Is Seattle a buyer's market right now?

There are some signs right now that could be helpful for buyers in Seattle. While not a dramatic shift, the market is offering more choices and slightly lower prices compared to last year. More options and stable prices typically benefit those looking to buy. The median listing price is holding steady this month at $749,970, which is good news for buyers as it hasn't gone up recently. Looking back over the past year, prices have actually eased a bit, with the median listing price down 2.4% and the average listing price down 3.1%. This means homes are, on average, a little less expensive than they were a year ago. Buyers also have more homes to choose from. There are 13,078 active listings, a significant jump of 28.5% compared to this time last year. More homes on the market generally give buyers more negotiating power and variety. Homes are also staying on the market longer. The median home now takes 51 days to sell, which is about 9.7% longer than over the past year. This longer time allows buyers more opportunity to consider their options without feeling rushed. A quarter of homes, or 25.0%, have had their prices reduced. This is up 4.4% compared to a year ago. It suggests that many sellers are adjusting their expectations, which can open up opportunities for buyers to find deals. For someone looking to buy a home in Seattle right now, these trends suggest a more favorable environment than over the past year. Take your time, look at your options, and be ready to negotiate.

Really, no market is perfectly a "buyer's market" or "seller's market." In the Seattle-Tacoma-Bellevue area right now, several trends suggest that buyers might have more options and a bit more negotiating power. However, prices are holding steady from the prior month. One big change is that there are more homes for sale. Active listings have grown to 13,078, which is nearly 30% more than a year ago. This means buyers have a wider selection to choose from. Homes are also staying on the market longer. The median home now takes 51 days to sell, which is about 10% more time compared to the past year. This longer time allows buyers more opportunity to consider their options. More homes are also seeing price drops. About one-quarter of all listings have had their price reduced. This is up by 4.4% from a year ago, indicating that sellers are adjusting their expectations to attract buyers. The median listing price is holding steady at $749,970 compared to the prior month, though it's slightly lower than a year ago. This stability, coupled with more choices and longer market times, generally favors those looking to buy. For someone looking to buy, these conditions mean you have more time and choices to find the right home, and potentially more room to negotiate the price.