Everett Real Estate is Hot Right Now ... How Hot Is It?

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Hog dog, it’s a hot real estate market out there, folks.

Lamoureux Real Estate’s recent Everett Real Estate Market Update shared that the average housing price in Everett year over year has increased by over $100,000 (going from $438,000 in March 2020 to $543,000 in March 2021).

Seeing home values increase so rapidly is a bit bonkers, really. And seeing our friends and neighbors struggle to find reasonably affordable housing, or even worse, become displaced and have to leave Everett altogether is not cool. The beast of the free market is certainly not always everyone's friend.

Let’s take a look at some examples of what has been going on in our local market so we can have a more clear picture of what’s happening in Everett real estate.

Example 1: South Everett

The neighborhoods furthest South in Everett are the Silver Firs/Silver Lake area in the SE part of Everett. Homes in this area tend to be more expensive in general, so it was even a little tough to find a home in Everett’s “average” price range.

We did find this 3 bed, 1.5 bath updated rambler near McCollum Park that was listed in February for $470,000.* The home sold in March for $555,000; selling for $85,000 over the asking price.

And again, looking in the SE part of Everett, this was one of the more affordable examples. The home isn't necessarily large at just over 1200 sqft, though we are a bit envious of that backyard. I wonder if they need someone to take that hot tub off their hands?

Example 2: Central Everett

Central Everett seems to have more homes selling around Everett’s average price point of $540,000 give or take.

This 1989 tri-level home in the View Ridge area was listed in March for $500,000 and sold in early April for $555,000. Once again, selling for quite a bit over the asking price. This 3 bed 2.5 bath home has over 1500 square feet and a large driveway and yard. The patio even has 220 power installed for a hot tub. Dang it, I want a hot tub.

Example 3: North Everett

This historic 1910 little cutie in North Everett’s Bayside neighborhood was listed in March for $435,000 and sold in April for $460,000, selling for $25,000 over asking price. With 3 beds, 1 bath, and over 1400 sqft, this updated home is move-in ready. Though there’s no mention of a hot tub, which must be why it’s the most affordable home on our list.

Things to note about these examples:

All three homes sold for at least 5% over asking price.

We also picked these homes at random. We weren’t looking for homes that had sold for over asking price. This is simply the norm these days for homes that are “reasonably” priced.

So how hot is the Everett real estate market? Let’s just say you may want to have a fire extinguisher handy.. You’re almost certain to get burnt a few times searching in this market.

We wish there were more affordable and less cut-throat options for ownership out there, friends (and for rent, for that matter). But that’s how things are currently looking in our local market.

Would you like to see some changes in Everett’s housing options? Make sure to share your opinion and take the City of Everett’s Rethink Housing Survey before April 30.