How much income do I need to buy a home in Seattle?

There is no specific income requirement to buy a home in Seattle, because what you can afford depends on many personal factors like your down payment and interest rate. However, to give you a sense of the market, the typical home in the Seattle area is listed for $780,000. Looking at the bigger picture, home prices in Seattle have dipped slightly over the last year. The median listing price of $780,000 is down 2.4% from a year ago. Even the average listing price, which is higher at $1,142,919, has decreased by 1.0% year-over-year. Inventory has seen a good increase, with 10,456 active listings in May, which is 21.0% more than last year. However, fewer new homes are coming onto the market, as new listings are down 8.4% compared to a year ago. This means more homes are available overall, but the supply of *brand new* homes is shrinking. Homes are also taking a bit longer to sell. The median time a house sits on the market is 36 days, which is 20.0% more than it was last year. Also, nearly one in five homes, or 19.0%, have had their prices reduced, which is up 2.7% from a year ago. This suggests that sellers might be adjusting their expectations. Given these trends, if you are looking to buy, you might have a bit more breathing room to find a home and potentially negotiate on price. Keep an eye on new listings and be prepared to act when the right opportunity comes along.