The inventory of homes in Seattle proper this February was still tight compared to last year, like it was back in January, but the astronomical price growth of the past few years has slowed slightly in the face of rising interest rates and growing unease over the war in Ukraine.
To be clear, though, multiple offers are still the norm and the market remains highly competitive, according to the Northwest Multiple Listing Service. In fact, all areas of Seattle, except one, saw jumps in the median home price in February compared to the same month last year.
5. SoDo and Beacon Hill
The overall number of active home listings in February took a nosedive from where it was at the same time last year: down more than 62.5 percent. That combined with the competition to purchase in one of the city's most diverse and still relatively affordable neighborhoods only means one thing: increased home prices.
February 2022 median sale price: $677,500
Price growth year-over-year: 10.16 percent
4. Ballard and Greenlake
The northwest quadrant of Seattle that sits north of Lake Union has always been a popular place to live for its proximity to water, slew of single-family homes with yards (and sometimes sidewalks), and restaurants. Hence the steady price increases year over year and hefty median sale price.
February 2022 median sale price: $848,950
Price growth year-over-year: 10.98 percent
3. West Seattle
Sure, the bridge that connects this neighborhood to the downtown core may not be open yet, but that doesn't seem to have deterred many homebuyers looking for space. Single-family homes here fueled this month's year-over-year price growth, propelling what used to be "affordable for Seattle" closer to "not so affordable" territory.
February 2022 median sale price: $717,500
Price growth year-over-year: 13.44 percent
2. North Seattle (East of I-5)
The Northwest Multiple Listing Service lumps all of northeast Seattle—Maple Leaf, Lake City, Wedgwood, Ravenna, the University District—into one big area. Over the years, the combo of multimillion-dollar waterfront homes combined with quieter residential areas has vaulted this quadrant of the city into popularity. It saw the biggest year-over-year median sale price increase for February, up $141,500 compared to the same time last year.
February 2022 median sale price: $896,500
Price growth year-over-year: 18.74 percent
1. Queen Anne and Magnolia
Known for their grand homes—um, lumber baron, anyone?—Queen Anne and Magnolia have traditionally been one of the more expensive areas to purchase property. All the more shocking the February 2022 stats may seem, but there's a reason for the dramatic drop and it has to do with inventory. Forty fewer single-family homes closed last month (median sale price $1.3 million) compared to the same time in 2021, meaning condos (median sale price $465,000) made up a majority of this area's closed home sales that month. So this time, at least, that median sale price and year-over-year growth doesn't exactly tell the entire story.
February 2022 median sale price: $630,000
Price growth year-over-year: –32.76 percent