Seattle is already known as one of the most expensive markets in the western U.S., but a closer look reveals significant regional disparities. Even under the same name of Seattle, areas like Medina, Broadmoor, and Laurelhurst are almost entirely different worlds.

Medina is a small city located east of Lake Washington, well-known for being home to notable residents like Bill Gates and Amazon founder Jeff Bezos. The median home price exceeds $4 million, and it is not uncommon for large estate homes with lake views to sell for over $10 million. The accessibility to Microsoft and Amazon headquarters, along with the quiet environment by the lake, contributes to this area being recognized as a symbolic affluent neighborhood. The rarity of a small city with a population of around 3,000 also seems to drive up prices.

Within downtown Seattle, Broadmoor cannot be overlooked. This gated community is centered around its own golf club and has long been favored by wealthy individuals who value privacy, thanks to its restricted access private road structure. While it is difficult to determine an exact median price due to the rarity of listings, recent transactions indicate a baseline of over $3 million.

Laurelhurst and the nearby Washington Park are also considered traditional upscale residential areas. The views of Lake Washington and Union Lake, along with the reputation of the school district adjacent to Seattle University, contribute to a median home price of around $2.5 million. Additionally, gated communities like The Highlands, located north of Bellevue, are frequently mentioned alongside Seattle's upscale neighborhoods.

Considering that the overall median home price in Seattle is around $900,000, the gap with Medina is more than four times greater. Even though they share the same city name, it is hard to shake the impression that the actual living areas and price ranges represent separate markets. This gap has not significantly narrowed even during the recent years of rising interest rates, likely because many buyers in the upscale market are cash buyers with low reliance on loans.

From the perspective of the Korean community, it is true that traditionally, affluent individuals have been concentrated in Bellevue or Issaquah. However, recent market trends show a gradual increase in cases where Korean professionals in their 30s and 40s, who have built wealth through stock options in the big tech industry, are purchasing small lots near Medina or condos in Laurelhurst. It is also notable that there is an increasing trend of buyers prioritizing asset value preservation over school districts for their children.

Property tax burdens are another consideration. Washington State has no income tax, but property tax rates are not low, meaning that for a $4 million home, annual property taxes could reach around $40,000. For households interested in these areas, it is more realistic to first assess the asset characteristics rather than the school district. Many buyers approach Medina and Broadmoor not just for residential purposes but also as a long-term asset preservation strategy, aligning with a market trend that favors stable holdings over capital gains. Given the low frequency of listings, maintaining a consistent relationship with brokers to secure off-market information is necessary.

Even in the current mortgage rate environment, the time that listings in Medina and Broadmoor remain on the market is relatively short. While buyer demand remains steady, the structural limitations on supply have meant that there has not been significant downward pressure on prices even during periods of rising interest rates.