SEATTLE REAL ESTATE MARKET UPDATE
SEATTLE REAL ESTATE MARKET UPDATE
October 2022
Reis Residential
Reis Residential
↑ 0.6% MoM | ↑ 6.1% YoY
BY THE NUMBERS
The following data is for single family homes in Seattle, WA for September 2022.
$956,000
↑ 0.6% MoM | ↑ 6.1% YoY
$508
↓ 2.6% MoM | ↓ 0.2% YoY
8
↓ 33% MoM | ↑ 33% YoY
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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837 North 34th Street
Suite 100
Seattle, WA 98103
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Chris Reis is a Seattle real estate agent affiliated with COMPASS real estate Seattle, a licensed real estate broker, and abides by equal housing opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. no statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting, or other professional advice outside the realm of top real estate company in Seattle.
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