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Las Vegas came in second, followed by San Jose, California, San Diego, Sacramento, California, Denver, Arizona, Oakland, California, North Port, Florida, and Tacoma, Washington. "We're continuing to see a balancing of the market, yet it is still seller-leaning, driven by our region's continued job formation and a lack of inventory," Grady said. " still not to the level of a truly balanced market of five or so months of supply." Redfin’s economists predict Seattle’s housing market is less vulnerable to a dramatic slide in a recession than many other cities, such as Boise, Idaho, and Phoenix. That ranking relies on 10 measures of price volatility, debt-to-income ratio, flipping, second homes, and other factors.
In a sellers’ market, the right listing price is the one that attracts buyers who are willing to pay more than the listing price. With few or no comparable homes for sale and few homes sold in the recent past, pricing is a delicate task. Obvious underpricing to incite bidding wars is a risky strategy.
Real Estate Market Trends - Seattle Area Prices Continue Upward March
Our data are built upon median house values in each neighborhood, and combine data from the United States Bureau of the Census with quarterly house resale data. The data reflect appreciation rates for the neighborhood overall, not necessarily each individual house in the neighborhood. The housing market in Central Seattle is extremely competitive. Homes in Central Seattle receive 3 offers on average and sell in around 10 days. The average sale price of a home in Central Seattle was $875K last month, up 9.4% since last year. The average sale price per square foot in Central Seattle is $626, up 2.3% since last year.
Importantly, this makes Seattle one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength. I’ve just listed a home in Edmonds for $550,000.The valuations are all over the place, ranging from a high of $665,444 to a low of $511,868. The highest estimate is Zillow’s, the lowest by CoreLogic who also gave a broad estimated range from $450,444 to $573,292. First, none of these companies have ever set foot in the home. The only one that theoretically could is Redfin because they are a licensed brokerage that buys and sells homes.
Zip Code Listings
On average, homes in West Seattle sell after 7 days on the market compared to 7 days last year. There were 463 homes sold in August this year, down from 683 last year. In November 2022, Seattle home prices were up 6.4% compared to last year, selling for a median price of $820K. On average, homes in Seattle sell after 22 days on the market compared to 7 days last year. There were 591 homes sold in November this year, down from 1,125 last year.
Neighborhood appreciation rate data are based on transactions involving conforming, conventional mortgages. Only mortgage transactions on single-family properties are included. Conventional means that the mortgages are neither insured nor guaranteed by the FHA, VA, or other federal government entity. December is generally the month with the fewest new listings due to the holiday season, which is excellent news for buyers. Interest rates on home mortgages are lower than they were a month ago. These data include of pricing, price declines, supply, pending sales, sale-to-list ratio, and home sales velocity.
Zillow: Seattle housing prices will continue to climb in 2018, but not as quickly
Kirkland’s Totem Lake neighborhood topped the list—Zillow’s predicting a 9.1 appreciation there. Behind that are Belltown (8.8 percent), Houghton (also in Kirkland, 8.4 percent), Riverview (Duvall area, 8.2 percent), and Kingsgate (another Kirkland, 8.1 percent). The predominate size of homes in the city based on the number of bedrooms.
The average sale price of a home in Seattle was $820K last month, up 6.4% since last year. The average sale price per square foot in Seattle is $522, down 2.4% since last year. The following housing market trends are based on single-family, condo, and townhome properties listed for sale on realtor.com. This data is provided as an informational resource only.King County, WA is still a seller's real estate market.
Flood risk data is provided by Risk Factor™, a product of the nonprofit First Street Foundation. Risk Factor™ is a peer reviewed scientific model, designed to approximate flood risk and not intended to include all possible risks of flood. Flood risk in Seattle is increasing faster than the national average. The Redfin Compete Score rates how competitive an area is on a scale of 0 to 100, where 100 is the most competitive.
According to Redfin, the housing market in West Seattle is extremely competitive. Homes in West Seattle receive 4 offers on average and sell in around 9 days. The average sale price of a home in West Seattle was $805K last month, up 4.3% since last year. The average sale price per square foot in West Seattle is $491, up 2.5% since last year. Homes in Seattle receive 2 offers on average and sell in around 15 days.
Over the year, the index for all items less food and energy advanced 2.6 percent. Components contributing to the increase included shelter (5.2 percent) and to a lesser extent medical care (1.2 percent). Partly offsetting the increases was a price decline in apparel (-3.9 percent). That balance has created a bit of a cool-down in Seattle's market, where prices continue to slow at what the Case-Shiller Report called the fastest decline in the country. The median price of a home across the Seattle metro area has now soared 80 percent since bottoming out five years ago, and its up 20 percent over the old pre-bubble peak a decade ago.
From the fourth quarter of 2016 to the fourth quarter of 2017, starter home inventory dropped 26.7 percent. Even high-end inventory is suffering, with a 20 percent decrease in inventory, according to Trulia. At the neighborhood level, Zillow had some additional predictions for the fastest-appreciating Seattle-area markets, and Kirkland makes up three of the top five.
Prices for electricity declined 2.7 percent and prices for natural gas service moved down 0.2 percent for the same period. There are several reasons why now is a good time to purchase a home, even though housing prices are expected to keep climbing through 2022. Additionally, interest rates have been trending downward since reaching their all-time high in 2022.
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