Suburban State of Mind

Suburbs Still Saw Massive Price Growth Despite the Cooldown

And the big winners and losers might surprise you.

By Seattle Met Staff October 14, 2022

Microsoft workers are back on campus, and it shows in Redmond's real estate market. 

There's been much debate about "The Great Reversion" and whether Seattle is headed into a real estate market crash, but based on the recent data from the Northwest Multiple Listing Service, the suburbs haven't received the memo.

Back in August, the formerly smoking-hot Eastside experienced its first downturn in quite some time. So how did the suburbs fare in September? Let's just say the tables have turned.

Rising

3. Enumclaw

Closer to Tacoma than Seattle, Enumclaw was once a far-flung corner of King County. The rush to the suburbs caused by the pandemic and remote work has made prices in this formerly affordable city jump. In September last year, that median sale price was just $585,429.
September 2022 median sale price: $687,475
Price growth year-over-year: 17.43 percent

2. Kirkland and Bridle Trails

Just how fickle is the real estate market? In September, a huge price growth was enough to land Kirkland in the No. 2 spot. In August, it was also in the No. 2 spot—for price decline. 
September 2022 median sale price: $1,575,000
Price growth year-over-year: 26 percent

1. Redmond and Carnation

Redmond is clearly climbing, landing in the top spot for price growth in August and again in September. That percent price growth is staggering, accounting for a median sale price increase of $380,000.
September 2022 median sale price: $1,310,000
Price growth year-over-year: 40.86 percent

With views like this, it's easy to see why Mercer Island is one of the most expensive cities in the area.

Falling

3. Juanita and Woodinville

Back in April, the median sale price here ballooned to $1,325,000. Now it's back at or around the $1 million mark. The price growth might just indicate a bit of that normalization real estate experts have chatted about.
September 2022 median sale price: $950,000
Price growth year-over-year: -3.8 percent

2. Skyway

Sandwiched between Tukwila and Renton, the Skyway area had modest price growth this spring. Now sale prices have dipped firmly back into the $500,000 range, indicating that some of the area's luster has dulled. 
September 2022 median sale price: $529,975
Price growth year-over-year: -9.41 percent

1. Mercer Island

With a median sale price like that, is it any wonder this enclave has slipped in price growth? The real estate market can only keep growing, and at such a brisk clip, for so long. But don't feel too badly for homeowners aiming to see returns—it's the only area in the county where median sale prices are above $2 million.
September 2022 median sale price: $2,230,000
Price growth year-over-year: -10.8 percent

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