As the Seattle real estate market eases into its usual winter hiatus, high home prices and mortgage rates, low inventory and stiff competition continue to stand in the way of seasoned homeowners and first-time home buyers.
In November, Seattle’s median home price was $770,000, up 2.7% from last year during the same month, according to a Redfin report. On average, single-family homes in Seattle sold after seven days on the market, compared to 12 days last year.
Alki Point has a median listing price of $1 million, making it the most-expensive neighborhood in Seattle. On the other hand, lower Queen Anne has the most-affordable housing prices, with an average listing price of $499,000.
The average price of a home in King County was 12.5% more than last November, having risen to $820,000. Buyers can expect to pay around $695,000 for a home in Snohomish County and $515,000 in Pierce County. Each county saw a less than 1% change in affordability from last month, according to the Northwest Multiple Listing Service.
From the standpoint of supply and demand in local real estate, the Seattle-area’s housing market is currently one of the most inequitably balanced in the country. Growing demand is expected to continue next year due to a lack of new construction and new listings entering the market in suburban areas after years of underdevelopment.
The Seattle housing market continues to favor sellers, with only .38 months of housing inventory — still well below what is currently required to meet the buyer demand, according to the release.