Back in September, the Seattle housing market entered its "Great Reversion" phase, where the real estate landscape cooled and appeared to inch back toward the pre-pandemic market. And last month, rental prices also took a tumble.
All this means would-be buyers hold much more power than they did a year ago, even a few months ago. “Buyers are benefiting from more choices in inventory and less competition, while sellers are more negotiable when it comes to contingencies,” says Northwest Multiple Listing Service director Meredith Hansen in a release.
It's not a full-on buyer's market just yet, though. Some areas of Seattle are still showing year-over-year price growth, suggesting buyers are making offers now in hopes of locking in mortgage rates, while other neighborhoods are seeing properties linger for months.
The picture will remain murky as recession worries loom. Until we gain some clarity, let's bring on the list of places where prices rose and fell the most last month.
3. SoDo and Beacon Hill
Despite 2.88 months of inventory, this south Seattle enclave posted impressive gains in year-over-year growth. It's still not nearly as eye-popping as April's median sale price of $835,000, but for a traditionally slower fall month, it's not too shabby.
October 2022 median sale price: $760,000
Price growth year-over-year: 11.36 percent
2. West Seattle
Solid price growth amid the lowest monthly inventory in Seattle proper? Looks like West Seattle is still one of the most desirable neighborhoods in the city.
October 2022 median sale price: $780,000
Price growth year-over-year: 11.43 percent
1. Queen Anne and Magnolia
A 25.88 percent price growth is certainly a bonkers pandemic-era type of number. But in this area, where single-family homes easily tip over the $1 million price point and basically carry the median sale price, it's not quite so surprising.
October 2022 median sale price: $1,070,000
Price growth year-over-year: 25.88 percent
3. North Seattle
Everything north of Portage and Union Bay, and east of I-5, counts as North Seattle in the eyes of NWMLS. It's consistently been one of the most expensive areas to buy property, so a slight dip this month may just mean well-to-do buyers are biding their time.
October 2022 median sale price: $903,600
Price growth year-over-year: -0.7 percent
2. Southeast Seattle
This swath of the city—Columbia City, Rainier Beach, Rainier Valley, and Seward Park—was an area where formerly affordability listings drummed up competition and interest during the pandemic. Turns out, what's considered "affordable" has a ceiling as prices dipped back toward pre-Covid normal.
October 2022 median sale price: $742,000
Price growth year-over-year: -1.53 percent
1. Belltown and Downtown
Looking for a condo? We know a place. Belltown and Downtown have a whopping 6.12 months of inventory waiting for buyers. It may not be a buyer's market everywhere else in the city, but it certainly is the case in these neighborhoods.
October 2022 median sale price: $639,000
Price growth year-over-year: -4.63 percent