When we talk about Seattle-area real estate nowadays, context is important. Earlier this year, the Eastside was on a tear with year-over-year price growth of as much as 58, 80, even 100 percent one month. But as we saw with the latest Northwest Multiple Listing Service data for Seattle neighborhoods, a cooldown is here.
Of course, by "cooldown" we mean prices are still increasing—by as much as double digit percentages in some cases—just not at quite the breathtaking clip they once were. Herein, the Seattle suburbs that saw the most impressive growth in June.
4. Des Moines and Redondo
Surprised to see this community on the southern end of Puget Sound make the list? When you spy that median sale price, you start to understand why as homebuyers compete for what few affordable properties are left in this market.
June 2022 median sale price: $564,000
Price growth year-over-year: 17.5 percent
3. Juanita and Woodinville
Active listings ballooned, rising more than 240 percent from June of 2021, showing that there's supply to meet all that demand. (And plenty of demand there is.) That makes the steady year-over-over growth that much more impressive of a feat.
June 2022 median sale price: $1,100,000
Price growth year-over-year: 18.28 percent
More affordable prices and clos(er) proximity to Seattle make Kent an ideal burb for employees who've adapted to hybrid work—and a competitive place to purchase a home. Just a year ago, that median sale price was only $569,000.
June 2022 median sale price: $716,366
Price growth year-over-year: 25.9 percent
1. Bellevue (West of 405)
The Eastside's domination of fastest growing home prices continues as the Lake Washington side of Bellevue shows impressive year-over-year price growth. It's particularly eyebrow-raising when you figure just how steep that median sale price is.
June 2022 median sale price: $2,495,000
Price growth year-over-year: 26.14 percent
3. Lake Forest Park
In May, this northern suburb vaulted to the top spot with a price growth of 52.4 percent. Things were obviously different last month, with a minor dip.
June 2022 median sale price: $882,000
Price growth year-over-year: -2 percent
2. Renton (Highlands)
This part of Renton was a pandemic-era up-and-comer, largely driven by affordability and space. Maybe that median sales price has hit its upper limit for now.
June 2022 median sale price: $755,000
Price growth year-over-year: -2.58 percent
1. Vashon Island
Though this island community tops the list of suburbs where home prices fell, don't feel bad for Vashonites and their home investments just yet. So few properties are available on Vashon, let alone sold, each month, that the price growth can swing wildly from month to month. And with a median sale price hovering near $1 million, it's not like this community is exactly hard on its luck.
June 2022 median sale price: $952,000
Price growth year-over-year: -6.07 percent