Unreal Seattle The housing market has been well documented lately – evidenced by the over $1 million average for a home in King County in 2021 as well as double-digit average sales price increases year-over-year.
The April numbers from Northwest’s Multiple Listing Service show the first flash – dare we say it? – Abnormal within the city limits of Seattle. This, of course, depends on where you’re looking. Several neighborhoods have seen price growth of at least 20 percent year-over-year, while a couple of others have declined. Sorry if you’re curious about the suburbs; They are still in an unprecedented state of teardrop.
3. Southeast Seattle
Forget any thoughts of blinking in the pan. Southeast Seattle (Columbia City, Rainier Valley, Rainier Beach and Seward Park) has seen steady increases in year-over-year price growth in the past two months: 10.36 percent in February and 14.69 percent in March. This month, it finally crossed the 20 percent mark.
Average selling price in April 2022: $851,650
Year-on-year price growth: 20.8%
2. West Seattle
Single-family home sales are largely driving growth in this pocket. In April, the average selling price for one was $930,000—a 22.37 percent increase over the same period last year. Paired with moderate growth of 12.21 percent on the condo side, West Seattle continues to show signs of a smoldering real estate market in 2021.
Average selling price in April 2022: $875,000
Year-on-year price growth: 21.44 percent
1. SoDo and Lighthouse Hill
Last month, these two neighborhoods topped the list with annual growth of nearly 30 percent. Things might look a little less crazy in April…until you realize that the average selling price is up $160,000 from the same period last year.
Average selling price in April 2022: $835,000
Year-on-year price growth: 23.7%
2. Downtown Seattle
When the pandemic spread and workers moved away, owners of finances traded near their desks for space a little further away. Areas such as Capitol Hill, Central District, Madrona, and Montlake have seen a lukewarm condo market, while already expensive single-family homes are becoming less competitive. In April, a 35.14 percent drop in sales of those mega mansions affected the average selling price and price growth.
Average selling price in April 2022: $767,500
Year-on-year price growth: -8.08 percent
1. Queen Anne and Magnolia
It’s not the -32 per cent price drop that Queen Anne and Magnolia saw in January and February of this year, but it is an indication that things may stabilize as interest rates rise.
Average selling price in April 2022: $886,000
Year-on-year price growth: -9.31 percent