State of Real Estate

Seattle Ends 2022 With Surprising Real Estate Price Growth

It was a long December, but a majority of Seattle neighborhoods saw year-over-year price gains. Of course, there were losers too.

By Seattle Met Staff January 11, 2023

Sure, the downtown core and Denny Regrade have fanciful architecture like the Spheres. But the appeal doesn't show up in the housing market.

As 2022 came to a close, we saw the end of the cutthroat real estate competition we've all come to know and loathe. Rents have mellowed, and the housing market has too—mostly. 

As we noted in November, fall and winter are typically slower months in terms of real estate activity. That said, a majority of neighborhoods in Seattle saw price growth in December 2022 compared to the same month in 2021. Of course, there were a few losers too.

Rising

4. Central Seattle

The swath of the city east of I-5, sandwiched between 90 and 520, includes perennial favorites like Madison Park, Leschi, Capitol Hill, and Eastlake. Compared to November's 3.4 months of inventory, December's 1.94 months (and that steady price growth) show the popularity continues.
December 2022 median sale price: $840,000
Price growth year-over-year: 3.07 percent

3. Queen Anne and Magnolia

These neighborhoods usually see price changes based on their single-family home sales. December was a good month: The year-over-year price growth in single-family homes was 20.82 percent.
December 2022 median sale price: $912,500
Price growth year-over-year: 3.69 percent

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

2. West Seattle

With just 1.35 months of homes for sale, West Seattle has one of the tightest inventories in Seattle city limits. Perhaps that's what fueled that 7.83 percent year-over-year price growth.
December 2022 median sale price: $737,495
Price growth year-over-year: 7.83 percent

1. North Seattle

Inventory doesn't tell the whole story, but it does add something to the bigger picture. In this case, its 1.26 months of inventory say that the area encompassing Laurelhurst, Lake City, Wedgwood, Ravenna, Maple Leaf, Northgate, and Victory Heights is fairly competitive. 
December 2022 median sale price: $890,500
Price growth year-over-year: 9.26 percent

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

Falling

3. SoDo and Beacon Hill

These neighborhoods saw huge surges in 2020 and 2021 as residents sought out less pricey housing and more space. SoDo and Beacon Hill's recent dip, down from $723,000 in December 2021, suggests there is a ceiling to how much folks are willing to consider affordable.
December 2022 median sale price: $656,000
Price growth year-over-year: -9.27 percent

2. Southeast Seattle

In December 2021, the median sale price in this corner of Seattle was $760,000. Now that number is $110,000 less, tanking its year-over-year price growth.
December 2022 median sale price: $650,000
Price growth year-over-year: -14.47 percent

1. Belltown and Downtown

This marks the sixth straight month of year-over-year price declines in the city's core. It's also the second month in a row when Belltown and Downtown saw double-digit percentage point drops. The 7.11 months of inventory don't bode well for a quick rebound either.
December 2022 median sale price: $554,887
Price growth year-over-year: -21.74 percent

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

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