TLDR: Chart showing that inflation adjusted median house prices in Seattle in 2006/2007 (just before the crash) weren’t seen again in Seattle until 2014/2015.
Longer: I made a comment ~ 1 day ago in another post about knowing some folks that bought in 2006 in Seattle and that were underwater within a couple of years and both ended up selling at a loss and that inflation adjusted prices there didn’t return to 2006 levels until ~2014. Post and comment here : https://www.reddit.com/r/RealEstate/comments/u4lu6f/what_were_people_saying_about_the_re_market_in/i4wl60i/
Two redditors responded that I must be making this up and so I decided to get relevant data from both Zillow and from the county in which Seattle resides (King County) to show the median prices by year, and to adjust one data series for inflation.
Here is the image/chart : https://i.redd.it/0r4gkowg65u81.png
The chart shows 5 data series:
The Seattle MSA using Zillow data, which only goes back to 2008. This is Zillow’s “single family house” data series at the MSA level. The Seattle MSA includes cities/towns/properties beyond King County, hence the lower prices compared to just King County. (not inflation adjusted)
The King County median yearly sales price for the entire county. (not inflation adjusted)
The Seattle median yearly sales price for the entire county (I joined the county data to the county address table to determine the cities). (not inflation adjusted)
The median sales prices in the 98105 zip code, which is an area in N.E. Seattle that includes a mix of very high end neighborhoods, and upper middle class neighborhoods, and middle class neighborhoods. (not inflation adjusted) I chose the 98105 zip because I lived there for many years and it is one of the most desirable zipcodes in the city.
The 98105 median sales prices adjusted for inflation using the FRED economic CPI numbers available at the federal reserve (it uses 2015 as the baseline).
I don’t claim to be a great chart maker — could never get a job creating in high level decks for executives ;-)… but the numbers are all there.
