PRIVATE PARCELS AND SINGLE FAMILY HOMES IN THE PUGET SOUND
Washington State has a population of 7.5 million people living in 39 different counties. The high population density of Western Washington results in half of the State's population living in just three counties: Snohomish, King and Pierce.
King County is the most populous in the state (2.25 million people or around 30% of the State's total population) and the 12th largest county in the U.S (by population). The county spans a massive geographic area of 2,307 square miles and is composed of 39 separate incorporated cities. Seattle (with 750,000 residents) is the most populous city in both King County and the State, and about 10% of the state's total population lives there.
We will provide a high-level overview of parcels ownership and value in Western Washington and then focus on single-family parcels in King County and it's 39 separate cities.
King County is the most populous in the state (2.25 million people or around 30% of the State's total population) and the 12th largest county in the U.S (by population). The county spans a massive geographic area of 2,307 square miles and is composed of 39 separate incorporated cities. Seattle (with 750,000 residents) is the most populous city in both King County and the State, and about 10% of the state's total population lives there.
We will provide a high-level overview of parcels ownership and value in Western Washington and then focus on single-family parcels in King County and it's 39 separate cities.
Private Land Ownership Overview
Public data shows that Snohomish, King and Pierce counties are composed of a total of 1.25 million land parcels. This data excludes street public right-of-way, as it is publicly owned. The total tax value of a parcel is a combination of the land value plus improvement value (building, structures). Collectively, these parcels and their improvement value are appraised at around a trillion dollars.
A summary of parcels and land value, broken out by county:
Each parcel is classified a certain land use type. Across the three counties, there are hundreds of different land use types, ranging from single-family residential to car washes to offices to bowling alleys. Appraised value typically lags market value.
A summary of parcels and land value, broken out by county:
- Snohomish..... 306,000 parcels | $74 Billion Land Value | $82 Billion Improvement Value
- King.................. 583,000 parcels | $298 Billion Land Value | $354 Billion Improvement Value
- Pierce.............. 330,000 parcels | $68 Billion Land Value | $88 Billion Improvement Value
Each parcel is classified a certain land use type. Across the three counties, there are hundreds of different land use types, ranging from single-family residential to car washes to offices to bowling alleys. Appraised value typically lags market value.
King County Land Value Highlights
King County parcel data has detailed information on 564,000 private parcels. Some notable highlights from the data-set include of:
- SEA-TAC airport takes the crown for most valuable property with a combined land and structure appraised value of $1.69 billion dollars.
- The most valuable building in King County is also the tallest one in Washington: Columbia Tower, with an appraised land and building value of $857 million dollars.
- Historical properties are the most valuable parcel type in King County per square foot land, with historic eat and drink, office, loft/warehouse, recreation/entertainment and retail coming in as the top five.
King County Residential Parcel Summary Info
Single family residential parcels range broadly in size. Below we plotted the average single family residential parcel size in King County, by City. As mentioned above, the county is composed of 39 separate cities. Seattle actually has the average smallest parcel size at 6,255 square feet (SF). This is likely related to it being the oldest incorporated city in King County. At the opposite end of the spectrum, Hunt's Point, with a population of 500 people, has an average parcel size of 33,760 square feet.
Is there a correlation between average parcel size and appraised land value per square foot? Not really. Values range from $5 per SF in Skykomish up to $163 per SF in Hunt's Point. More rural cities and cities in south King County have lower cost per SF than cities closer to Seattle, the Eastside and with significant waterfronts. On the plot below, the darker the red, the higher appraised land value costs per square foot. Costs are also provided below the city name.
Is there a correlation between average parcel size and appraised land value per square foot? Not really. Values range from $5 per SF in Skykomish up to $163 per SF in Hunt's Point. More rural cities and cities in south King County have lower cost per SF than cities closer to Seattle, the Eastside and with significant waterfronts. On the plot below, the darker the red, the higher appraised land value costs per square foot. Costs are also provided below the city name.
King County Single Family Residential Land Value
There is great variability in the improvement value for a parcel: a larger and newer building will be appraised at a higher value than a neighboring smaller home in worse condition. But the land value is more constant in a specific area, based on geographic locations, proximity to job centers, views, proximity to major streets, crime in the area, school districts and a man other factors. We took the data for King County and calculated out the appraised land value per square foot of land for all occupied, single-family residential parcels (477,00 in total). The darker the red and the higher the column, the higher the appraised land value per square foot. Parcels were aggregated into 0.15 square kilometer squares, roughly similar to several city blocks per aggregated measure.
References/Notes:
1) King County Parcel Data. King County GIS Center. Accessed March 18, 2021.
1) King County Parcel Data. King County GIS Center. Accessed March 18, 2021.