Year in Review

Recapping Seattle's Wild Real Estate Market in 2022

We're just full-on grimacing now.

By Seattle Met Staff December 28, 2022

 

The final numbers for 2022 won't be available until early next year, once December's housing market stats are officially in. But we can at least reminisce on the unruly real estate market that marked these past 12 months.

Inventory hit historic lows

In January, data from Northwest Multiple Listing Service showed that homes for sale were "virtually sold out," as J. Lennox Scott, CEO of John L. Scott Real Estate, put it. There were less than two weeks of active listings in King County to kick off the year. Inventory rebounded by the end of the year as the market cooled, hitting more than three months in some cases.

The downtown core still didn't recover

This is not a toe-dip into all that "downtown is dead" chatter, but it's clear that downtown and Belltown home prices are still experiencing the real estate free fall that began during the pandemic as Seattleites sought more space. In November, the year-over-year price growth was down 23.7 percent.

The housing market finally cooled

Call it a crash or some clever nickname like the "Great Reversion." There were glimmers early in the year that 2022 wouldn't see quite the same bonkers competition as 2021, but that became much clearer in late summer and early fall as inflation woes and rising mortgage rates cooled King County's real estate market

Rents rose for seven straight months

After apartment costs rose months in a row (seven in total), renters finally got a reprieve in September. That relief was all relative, however, as later reports showed some areas around King County and beyond were still priced higher than the previous year. At least median rents never got as eye-popping as $7,250 for a two-bed, two-bath unit, right?

We glimpsed the homes of the rich and famous

Among 2022's notable home listings were the mansions of sax-y Seattle musician Kenny G and former Seattle Seahawks quarterback Russell Wilson and singer Ciara. There were grand staircases, luxe treehouses (yes, treehouses), a private dock for a private seaplane. The chances of scoring these multimillion-dollar homes is slim to none, even if Tyler Lockett was our real estate agent.

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