things, including rising prices and buyers taking a risk by skipping home inspections.
RELATED: Analyst offers warning over Seattle housing ‘market euphoria’
Early this year, Zillow predicted that Seattle would be the second hottest housing market in the nation this year. But it looks like No. 1 is easily within reach — especially if people don’t double-check those listing prices.
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