4 Seattle Suburbs Where Home Prices Fell the Most Last Month
The mountain's out. How about Enumclaw's home prices?
Image: Dylan Mullins / Unsplash
february's housing market showed a modest decline in Seattle proper: only 1.32 percent overall. But the suburbs, which had the most unpredictable growth during the roller coaster pandemic era, were down considerably more.
In Southeast King County, year-over-year median sales prices fell 9.93 percent. On the Eastside, numbers were down 9.4 percent. The one bright spot was North King County, which actually went up 5.14 percent. So which suburbs took a hit and which ones bounced back? Bring on the list.
Rising
4. Burien and Normandy Park
In January, down 3.6 percent. In February, up 3.48. It's difficult to figure out just which way this Southwest King County burb will go, especially since that inventory is ticking up slightly as price growth creeps up too.
February 2023 median sale price: $595,000
Price growth year-over-year: 3.48 percent
Months of inventory: 1.73
3. Lake Forest Park
It may seem like modest growth, but context is important. In January, Lake Forest Park was one of the Seattle area's biggest housing losers with a -22.51 percent year-over-year price drop.
February 2023 median sale price: $765,000
Price growth year-over-year: 3.52 percent
Months of inventory: 1.4
2. Richmond Beach and Shoreline
Just like its north-of-Seattle neighbor Lake Forest Park, the Shoreline and Richmond Beach area had double-digit percentage declines in January only to see a promising rebound in February. Something else that indicates a move in the right direction is that inventory falling to high-in-demand levels.
February 2023 median sale price: $799,900
Price growth year-over-year: 4.56 percent
Months of inventory: 1.48
1. Enumclaw
Only 25 home sales closed here in February, so the median sale price depends wildly on which properties sell that particular month. Case in point: In January, the median sale price was just $485,000.
February 2023 median sale price: $726,000
Price growth year-over-year: 10.8 percent
Months of inventory: 0.92
Which half of Bellevue fared better this month?
Image: Shutterstock by Airwalk
Falling
4. Bellevue (East of I-405)
Unlike other suburbs that saw a rebound from a fairly bleak January to a more hopeful February, Bellevue's east side did not. The area was down 41.67 percent to kick off 2023 and is stubbornly hanging in the negative.
February 2023 median sale price: $1,050,000
Price growth year-over-year: -17.65 percent
Months of inventory: 1.07
3. Renton (Benson Hill)
In February 2022, the median sale price in Renton's Benson Hill neighborhood was $749,950. That fell by $169,950 in February of 2023. The less than one month of inventory and sluggish activity aren't promising, but there's still time for things to warm up in spring.
February 2023 median sale price: $580,000
Price growth year-over-year: -22.66 percent
Months of inventory: 0.88
2. Redmond and Carnation
Of the entire Eastside, Redmond and Carnation has the lowest median sale price—everywhere else is above or near $1 million. The "affordability" factor doesn't seem to have swayed home buyers, though.
February 2023 median sale price: $777,500
Price growth year-over-year: -26.65 percent
Months of inventory: 1.21
1. Mercer Island
With the highest inventory in all of King County and a year-over-year median sale price difference of $800,000, not much is looking good for this pricey burb.
February 2023 median sale price: $1,620,000
Price growth year-over-year: -33.06 percent
Months of inventory: 4.57
