Is Seattle a seller's market right now?

Looking at the most recent data, Seattle is currently leaning away from a strong seller's market. We are seeing more homes available and prices have softened a bit.

The Seattle-Tacoma-Bellevue area is currently favoring buyers more than sellers. The number of homes for sale has grown a lot, and homes are taking longer to sell. Many sellers are also having to drop their prices. Right now, there are 12,278 homes listed for sale, which is a significant increase of 21.4% compared to this time last year. This means buyers have more options to choose from, putting less pressure on them to make quick decisions. Homes are also staying on the market longer, with the typical home selling in 44 days. This is 11.4% longer than last year, showing that buyers are taking their time. When homes sit longer, sellers often become more willing to negotiate. Nearly a quarter of all listings, 23.0%, have had their prices reduced. This percentage has also gone up by 1.7% from last year, indicating that many sellers are struggling to get their asking price and are making adjustments to attract buyers. The median listing price has also dipped slightly to $775,000. If you're thinking of buying, these conditions suggest you have more power to negotiate and find a home that fits your budget and needs.