THE UNREAL SEATTLE housing market has been well-documented as of late—evidenced by the $1 million-plus average for a home in King County in 2021 as well as the double-digit percent year-over-year median sale price increases.
April’s numbers from the Northwest Multiple Listing Service show the first glimmers of—dare we say it?—normality within Seattle city limits. That, of course, depends on where you’re looking. Several neighborhoods experienced at least 20 percent year-over-year price growth, while a couple others declined. Sorry if you’re suburb-curious; they’re still on an unprecedented tear.
RISING
3. Southeast Seattle
Forget any thoughts of a flash in the pan. Southeast Seattle (Columbia City, Rainier Valley, Rainier Beach, and Seward Park) has experienced steady increases in year-over-year price growth the past couple of months: 10.36 percent in February and 14.69 percent in March. This month, it finally tops the 20 percent mark.
April 2022 median sale price: $851,650
Price growth year-over-year: 20.8 percent
2. West Seattle
Single-family home sales are largely driving the growth in this enclave. In April, the median sale price of one was $930,000—up 22.37 percent from the same time last year. Paired with a moderate 12.21 percent growth on the condo side, and West Seattle is still showing signs of the blazing 2021 real estate market.
April 2022 median sale price: $875,000
Price growth year-over-year: 21.44 percent
1. SoDo and Beacon Hill
Last month, these two neighborhoods topped the list with nearly 30 percent year-over-year growth. Things might look a touch less frenzied in April...until you realize that median sale price is up $160,000 from the same time last year.
April 2022 median sale price: $835,000
Price growth year-over-year: 23.7 percent
FALLING
2. Central Seattle
When the pandemic hit and workers went remote, those with the means traded in proximity to their offices for more space a little farther out. Areas like Capitol Hill, Central District, Madrona, and Montlake saw a tepid condo market, while the already-expensive single-family homes went at a less competitive clip. In April, 35.14 percent fewer sales of those mega mansions steeply affected the median sale price and price growth.
April 2022 median sale price: $767,500
Price growth year-over-year: -8.08 percent
1. Queen Anne and Magnolia
It’s not the -32 percent price decline Queen Anne and Magnolia saw in January and February of this year, but it is a sign that things might be leveling out as interest rates rise.
April 2022 median sale price: $886,000
Price growth year-over-year: -9.31 percent
SOURCE: Seattle Met
