Exploring the Highest Home Prices by School District

For homebuyers in the Pacific Northwest, school districts play a crucial role in home values. Families and investors alike often look at school rankings, proximity, and overall desirability when making purchasing decisions. According to recent data, some of Washington's top school districts also come with the highest median home prices.

King County Dominates High-Priced School Districts

Among the top 20 school districts with the highest median residential sales prices, King County dominates the list, with about half of the 14 most expensive districts located within the county. Mercer Island School District leads the way with a median home price of $2.44 million, followed by Bellevue ($1.97 million), Lake Washington ($1.65 million), Issaquah ($1.6 million), Northshore ($1.24 million), and Snoqualmie Valley ($1.16 million). These numbers highlight the strong demand for homes in areas known for their high-performing schools.

Graphic courtesy Northwest Multiple Listing Service

The Broader Housing Market and School District Influence

The broader market trends also indicate steady growth in home prices, with overall closed sales increasing by 5.58% across the Northwest Multiple Listing Service’s (NWMLS) 26 counties. King County saw an 8.17% increase in closed sales, while Snohomish County followed with a 7.71% increase.

Despite high mortgage rates, home values have remained strong, with single-family homes closing at 100.2% of their list price in 2024. This suggests that demand remains high, particularly in desirable school districts where families are willing to pay a premium for access to quality education. Limited inventory has further contributed to pricing strength, with King County averaging just 1.8 months of supply, while Snohomish County had 1.23 months—both well below the four- to six-month range typically considered a balanced market.

The Luxury Market: Mercer Island Sets the Bar

While the median home price in Mercer Island’s school district tops the list at $2.44 million, it’s worth noting that the highest residential sale in Washington last year was also in Mercer Island, closing at an astonishing $28.5 million. The area's lakefront properties, proximity to Seattle, and top-tier schools make it a consistent favorite for luxury buyers.

New Construction Trends in King and Snohomish Counties

New construction also continues to influence the housing market. In 2024, NWMLS members sold approximately 9,600 newly constructed residential homes and condominiums, accounting for 14.2% of total sales. The median price for new construction across all counties was $739,950, marking a 5.71% increase from 2023.

King County led the way with a median new construction home and condo price of $920,450, while Snohomish County followed at $830,320. When looking specifically at single-family homes, King County had a median of $950,000, while Snohomish County’s median came in at $824,950.

What This Means for Buyers and Sellers

For buyers, these numbers reinforce the importance of considering school districts when purchasing a home, as homes in top-rated districts continue to command higher prices. For sellers, it signals a strong market where well-located properties, particularly in top school zones, can still generate competitive offers despite shifting economic conditions.

As we move through 2024, the correlation between school district desirability and home values remains evident. Buyers looking for long-term value, strong resale potential, and top-tier education for their families will continue to prioritize these sought-after districts.