SEATTLE REAL ESTATE MARKET UPDATE

October 2022

SEATTLE REAL ESTATE MARKET UPDATE

October 2022

Chris Reis

Chris Reis

↑ 0.6% MoM | ↑ 6.1% YoY

BY THE NUMBERS

Seattle Market Report October 2022

The following data is for single family homes in Seattle, WA for September 2022.

Median Sales Price

$956,000

↑ 0.6% MoM | ↑ 6.1% YoY

Median Price per Sq Ft

$508

↓ 2.6% MoM | ↓ 0.2% YoY

Average Days on Market

8

↓ 33% MoM | ↑ 33% YoY

Months of Inventory

2

↑ 47% MoM | ↑ 161% YoY

Interest rates continue to significantly impact the overall affordability of real estate in Seattle. As rates continue to soar, it is only natural for days on market and inventory levels to increase while closed sales prices decrease from the spring time highs. The closed sales price for a single family home in Seattle in June 2022 was $1,063,000 meaning that prices have decreased around 10% in just three months. Despite this significant slump, in Seattle the average price of a house is still 6.1% higher than 12 months ago. 

 

I expect the closed sales price to be lower again next month when considering that since the middle of August interest rates increased from 5.22% to 6.6% while the S&P 500 is down around 10%. 

 

 

Contact your Seattle Compass real estate team, Reis Residential at (206) 931-6147. Top-rated realtor Chris Reis and Compass affiliate brokers are here to help you master the Seattle real estate market and answer any questions on current market conditions.

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