The median home price fell 11.4% in Seattle, according to the RE/MAX National Housing Report. That’s one of the greatest year-over-year decreases in the entire country.
In March 2022, the median sales price was $733,500. A year later, that price tag was slashed to $650,000.
“Though the stats show the year-over-year numbers being down, we expected this based on where mortgage rates were a year ago and last year’s lower inventory, which drove prices higher,” RE/MAX Elite CEO Scott Comey said. “For buyers trying to time the market or waiting for a bubble to burst, the data doesn’t support that, and the slowdown is starting to pick back up.”
The only city with a higher margin of decrease was Dallas, where prices fell 14.1% year over year. Following Seattle were San Francisco (-11.3%), Phoenix (-9.2%) and Coeur d’Alene, Idaho (-9.1%).