Discover key trends in Seattle's real estate market from January 2022 to October 2024. Learn how rising inventory, shifting buyer demand, and evolving prices are creating new opportunities, especially for condo buyers. Whether you're buying or selling, get the latest insights on how the market has transitioned from a red-hot seller’s market to a more balanced environment.

As we close out Q1 2024, the Seattle real estate market remains robust and resilient despite ongoing affordability challenges. Home prices continue to rise, with March median sales prices showing significant year-over-year increases across the region. Affordability issues persist, driven by stagnant wage growth, high mortgage rates around 7%, and rising home prices. While interest rates impact monthly payments, buyers are adapting by exploring adjustable rate mortgages and planning for future refinancing. Inventory remains tight, with homeowners holding onto their properties longer due to substantial equity. If you’re considering buying or selling, our team is here to help you navigate these market conditions and make informed decisions based on your personal goals.

Seattle Home Values Remain Stable Amid Market Fluctuations: What It Means for Buyers and Sellers

Seattle’s real estate market is showing stability as home values hold steady. As of August 2023, the median sales price in the city stands at $880,500, marking a slight decrease of 2.7% compared to the same period last year. However, when looking at the broader picture, there’s been a 10% increase in home prices since January 2023. This highlights the importance of analyzing various data points over time to gain a clearer understanding of the market.

With only 1.5 months of available inventory, Seattle’s housing market continues to move swiftly. This limited supply maintains competitive conditions, keeping prices relatively stable. Over the past decade, Seattle home values have seen consistent growth, increasing by 125% since 2013, reinforcing real estate’s role as a strong long-term investment.

For those contemplating whether now is the right time to buy or sell, it's crucial to evaluate both personal financial goals and market trends. While interest rates are higher, purchasing a home now could lead to substantial savings, especially with the potential for refinancing in the future. Similarly, sellers should consider how their home equity and long-term plans align with current market conditions.

Friday Rate Update - March 3, 2023