Seattle has long been among the country’s strongest and most dynamic housing markets. However, recent times have seen significant developments in Seattle home prices.
The latest RE/MAX National Housing Report reveals that the median home price in the Puget Sound region has surged to $755,000. That recent increase in median price puts the market at the second highest in the United States.
Read on as we explore these market trends in greater detail.
Interesting Trends in Seattle Home Prices
Over the past year, Greater Seattle has seen a significant 8.6% increase in its median home price, up from $695,500. Active listings have grown by 9.4%, and available inventory has jumped by 45.4% compared to a year ago.
John Manning, managing broker at RE/MAX Gateway in Seattle, highlighted the current market trends. “We’re seeing a typical summer slowdown, with July seeing fewer transactions,” Manning explained. “Despite high interest rates and limited supply, demand remains strong. Even though available homes have risen by 45% from last year, it’s still not enough to meet the demand.”
Manning also noted a split in the market. On the one side, lower-priced homes, including townhomes, are facing stagnant sales and falling prices. However, the market for homes priced over $1.5 million remains fiercely competitive.
“It seems large employers might be hiring fewer younger and entry-level workers this year, contributing to the correction in lower-priced segments,” he said. “In contrast, the high-end market is seeing multiple offers and prices often surpassing appraisable values.”
The report also lists other metro areas with high median home prices. San Francisco leads the nation at $1.2 million. After that, you have Seattle, Honolulu at $725,000, Boston at $712,000, and Bozeman, Montana at $663,000.
Seattle Real Estate
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