Housing Trends in Everett
Everett is one of the largest cities in the state of Washington with a population of just over 100,000 residents. It sits directly on the coast just 25 miles north of Seattle. The city began as a major lumber center home to many large sawmills, and today it remains the industrial hotspot of Snohomish county. After WWII, the city transitioned from lumber to aerospace with developments like the Boeing aircraft assembly plant built in 1967. Boeing remains the city’s largest employer today, along with the U.S. Navy, which operates at the Naval Station Everett. Most people in Snohomish county take their residence in the surrounding suburbs and commute into the city center, but Everett is also a bedroom community for many Seattle commuters, as it is connected to the larger neighboring city via Interstate 5 and many public transit services.
Utopia offers property management services throughout the city of Everett and surrounding areas. The real estate market in Everett is relatively young, with over 98% market appreciation occurring in the last ten years. This makes Everett one of the best cities in the nation for real estate investment in the long term. Along with the national trends of the real estate market, housing prices in Everett are increasing significantly this year. The median listing price for homes in Everett in 2021 is about $450,000. This is approximately 12.5% higher than the median price in July of 2020. Housing prices can range from $200K to over $1.4M depending on size and location. The average time a house stays on the market has dropped 35% from last year to 48 days. Additionally, the vast majority of houses in Everett sell for above the initial asking price. The total number of homes for sale has seen little change from last year, hovering just above 400.
Although most of the homes in Everett are owner-occupied (56%), there are still a plethora of rental properties in the city. The average size of a rental apartment is about 850 square feet, and the median rent in 2021 is just over $1,500, only 8% higher than last year. Monthly rental prices in Everett only range from around $700 to $2,500 per month. Most apartments for rent in the city are 1 bedroom, representing the average rental property in the area. Here are the top 3 rated neighborhoods in and around Everett:
Boulevard Bluffs is a popular yet quiet neighborhood bordering the coast, often referred to as Darlington or Edgewater after the popular street names in the area. Housing in this neighborhood is much more expensive than the city average with a median home price of over $780,000 and a median monthly rent of around $2,400. The vast majority (84%) of properties in Boulevard Bluffs are owner-occupied. The neighborhood is rated the #1 area to raise a family in Everett, with above average school ratings and excellent crime and safety ratings. With a population of just over 5,000, Boulevard Bluffs offers a roomy suburban feel, surrounded by greenery and natural spaces like the Japanese Gulch Park. Residents love Boulevard Bluffs for the small community feel with many family-owned businesses in the area.
Bayside has a much more urban feel than Boulevard Bluffs, as it sits at the center of the city, bordering the coast south of Jetty Island Park. Bayside is home to the Naval Station of Everett and has a population of 12,450 residents. It is rated the #2 best place to live in Everett with exceptional nightlife and diversity ratings. Bayside is a popular destination for young professionals and students due to the downtown feel with plenty of restaurants, coffee shops, bars, and parks. However, it is also a great neighborhood for families with excellent public schools and a very low crime rate. The median home value in Bayside is below the city average at around $300,000, and the median rent is $1,090. Bayside offers a much more urban environment, with 64% of properties being rentals.
Sitting just north of Bayside, Northwest Everett is one of the most popular neighborhoods in the city. Home to over 8,200 residents, the median home value in this area is $350,000 and the median rent is $1,200. Northwest Everett has a dense suburban feel, and 64% of properties in the area are owner-occupied. This neighborhood is rated the top area to live in the city of Everett for all types of residents, with some of the top school ratings in the city, and a significant nightlife. Popular attractions in the area include the Legion Memorial Golf Course and Jetty island Park, a barrier island off the west coast of the neighborhood.
Get Everett Washington Property Management
For Everett Washington Property Management Contact Utopia Management today by calling us at (800) 294-4656 or click here to connect with us online.