Seattle-area home seekers have struggled through what has been one of the most competitive real estate markets in recent memory, with rents on the rise for the fourth straight month after taking a nosedive in the early days of the pandemic. But the latest housing data from Northwest Multiple Listing Service reveals signs of a "more balanced" market across Western Washington, with a slight uptick in inventory and fewer all-out bidding wars.
In King County, that basically means more modest year-over-year price growth than we've seen in recent months. Who knew celebrating just an 18 percent price change would feel like such a win?
4. West Seattle
Back in April, this Seattle enclave saw over 21 percent year-over-year price growth. That cooled some in May as the number of closed single-family home sales slowed. Inventory here, however, remains one of the tightest in Seattle proper at just half a month available.
May 2022 median sale price: $863,000
Price growth year-over-year: 11.35 percent
3. Belltown and Downtown
With over two months of inventory, mostly in condos, this part of the Seattle core has had a notoriously tough time rebounding compared to the red-hot suburbs. A brisk market that saw more than 30 percent more closed sales compared to May 2021 helped vault these enclaves into the black.
May 2022 median sale price: $734,000
Price growth year-over-year: 13.36 percent
2. Southeast Seattle
May's year-over-year price growth was a dip from the 20.8 percent price change we saw back in April, but that median sale price held steady. Dare we say that means a sign of housing stability for this swath of Columbia City, Rainier Valley, Rainier Beach, and Seward Park?
May 2022 median sale price: $850,450
Price growth year-over-year: 14.93 percent
1. SoDo and Beacon Hill
Buyers seeking affordability could be driving prices up in these two neighborhoods, which top our list for the third straight month. How times have changed. This time last year, the median sale price of a home here was $695,000.
May 2022 median sale price: $825,000
Price growth year-over-year: 18.71 percent
Worth a Mention: Queen Anne and Magnolia
Seattle saw price growth in every single area except for these enclaves. Don't forget, we saw this back in February, too, when single-family home sales—median sale price well above $1 million—in these traditionally pricey neighborhoods were way down.
May 2022 median sale price: $977,500
Price growth year-over-year: -0.15 percent