State of Real Estate

The Seattle Real Estate Market Is Stabilizing at Last

These are the top neighborhoods where home prices went up and down in July.

By Seattle Met Staff

Did the impending reopening of the West Seattle Bridge spur a buying spree?

If Seattle's real estate market was bonkers in 2021, then things are looking downright civilized in 2022. According to the latest data from the Northwest Multiple Listing Service, year-over-year growth is finally stabilizing within city limits. (Rents are a different story.)

In some Seattle neighborhoods, that means median sale prices are actually going down compared to the same time last year. In others, it means the price jumps aren't nearly as astronomical as they once were. Here's where things are on the upswing and where they may be coming back to reality.

Rising

3. Ballard and Greenlake 

These perennially popular neighborhoods with shops and restaurants galore saw substantial year-over-year price growth in July, no easy feat considering inventory has steadily increased here since January. There's now 1.34 months of inventory available.
July 2022 median sale price: $897,475
Price growth year-over-year: 9.25 percent

2. West Seattle

Plane crashesCracked (and repaired) bridges. The place to find a proper Italian beef sandwich. West Seattle has a lot to buzz about lately, and the real estate prices are one of them. The neighborhood is one of several in Seattle to experience double-digit percentage price growth for most of 2022.
July 2022 median sale price: $810,000
Price growth year-over-year: 10.2 percent

1. Queen Anne and Magnolia

These fickle enclaves seem to rise and fall on this list with the will of single-family home sales, which bring in heftier price tags than their more diminutive condominium brethren. In July, the trend was up—to the tune of 12.9 percent.
July 2022 median sale price: $1,050,000
Price growth year-over-year: 12.9 percent

Inventory is up in Ballard, and so is the median sale price compared to last year.

Falling

3. North Seattle

While, yes, year-over-year growth fell a smidge in July, that doesn't mean Ravenna, University District, Lake City, and Maple Leaf are on the outs. Inventory continues to tick up, meaning potential home-buyers can afford to be choosier. And that 1.09 percent difference? It equates to only about $10,000.
July 2022 median sale price: $905,000
Price growth year-over-year: -1.09 percent

2. SoDo and Beacon Hill

A leap in available inventory and previously unrelenting price growth may be why SoDo and Beacon Hill are experiencing a dip into the negatives for the first time in 2022. These neighborhoods started the year with less than half a month of inventory, only to have more than two months' worth of housing in July. 
July 2022 median sale price: $720,000
Price growth year-over-year: -2.04 percent

1. Southeast Seattle

A growing number of homes for sale in this section of the city—encompassing Columbia City, Rainier ValleyRainier Beach, and Seward Park—may be the reason for the slowdown in price growth, which had been fueled by home-buyers looking for more affordable options within city limits.
July 2022 median sale price: $760,000
Price growth year-over-year: -5.18 percent

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