Top 10 Real Estate Trends | The Flight to Affordability and Emerging Transportation-Oriented Developments
Top 10 Real Estate Trends Series: 8 of 10
Over the past five years, soaring home prices in central King County (including Seattle, Bellevue, and Redmond) have driven many buyers—especially first-time and middle-income households—outward to more affordable exurban and outer-suburban communities.
Housing Affordability Pressure
Median home prices in King County surged into the high $800K-$900K range by mid-2025, making homeownership unaffordable for many.
“Higher for longer” mortgage rates have exacerbated attainable ownership, and many would-be buyers simply don’t qualify for the cost of housing in primary markets.
Buyers have increasingly looked to exurban markets—such as Lynnwood, Mountlake Terrace, Shoreline, Federal Way, and smaller cities north and south of Seattle—where prices remain substantially lower.
Transit-Enabled Expansion
Sound Transit’s strategic light rail extensions have played a critical role in enabling this outward migration:
Lynnwood Link Extension: Opened in August 2024, connecting Northgate to Lynnwood via Mountlake Terrace and Shoreline.
Since 2021, over 3,000 homes have been planned or built around the South Shoreline station alone.
East Link (2 Line): Service launched between South Bellevue and Redmond in April 2024, extended to downtown Redmond in May 2025, and will complete the connection to Seattle in early 2026.
This has spurred new development belts in places like Bel-Red, South Bellevue, Redmond, and eventually Medina.
Additional projects like the Federal Way Link (opening 2026) and new RapidRide bus corridors (e.g., RapidRide I, J, K lines through 2027-2030) are expanding transit access further south and east.
Kitsap Transit currently operates three passenger-only “Fast Ferry” routes daily between downtown Seattle (Pier 50, near Colman Dock) and Kitsap County, providing efficient and frequent water transit options:
Seattle ⇄ Bremerton
Began in July 2017
~30-minute crossing—less than half the time of the auto ferry service
Seattle ⇄ Kingston
Launched in November 2018
~40-minute trip across Puget Sound
Seattle ⇄ Southworth
Started in March 2021
~26-minute crossing, served by hydrofoil vessel M/V Enetai
Shifting Migration & Development Patterns
Exurban growth: Lower-cost towns outside core King County have seen a rise in neighborhoods tailored for commuters—with homes increasingly attached to transit hubs.
Suburban retrofit: Cities like Mountlake Terrace are transforming around transit stations with mid-rise housing and mixed-use developments.
Urbanizing suburbs: Redmond, traditionally an affluent suburb, is evolving into a more compact, transit-oriented node, attracting families priced out of central Seattle.
Upzoning light rail stations: In the BelRed/130th Station in the East Bellevue industrial corridor numerous new residential and mixed-use buildings have already replaced warehouses, and the surrounding submarket is planned to have 2,350 new housing units in station area by 2030; potential building heights at station node of 150 feet tall 2,350 new housing units in station area by 2030; potential building heights at station node of 150 feet tall (this is following a very similar trend to what occurred in Vancouver, BC surrounding the SkyTrain light rail system where numerous clusters of high-rise buildings now exist at virtually all stations).
Case Study: The City of Everett Will Benefit
The City of Everett, a sister city north of Seattle, is increasingly viewed as the “Brooklyn to Seattle’s Manhattan”—a comparison rooted in parallel trends of affordability, cultural identity, and real estate opportunity. It captures how Everett is emerging as a more attainable, authentic, and increasingly strategic alternative to Seattle, just as Brooklyn is to Manhattan. It’s just a train ride away and on a similar trajectory for development prosperity.
Transit-Enabled Influx
Everett lies at the future northern terminus of Sound Transit’s Link light rail extension, bringing six new stations and high-capacity transit by 2037-2041.
The expansion enhances connectivity, enabling commuters to access Seattle, Bellevue, and Lynnwood more easily—boosting Everett’s appeal and housing demand.
Transit-Oriented Development (TOD)
Partnerships between Sound Transit and Snohomish County focus on revitalizing station areas with TOD model codes, encouraging mixed-use, walkable neighborhoods.
This is building on earlier efforts around Everett Station, which has already functioned as a commuter rail and bus hub since 2002.
Housing Growth & Affordability
With rising housing costs in King County, many buyers have relocated to Everett seeking more affordable homeownership, particularly near transit corridors.
Downtown and waterfront Everett added 650+ apartments in the early 2020s, with ongoing mixed-income redevelopment projects like Baker Heights.
Recently, Greencity, one of Puget Sound’s largest private homebuilders, announced their northern migration of development into Everett, including the recently opened Boulevard at Hollowdale, with new rowhouses offered from the mid $600,000s (typically $250,000 less than a similar product in Seattle).
Everett 2044 Comprehensive Plan: Planning for Growth
Sharp Growth Targets
The plan anticipates adding 65,000 residents, 36,500 new housing units, and 167,200 jobs by 2044—focused around downtown and transit corridors.
Job growth will be led by Boeing’s Everett plant, which is benefiting from record orders by Qatar Airlines and the new 777 cargo carrier.
Middle-Housing & Zoning Reform
Much of Everett’s single-family districts will be rezoned to allow duplexes, triplexes, townhomes, and other “middle housing” types.
This aligns with state mandates and addresses affordability for a range of households under HB 1110.
Alignment with Transit Planning
The plan directs growth to downtown, station areas, and major arterials like Broadway, Evergreen Way, and Everett Mall Way—coordinating land use with transportation phases.
Transportation goals emphasize multimodal access, non-motorized connectivity, and station-area design.
Public Engagement & Policy Implementation
The draft plan is in open-house and public input phases, shaping final zoning maps, design standards, and infrastructure policies.
The final take: Rising home prices in core King County have catalyzed a suburban and exurban migration, made feasible by rapid expansions in light rail and bus-rapid-transit across both Sound Transit and King County Metro networks. These improvements include Kitsap Fast Ferry, which now provides convenient and inexpensive transfers between exurban communities across Puget Sound to downtown Seattle, avoiding rush hour traffic on freeways. Over the past five years, affordability-driven buyers have reshaped regional development—pointing to a future where attainable homeownership aligns with thoughtful transit investment across growing exurban communities. Cities like Everett are primed to benefit from the trends as much of the residential and lifestyle infrastructure is already in place, and finally, transportation, urban planning, and progressive zoning policies are catching up with demand—if not driving it.
Information was obtained from sources deemed reliable but cannot be guaranteed. Readers are encouraged to perform independent due diligence prior to relying on information contained herein.
Sources include:
Key insight: King County Median Home Price: Redfin
Key insight: Lynnwood Link TOD Impact: SoundTransit
Key insight: Shoreline North TOD Activity: The Urbanist
Key insight: East Link (Link 2) Service Launch: Downtown Bellevue Network | Axios
Key insight: Federal Way Link Opening: Trains Pro
Key insight: Everett Growth Plan (Everett 2044): City of Everett | Century Homes America
Key insight: Everett Link Extension: SoundTransit | Axios | Sound Transit Bonds