Market Update - October 2019

Seattle home prices rose faster in October than they have in a year according to the latest NWMLS Market Update. Seattle home prices rose 3.3 percent in October from a year ago to a median of $775,000. Magnolia and Queen Anne are Seattle’s priciest neighborhoods with double digit price growth from a year ago and a median of over $1 million. Meanwhile on the Eastside, the median was up 1.1 percent to $900,000.

As a whole, King County home prices were down 1.64 percent year-over-year to $660,000—also down from this year’s peak of $700,000 in May. The all-time peak for King County was recorded in May 2018 at $726,275.

The number of homes on the market fell in October as the market entered its fall/winter slowdown before spring. King County’s inventory was down 25.7 percent year-over-year. Other Puget Sound region counties experienced similar drops with Snohomish County down 23.5 percent and Pierce County down 30 percent.

As for the condo market specifically, King County condo prices are down 3.75 percent to $385,000—and down nearly 7 percent in Seattle to $460,000. Despite the drop from a year ago, Seattle condo prices in October were the most they have cost since June.

Condo inventory is expected to improve over the next year with new towers slated to open, including Nexus in Denny Triangle, The Emerald in Belltown, and One88 in Bellevue, to name a few.

NWMLS Monthly Market Snapshot

Market Update - October 2019

Comments on this post