Are home prices going up or down in Seattle?

Really good question! In the Seattle area, home prices are slightly down compared to last year. The median listing price right now is $749,970, which is 2.4% lower than it was at this time last year. Month-over-month, prices have stayed about the same. This means homes are listed for a bit less money than they were. The average price per square foot is also down by 2.5% compared to a year ago, now at $427. This suggests that the cost of housing on a per-square-foot basis is also a little lower. There are more homes available for sale now than there were a year ago. Active listings have increased by 28.5%, with 13,078 homes on the market. More choices for buyers can sometimes lead to less upward pressure on prices. Homes are also staying on the market longer. The median time a home spends on the market is 51 days, which is almost 10% longer than last year. Plus, a quarter of all listings have had a price reduction, which is up 4.4% from last year. This suggests that some sellers are adjusting their expectations to attract buyers. For those looking to buy, these trends suggest a market where prices are a bit softer and there are more options to choose from, giving you potentially more room to negotiate. For sellers, it means being realistic about pricing. The increased supply and longer market times mean it might take a bit more patience to sell.

Home prices in the Seattle area have seen a slight dip over the past year. The median listing price is down, and the price per square foot has also decreased compared to the same time last year. The median listing price right now is $749,970. This is 2.4% lower than it was a year ago. Looking at the price per square foot, which gives another good idea of value, it's $427, a 2.5% drop from last year. There are more homes for sale now than there were a year ago, with active listings up by 28.5%. However, fewer new homes are being listed, down 7.4% over the past year. This means while there's more inventory overall, the pace of new homes coming to market has slowed. Homes are also taking a bit longer to sell. The median time a home stays on the market is 51 days, which is almost 10% longer than it was a year ago. More homes are also seeing price reductions, with 25% of listings dropping their price, a 4.4% increase from last year. For sellers, this means you might need to adjust your expectations on price and how long your home will take to sell. Buyers will find more options available and potentially more room to negotiate on price.