Building Costs Per Square Foot in the City of Seattle (WA), USA

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Residential Construction Market Analysis in the City of Seattle (WA), USA

Newly Built House in Seattle 3237 S Kenyon Street WA-98118 - 3 Bedrooms and 3 Baths with Attached Garage on Gross Floor Area 1,224 sqft - Built in 2022 - Price $699,950

Newly Built House in Seattle 3237 S Kenyon Street WA-98118 – 3 Bedrooms and 3 Baths with Attached Garage on Gross Floor Area 1,224 sqft – Built in 2022 – Price $699,950

Building costs are 11% above the national average in the City of Seattle in Washington. The American dream cannot be complete if the importance of having your own home does not appear. Every American family dreams of that. It does not matter what condition the house is in, how big it is, or whether it is luxurious or not, what matters is being able to own some property.

This is a desire that many people share, but it is not at all easy to achieve. In recent years, the residential real estate market has suffered a great series of crises, and it is impossible not to remember the one of 2008. This made people afraid before buying a property or even prefer to rent it before making the attempt to buy something of their own.

These fears are still present today, but there is nothing to fear. You just have to be well informed, and then you can make the purchase without any problem. This applies to buying residential properties, or to deciding to invest in them. Being informed is the key so that everything you do goes well.

In this article, we will tell you everything you need to know about the real estate market and residential construction in the city of Seattle, located in the state of Washington. From a construction outlook of the city to details on property values, upcoming projects, and much more, you’ll find it all in one place.

Seattle (WA) Construction Outlook

As early as 1850, camps began to be created in Seattle, and with that came the new settlers of the city. However, it was still a fairly small neighborhood, it wasn’t even a city like the other big cities in the country.

Like other cities, it grew thanks to the port, and from 1900 it reached its building construction boom, which helped make it one of the largest cities in the country as it is today.

Although Seattle is not the capital of the state of Washington (which is Olympia), it is its most populous city and most of it is located in urban centers. In downtown Seattle, you can find large buildings, some more iconic than others, but all of them attract a large number of people.

On the outskirts, in both West and East Seattle you can find large residential areas. Some are from middle-class families, and others are authentic luxury houses. Near Lake Washington, there are some private neighborhoods with extremely luxurious mansions.

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Seattle (WA) Housing Market Analysis and Forecast

Seattle’s real estate market is privileged when compared to other cities in the country, mainly because it is a city that attracts many people to live, so there is always movement in the purchase, sale, or rental of residential properties.

Compared to the same period last year, one variant that remains stable is the time it takes to sell a residential property. Currently, a single-family home takes an average of 7 days to sell, which is exactly the same as last year’s summer season. Of all, it is an average number, so it may take more or less time in reality.

Prices increased by 7% when compared to the average values ​​for 2021, and the average annual increase is expected to be 14% by the end of the year. The Seattle market always sees a spike in prices during the summer and spring, so a slight 2% drop in prices is expected in the coming months.

There are currently just under 1,000 properties listed for sale. All of these properties are residential since properties for commercial purposes fall under another listing. Last year there were approximately 1500 residential properties listed at this time, so there was a significant drop this year.

Seattle (WA) Average House Price (Median Home Price)

The current value of the median home is $860,000 (as of August 2022). This price is 7% higher than the average home price in August 2021 (which was $800,000). Remember that the median home value is made based on the prices of single-family homes.

Also, being an average number, this means that you can find cheaper or more expensive single-family homes, depending on the area of ​​Seattle where you are.

The median townhouse value is $817,000, which is up 11% compared to last year when the median was $750,000. The median condo/coop value is $505,000, just 2% more than last year when the value was $490,000.

Seattle’s cheapest residential properties are found in the Rainier Beach area, although most are condo/coop houses. The most expensive properties are around Lake Washington and the Capitol Hill area, but these properties are mansions so they are truly luxury homes.

Proposed Residential Building Projects in Seattle (WA)

In Seattle, there is always new residential construction being created or planned, so it is a city in constant growth. Capitol Hill is the neighborhood with the most residential projects since it is like the center of the city (geographical, economic center, etc.).

On Capitol Hill, there are some buildings under construction, which are expected to be ready by the end of 2023 or the beginning of 2024. These buildings are quite varied, some are between 10 and 15 stories, and there are a couple of skyscrapers in the center of the neighborhood

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In the areas surrounding the University of Washington (located in Seattle), there are some residential projects, but most of them are designed to be apartments that can later be rented by university students. Seattle has many universities, from Community Colleges to public and other religious universities, so the neighborhoods where they are located usually have residential projects focused on the young people who are going to study there.

In the West Seattle area, there are some residential home projects. These are houses with 3 floors, a garage, and a perfect garden for families who plan to have many children. In Downtown Seattle, there are more building projects than houses, but they are also designed for couples, families, and even studio apartments.

Newly Built Townhouse in Seattle 2617 Franklin Avenue E UNIT F WA-98102 - 2 Bedrooms and 2 Baths on Gross Floor Area 885 sqft - Built in 2021 - Price $689,500

Newly Built Townhouse in Seattle 2617 Franklin Avenue E UNIT F WA-98102 – 2 Bedrooms and 2 Baths on Gross Floor Area 885 sqft – Built in 2021 – Price $689,500

Building Costs Per Square Foot for Single Family Homes in the City of Seattle (WA), USA

Building costs are 11% above the national average in the City of Seattle in Washington.

Class 1 – Luxury Single Family Homes

The building cost per square foot for luxury private homes in Seattle City ranges from $382.83 per sqft to $586.86 per sqft, with the average being $451.79 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 2 – Semi Luxury Single Family Homes

The building cost per square foot for semi-luxury private homes in Seattle City ranges from $232.67 per sqft to $356.64 per sqft, with the average being $274.57 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 3 – Best Standard Single Family Homes

The building cost per square foot for best-standard private homes in Seattle City ranges from $150.41 per sqft to $228.45 per sqft, with the average being $176.09 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

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Class 4 – Good Standard Single Family Homes

The building cost per square foot for good-standard private homes in Seattle City ranges from $109.77 per sqft to $168.33 per sqft, with the average being $129.55 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 5 – Average Standard Single Family Homes

The building cost per square foot for average-standard private homes in Seattle City ranges from $89.10 per sqft to $136.45 per sqft, with the average being $105.06 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 6 – Minimum Standard Single Family Homes

The building cost per square foot for minimum-standard private homes in Seattle City ranges from $70.27 per sqft to $107.71 per sqft, with the average being $82.90 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

 


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