The close-to-list price ratio in Seattle has decreased, according to the February RE/MAX National Housing Report.

MLS data shows that the close-to-list price percentage was 108.3% in February 2022, which means the average home sold for 8.3% higher than its asking price. But a year later, the tables have turned: The close-to-list price percentage in Seattle fell to 99% in February 2023, meaning the average home is now selling for less than its listing price.

This shift in Seattle’s housing market represents one of the largest year-over-year decreases in close-to-list price ratio of any market in the country. The only city with more a drastic decrease was San Francisco, where an 11.6% year-over-year dip left the close-to-list price ratio at 100.2% in February 2023.

However, Seattle’s close-to-list price percentage is still higher than the national average, which was 98% in February.