Seattle home prices remained among the highest in the U.S. in May, according to the latest RE/MAX National Housing Report.
The median sales price rose 10.7% year over year to $775,000, up from $700,000 in May 2023. Prices are rising steadily on a monthly basis, too: In April, the median home sale price was $740,000.
Only three cities — all in California — registered higher sales prices last month. San Francisco, which has the priciest homes in the country, registered a median sales price of $1,255,000 last month, followed by Los Angeles at $970,000 and San Diego at $900,000.
Seattle’s median sales price represented one of the highest year-over-year jumps in price at 10.7%. The only cities with greater increases in median sales prices were Cleveland (+18.9%), Los Angeles (+12.1%), New York (+11.9%) and Manchester, New Hampshire (+11%).
Meanwhile, new listings also saw the third-highest annual increase in the country: Seattle Realtors entered 6,455 properties into the MLS last month, a 25.9% increase year over year. The only cities with higher margins of increase were San Diego (+31%) and Phoenix (+30.1%).
However, despite a 42.4% annual increase in months of inventory, Seattle had one of the lowest levels of inventory in the country in May, with only a 0.8-month supply.
“The beginning of the summer market in May and June typically brings a peak in both homes for sale and closed sales,” John Manning, managing broker at RE/MAX Gateway, said in the report. “This year so far, closed sales are roughly half of where they should be, and while we have seen a 25% increase in new listings, that 25% represents a bounce off a record low in Seattle/King County home listings.”
Manning added, however, that demand remains high among prospective buyers.
“Strong economic fundamentals and liquidity among a highly skilled workforce have kept demand high despite interest rates,” he said. “Although good news, the increase in listings is a drop in the bucket, and rising median sales prices are a reflection of the continued imbalance between supply and demand.”