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Seattle Housing Market Cools Dramatically
1 Aug
Summary
- Seattle home prices fell 1.8% in May year-over-year.
- Inventory increased significantly while sales declined.
- Market conditions vary greatly by neighborhood and property type.
The Seattle housing market is experiencing a significant downturn, with home prices declining 1.8% in May year-over-year, making it one of the nation's softest markets. This trend is accompanied by a double-digit percentage increase in inventory and a 6.4% drop in sales. The median home price in June was $738,000, yet buyer experiences differ vastly depending on location and property type.
Factors contributing to this shift include job shedding by major tech employers and persistently high prices that deter buyers. Concerns about rising homeowners' association fees are also impacting demand for older condominiums, while a boom in new construction has left some builders with unsold inventory. Seattle has approved more homebuilding projects than other large West Coast cities, leading to new supply now outstripping demand amid a weakening job market.
