Real Estate Market in Seattle Suburbs Finally Slows
Bellevue's median home prices easily top $1 million. With views like these, we sort of get it.
Image: Zac Gudakov / Unsplash
Just how fickle is the real estate market in Seattle's suburbs? Two of the communities that saw robust year-over-year price growth back in October are now in the red, while two different areas that were previously in decline are now seeing gains.
Overall, the price change in November wasn't nearly as dramatic as it had been in months past, perhaps hinting that we are, in fact, entering a more normalized housing market. (Tell that to the rental market.) Here were the winners and losers of November.
Rising
3. Enumclaw
Back in October, Enumclaw saw a formerly unheard of 50.46 percent year-over-year price growth. Things were a little more modest in November, but inventory remains tight here at just 2.11 months.
November 2022 median sale price: $610,000
Price growth year-over-year: 10.91 percent
2. Redmond and Carnation
The land that Microsoft built rebounded nicely from October's -17.68 percent decline in annual price growth. But it hasn't returned to the glory of April, where the median sale price hit $1,365,000.
November 2022 median sale price: $1,060,000
Price growth year-over-year: 11.58 percent
Redmond's real estate market has been up and down. How did the land of Microsoft fare this month?
Image: Ricky Han / Unsplash
1. Lake Forest Park
Usually steady Lake Forest Park saw double-digit percentage declines in October, but that appears to have been a blip as it returns to the positive column. With just 1.53 months of inventory, chances are those gains continue in the coming months.
November 2022 median sale price: $799,950
Price growth year-over-year: 12.67 percent
Falling
3. Juanita and Woodinville
In November 2021, there were just 28 active listings in these burbs. In November 2022, there were 224, a 700 percent increase. The glut of inventory puts buyers in the driver's seat, which could explain that steep decline in price change.
November 2022 median sale price: $830,000
Price growth year-over-year: -17 percent
2. Bellevue (East of I-405)
What goes up must come down. In this case, we mean that median sale price. This time last year, it was an eye-popping $1,388,650—remember, this is the median sale price. Perhaps there is a limit to how much people will pay for real estate.
November 2022 median sale price: $1,152,000
Price growth year-over-year: -17.04 percent
1. Bellevue (West of I-405)
The west side of Bellevue, with its commercial district and downtown core, has always been a pricey place. Case in point: Even after experiencing a fairly sizable year-over-year price decline, its median sale price still easily tops $1.5 million.
November 2022 median sale price: $1,505,000
Price growth year-over-year: -18.65 percent
Bellevue was on top last month. Not so much this month.
Image: Zac Gudakov / Unsplash
