What kind of house can I buy for $500,000 on Bainbridge Island?

To give an idea of pricing in the Bainbridge Island real estate market, here is recent data on single family homes sold over the past three years:

  Bainbridge Island Single Family Homes Sold

   2012               2011            2010

Average Price        $634,809                 $581,855                $640,701

Median Price         $524,650                  $493,000              $541,000

As you can see, $500,000 is slightly below the average price of a single family home on Bainbridge. However, it comes very close to the median price over the past couple of years, which tells us that half the home prices fall above that number and half below.

Bainbridge Island home

Homes near $500,000 are generally 3+ bedrooms, 2-3 bathrooms, 2500-3000 square feet on 1 – 2 acres, depending on location and year built. Most waterfront lots would be smaller.

Bainbridge Island home

Overall, $500,000 will buy a lot of house on Bainbridge especially since the economic struggles in 2008. That downturn brought many higher priced homes into the $400,000-$600,000 range, so you’re now getting more home for your dollar.

In addition, historically this price range has the most inventory on the market at any given time and provides more choices for buyers than a higher or lower price range would.

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