Here's the good news if you're looking to buy a home: Seattle's formerly bonkers real estate market, where closing on a property felt like winning the Olympics, is no more. Now the bad: You can't necessarily tell by looking at the latest housing market data.
Yes, inventory is up and rents are down, but according to November's numbers from the Northwest Multiple Listing Service, only one neighborhood in Seattle saw a year-over-year price drop. Fall and winter are traditionally slower months in terms of real estate activity, but that might mean formerly sidelined buyers are finally taking the plunge.
After slight dips in July and August, when Seattle felt the first glimmers of the "Great Reversion" to come in fall, SoDo and Beacon Hill have been on the rise ever since. What's perhaps even more impressive is that price growth has occurred with a relative glut of inventory: 3.19 months.
November 2022 median sale price: $695,000
Price growth year-over-year: 10.76 percent
The traditionally pricier neighborhoods located in Seattle's northeast quadrant have seen up and down price growth all year, signaling that the steep median sale price is about as high as it can go. With a 11.95 percent increase compared to the same time last year, apparently we spoke too soon.
November 2022 median sale price: $904,000
Price growth year-over-year: 11.95 percent
The bridge is open. The inventory is low. The price growth is up. This enclave was once known for its more affordable prices and quiet single-family home communities. The "affordable" part is now questionable. At least there's pizza.
November 2022 median sale price: $762,000
Price growth year-over-year: 12.02 percent
In November of 2021, the median sale price in areas like Columbia City, Seward Park, and Rainier Valley was $683,000. Now a year later, that price has leapt by $92,000. Inventory here isn't exactly awesome either, at just 2.33 months, meaning a bidding war for truly prime properties isn't that outlandish a thought.
November 2022 median sale price: $775,000
Price growth year-over-year: 13.47 percent
Remember how folks ventured out to the suburbs during the height of the pandemic, seeking space and lower prices? Looks like many are making their return to the city. The area that covers Capitol Hill, the Central District, Madison Park, Madrona, and Montlake saw a surge in year-over-year price growth that feels more fitting to the blazing-hot pandemic market.
November 2022 median sale price: $949,000
Price growth year-over-year: 20.21 percent
Inventory in the downtown core and Belltown is still going up: 7.74 months, up from 6.12 months back in October. This area was also the only one in Seattle proper to experience year-over-year price declines too. That's probably good news, though, if you're looking for a condo with a fantastic Walk Score.
November 2022 median sale price: $515,000
Price growth year-over-year: -23.7 percent