State of Real Estate

Home Prices Went Up in Seattle—except in This One Neighborhood

Despite a cooler housing market, the year-over-year price growth remained strong.

By Seattle Met Staff December 9, 2022

The University of Washington draws students, professors, and all manner of potential homebuyers to its surrounding neighborhoods in North Seattle.

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. 

Rising

5. SoDo and Beacon Hill

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

4. North Seattle

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

3. West Seattle

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

The bridge is back, and West Seattle appears to be in high demand.

2. Southeast Seattle

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

1. Central Seattle

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

Falling

Belltown and Downtown

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

The view from Pier 66 is gorgeous. Belltown's price growth...not so much.

Share
Show Comments