It's going to be a busy home-buying season—or so indicates the latest housing market data from the Northwest Multiple Listing Service. While we saw slight slowing in price growth in February due to rising interest rates, traditional winter cooling, and tight inventory, year-over-year median sale prices were up significantly in Seattle in March. (Rents were too.)
The only exceptions? Belltown and Downtown, and Central Seattle, which saw more modest rises of 6.5 percent and 1.79 percent, respectively. Elsewhere in the city, as evidenced by this list, the numbers showed double-digit growth.
6. Queen Anne and Magnolia
In January and February, the year-over-year price growth was down 32 percent in these neighborhoods. A lack of inventory—resulting in fewer overall sales—and the lackluster condo market were mostly to blame. In March, however, things rebounded with nearly 40 percent median sale price growth for single-family homes compared to the same time last year.
March 2022 median sale price: $950,000
Price growth year-over-year: 10.59 percent
5. Northeast Seattle
This quadrant of the city, containing long-popular neighborhoods like Ravenna and the University District with up-and-comers like Maple Leaf and Lake City, was carried largely by its condo sales this month. Although the median price of single-family homes in March topped $1 million, its condo prices were up nearly 45 percent compared to the same time last year.
March 2022 median sale price: $914,950
Price growth year-over-year: 10.9 percent
4. Southeast Seattle
This area containing Columbia City, Rainier Valley, Rainier Beach, and Seward Park had mostly modest growth in the first two months of the year. In March, robust single-family home prices bumped that year-over-year price change up significantly.
March 2022 median sale price: $845,000
Price growth year-over-year: 14.69 percent
3. Ballard and Greenlake
Perhaps it's the recent calls for a return to the office, or maybe it's the super-tight inventory (less than half a month in these neighborhoods). Either way, these well-known areas saw impressive price growth from the previous year.
March 2022 median sale price: $940,000
Price growth year-over-year: 16.77 percent
2. West Seattle
Last month the change in median sale price here was a respectable 13.44 percent. This month? Nearly double. Buyers seeking that ever-elusive combination of space and proximity to Seattle's core might be driving up demand in this residential enclave—but it could also be the scarcity of homes available for purchase. The impending reopening of that bridge sure doesn't hurt either.
March 2022 median sale price: $822,500
Price growth year-over-year: 26.54 percent
1. SoDo and Beacon Hill
Although the median sale price in SoDo and Beacon Hill during March is the lowest of all the other enclaves on this month's list, it had the highest jump in year-over-year growth. This type of price change is something we've usually seen in the suburbs, especially during the pandemic.
March 2022 median sale price: $805,000
Price growth year-over-year: 29.94 percent