130 Thurston Area Residences Cost $1 Million or Even More in 2022 

January 22, 2023

Rolf Boone/ The Olympian

The variety of houses in Thurston Area that cost $1 million or even more got to a brand-new high in 2022– 130 houses, up from 100 systems in 2021, according to year-end information launched by Northwest Several Listing Solution.

Although general single-family houses sales dropped greatly, down 21 percent in between 2022 and also 2021, million-dollar house sales raised 30 percent as a result of swiftly raising rates.

Nineteen million-dollar houses marketed in 2018, adhered to by 28 in 2019, 38 in 2020, the information reveal.

Out-of-area purchasers, originating from markets where the typical cost is a lot greater than in Thurston Area, are believed to lag the boost in premium house sales, stated Steve Pust, handling broker at Van Dormitory Real Estate in Olympia.

Pust saw it firsthand in 2014. In one purchase, he stood for the vendor on a house that cost greater than $1 million to a customer from the Seattle location. In one more, he helped the purchaser’s representative with a house that cost almost $2 million to a customer from the East Coastline.

Thurston Area’s typical cost finished the year at $500,000. However in King Area, the typical cost for the year was $900,000 and also in Snohomish Area it was $765,000, the Northwest MLS information reveal.

Where did the million buck houses market?

Of the 130 premium house sales right here, 23 remained in northeast Thurston Area, adhered to by 20 in the northwest location of the region, adhered to by 18 in the beachfront neighborhood of Boston Harbor.

” It is just one of one of the most preferred locations in the region,” stated Pust regarding Boston Harbor. “Individuals will certainly pay simply to be because area.”

When it comes to the systems that marketed in northeast and also northwest Thurston Area, Pust theorized they most likely were near the water, bigger than 2,500 square feet or included property, potentially 5 acres or even more, he stated.

Exactly how did the general Thurston Area real estate market carry out in 2022?

In spite of stress developed by greater home mortgage rates of interest, the typical cost of a single-family house right here ended up the year at $500,000, up 9 percent from 2021. Nonetheless, greater rates of interest, plus rising cost of living and also greater gas rates, had an impact for sale. The variety of sales toppled 21 percent to 4,612 systems, below 5,847 systems in 2021.

Place of million-dollar house sales in 2022

— Northeast Thurston Area: 23.

— Northwest Thurston Area: 20.

— Boston Harbor: 18.

— West Olympia: 15.

— South Thurston Area: 11.

— Black Hills: 8.

— Tumwater: 7.

— East Olympia: 6.

— Hawks Meadow: 5.

— Southeast Thurston Area: 5.

— Lacey: 4.

— North Olympia: 3.

— Yelm/Rainier: 3.

— South Olympia: 1.

— Rochester: 1.

Variety of million-dollar house sales considering that 2013

— 2022: 130.

— 2021: 100.

— 2020: 38.

— 2019: 28.

— 2018: 19.

— 2017: 9.

— 2016: 9.

— 2015: 2.

— 2014: 15.

— 2013: 2.

Variety of million-dollar house sales in various other regions in 2022

— King Area: 9,327.

— Snohomish Area: 2,430.

— Pierce Area: 765.

— Kitsap Area: 413.

Resource: Northwest MLS.

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