Building upon the Q1-2023 data, the present Western Washington real estate market maintains its cooler demeanor compared to the same period last year. The impacts of inflation and rising interest rates continue to exert a moderating influence on the market. The unprecedented surge witnessed in early 2022 has now transitioned into a more stable environment, marked by a decrease in frenzy. While it remains a seller’s market, buyers are adopting a more measured approach, taking additional time to deliberate their decisions. In such a dynamic landscape, having a Realogics Sotheby’s International Realty global real estate advisor by your side ensures that you receive the utmost expertise and guidance, leading to optimal outcomes in today’s market.

SEATTLE | SINGLE-FAMILY HOMES

Seattle’s single-family residence market saw an overall decline in price, demand, and listings. Still, none of these declines were significantly concerning, especially considering the overall state of the region’s and nation’s market compared to last year’s second quarter.   

SEATTLE | CONDOMINIUMS

Even with the smaller amount of supply, it appears that demand is also at a low, with inventory sitting on the market for an average of 32 days. However, the median sales price increased by 6.52% to $539,000, proving that interested buyers are still willing to pay for the desirable in-city, lock-and-leave lifestyle that Seattle condominiums offer.   

KING COUNTY | SINGLE-FAMILY HOMES

On average, homes were on the market almost three times longer than in Q2-2022. While the home inventory and price per square foot decreased since this time last year, it remains a seller’s market with months of inventory at 1.3, the same as 2022.  

EASTSIDE | SINGLE-FAMILY HOMES

Inventory sat on the market significantly longer at an average of 21 days in contrast to Q2-2022’s average of seven days, with the number of homes sold down 32% year over year, further indicating the dip in demand. 

PIERCE COUNTY | SINGLE-FAMILY HOMES

There was minimal change year-over-year in Pierce County’s median sales price and average price per square foot. The median sales price dropped 6.3% to $539,000, and the average price per square foot dropped 5.8% to $295 per square foot in Q2-2023.