Seattle’s Housing Market Has Entered “The Great Reversion”

WE NOW HAVE a new moniker for the current state of Seattle’s housing market: “The Great Reversion.” So far this year, our city has been named the biggest loser of major metro areas in the United States, with the fastest cooling real estate scene. Even our once-blazing rental market has finally slowed. Still, it’s all about perspective.

The market may feel like it’s stagnating after the bonkers competitive pandemic years, but compared to 2019, inventory is still tight and prices are still higher than they once were in some areas.

“The ‘Great Reversion’ continues with the number of homes in the tri-county market of King, Pierce, and Snohomish counties up 106 percent from a year ago,” said Matthew Gardner, chief economist at Windermere Real Estate, in a release from the Northwest Multiple Listing Service. “It’s worth noting that current inventory levels in King and Snohomish counties are still around 13 percent lower than they were in September 2019 prior to the pandemic-induced market shift.”

Here are the Seattle neighborhoods where prices rose and fell the most last month. Where they go next is anyone’s guess.

3. SoDo and Beacon Hill
Inventory of available properties here is one of the highest in the city, yet that hasn’t bogged down year-over-year price growth. That median sale price had once ballooned to over $800,000 earlier this year. Although it’s down in the $700k range, that’s still quite an increase compared to the median sale price of $662,000 in September 2021.
September 2022 median sale price: $714,000
Price growth year-over-year: 7.85 percent

2. West Seattle
Earlier this year, West Seattle flirted with a median sale price near $900,000. Now it’s back in more reasonable territory for what was considered one of our more affordable enclaves only a few years ago. That solid price growth, however, indicates demand here is still high.
September 2022 median sale price: $765,000
Price growth year-over-year: 8.51 percent

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