Suburban State of Mind

The Eastside Is December's Real Estate Market Loser

And, except for Seattle, the rest of King County didn't fare much better.

By Seattle Met Staff January 17, 2023

Kirkland's housing market may be on the decline, but the views are still 100.

when the december data came in from the Northwest Multiple Listing Service, there were a few notable surprises: Seattle proper experienced some surprising growth. All the other areas of King County were down. And the Eastside as a whole was down a whopping 13.66 percent in terms of year-over-year price growth.

Pair that with the continued rental market decline—which was previously on a seven-month streak of rising rents—and how the mighty have fallen. Here were the winners and losers of the Seattle suburbs in December.

Rising

2. Mercer Island

We tend to give pricey hoods like Mercer Island a bit of a pass when their year-over-year growth declines (because what's a couple hundred grand if your home's already worth six figures?). But when they show growth, especially in such a robust way, that's definitely saying something.
December 2022 median sale price: $2,200,000
Price growth year-over-year: 15.79 percent

1. Skyway

Except for a massive 24.67 percent price growth in January of 2022, teeny Skyway has stayed relatively stable throughout the year, never going too high or too low. This month, the area sandwiched between Renton and Burien rose to the top of the list with an impressive 20.18 percent year-over-year price growth.  
December 2022 median sale price: $670,000
Price growth year-over-year: 20.18 percent

Redmond and the land of Microsoft ended up down in December.

Falling

4. Kirkland and Bridle Trails

That year-over-year price decline would be considered a lot in the pre-pandemic housing market. But take into account the 1.22 months of inventory, the traditionally slow season, and the fact that the median sale price is still well over $1 million and it's not time to panic just yet.
December 2022 median sale price: $1,300,000
Price growth year-over-year: -25.71 percent

3. Bellevue (East of I-405)

The eastern half of Bellevue doesn't have quite the same clout as the west side, but it's notable that this area is one of only three Eastside neighborhoods with a median sale price below the $1 million mark. Maybe it's finally hit that natural price ceiling.
December 2022 median sale price: $920,000
Price growth year-over-year: -30.25 percent

2. Redmond and Carnation

The award for lowest median sale price on the Eastside goes to this community couple. Just how dramatic is that -35.22 percent decline? Just a year prior in December 2021, the median sale price was $405,000 more. That's like a whole other house in some parts of the country.
December 2022 median sale price: $745,000
Price growth year-over-year: -35.22 percent

1. Bellevue (West of I-405)

What goes up must come down, and the same is true of this pandemic-era darling, which had freakishly rapid price growth pretty much all throughout. Back in December of 2021, the median sale price was a whopping $3,250,000. Now as the market normalizes, the west side of Bellevue experienced a stunning -53.92 percent drop. For those keeping track, that's a difference of $1,752,500. 
December 2022 median sale price: $1,497,500
Price growth year-over-year: -53.92 percent

Bellevue was once on top of the Seattle-area real estate market. Now not so much.

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