Navigating the Seattle area real estate market can be challenging, especially in the current landscape of high-interest rates and a slowing economy. Making wise investment decisions has never been more crucial. Realogics Sotheby's International Realty looks at key indicators in the real estate market across various communities and counties each quarter.

In the third quarter, some counties experienced noteworthy growth, while some communities witnessed a year-over-year decline in home prices. Fortunately, none of these declines were drastic. Interest rates hover above 8%. The current Pending Transaction count is as low as it’s been since 2009 (outside of this past January). Puget Sound has sufficient inventory - a departure from the past decade's norm. Fortunately, our economy remains good thanks to local ingenuity and talent, contributing to a stable real estate market in 2023. Below are area-specific reports to better understand the trends shaping the Seattle real estate market.

See how your neighborhood performed.

Seattle   |   Single-Family Homes

With two months of inventory available, buyers now have a rare opportunity in the current seller's market. The slight decline in pricing is expected to last for a while. Once mortgage rates fall again, more buyers will jump into the market and drive up prices with multiple offers on listings.

Eastside   |   Single-Family Homes

The Eastside housing market achieved balance between pandemic sales and subsequent decline. The statistics demonstrate the market's stability despite fluctuating conditions. The average price per square foot marginally rose, while the median sales price moderately increased.

Mercer Island   |   Single-Family Homes

Inventory on the Island has dropped to 1.3 months from 2.1 months in Q3-2022. Mercer Island sellers, however, need patience, as the average days on the market have increased from 11 in 2021 to 30 in 2023.

Bainbridge Island   |   Single-Family Home

There appears to be a window for buyer opportunities on Bainbridge Island. There are 2.1 months of inventory available, the most homes available on the island in quite some time.

Seattle   |   Condominiums

The median sales price of a Seattle condominium is up over 12% year-over-year; the price per square foot also saw a slight increase, though just under 2%.

When you are prepared to take the next step or have questions, don't hesitate to contact me, as your trusted advisor from Realogics Sotheby's International Realty. Together, we can strategize and work towards achieving your real estate goals in this dynamic environment. Choosing a professional real estate broker with superior marketing, property presentation, and negotiation skills is essential in this market. As a knowledgeable Realogics Sotheby’s International Realty broker, I am here to help you navigate the ever-changing market, ensuring you make the best decision for your investment, lifestyle, and home.

Whether selling or buying, I'd love to guide you through your next real estate journey. Reach out today!