How Did the Seattle Real Estate Market Start 2023?
It was the tale of two real estate markets to close out 2022. Seattle saw some surprising growth while the Eastside was the biggest loser. January still counts as a "slower" winter month when it comes to real estate activity, but the latest numbers from Northwest Multiple Listing Service might raise some eyebrows just the same.
3. Central Seattle
The area encompassing the likes of Madison Park and Capitol Hill had a robust showing in January, especially considering inventory is relatively high compared to the pinched pandemic-era inventory that marked January of 2022.
January 2023 median sale price: $820,000
Price growth year-over-year: 11.57 percent
Months of inventory: 3.42
2. West Seattle
Active listings were up 179.07 percent in January compared to the same month last year—that's 120 listings versus 43. Still, with one of the lowest inventories in Seattle proper, buyers might actually find themselves in a bidding war for a particularly desirable property.
January 2023 median sale price: $745,000
Price growth year-over-year: 15.15 percent
Months of inventory: 1.71
1. Queen Anne and Magnolia
A year ago, the median sale price was $557,250. Now just add $370,250 to get to this year's number. Although that eye-popping year-over-year growth brings back shades of Covid's cutthroat real estate competition, it doesn't tell the full story. Queen Anne and Magnolia rely heavily on pricey single-family home sales to boost their numbers, and in January, the median sale price for those types of properties was $1,200,000.
January 2023 median sale price: $927,500
Price growth year-over-year: 66.44 percent
Months of inventory: 2.52
2. SoDo and Beacon Hill
Although these South Seattle neighborhoods saw a decline in median sale price amid bountiful inventory, homebuyers can take heart. Only 10 sales closed here in January 2023, while 31 did back in January 2022. That difference might just have skewed that year-over-year growth a touch.
January 2023 median sale price: $627,500
Price growth year-over-year: -10.36 percent
Months of inventory: 4.6
1. Belltown and Downtown
Just like rents, the city's core has continued an unenviable streak of year-over-year declines—seven months in a row, in fact. It's also the third month in a row when Belltown and Downtown saw double-digit percentage point drops.
January 2023 median sale price: $542,000
Price growth year-over-year: -20.88 percent
Months of inventory: 7