3 Seattle Neighborhoods Where Home Prices Fell the Most in August 2022

What a distinction just a few months could make. Again in 2021, we marveled on the unrelenting competitiveness of the native actual property market. Now, housing costs aren’t solely slowing in year-over-year progress, they’re really falling in some neighborhoods, in response to the newest information from the Northwest A number of Itemizing Service. (Rents, we’re sorry to say, are nonetheless rising.)

“The market is just reverting to its long-term common because it strikes away from the bogus situations attributable to the pandemic,” explains Windermere’s chief economist Matthew Gardner.

What meaning is the actual property market is not precisely in a free fall, but it surely’s actually normalizing. Here is the place costs rose and fell essentially the most final month.

Rising

3. North Seattle

Again in June, historically a brisk month for the actual property market, this northeast quadrant of Seattle noticed glimmers of 2021’s bonkers numbers: a year-over-year median sale worth progress of 19.55 p.c. The 4.3 p.c worth progress in August could seem tame as compared, but it surely nonetheless reveals the recognition of locations like Ravenna, Wedgwood, and Laurelhurst.
August 2022 median sale worth: $897,000
Worth progress year-over-year: 4.3 p.c

2. West Seattle

A gradual climb of stock all through Seattle has allowed would-be patrons to be extra picky than they may in latest reminiscence. Which makes that modest 5.74 worth progress all that extra spectacular as West Seattle’s median sale worth hovers close to the $800,000 vary.
August 2022 median sale worth: $792,500
Worth progress year-over-year: 5.74 p.c

1. Central Seattle

At 2.17 months, stock is the very best it has been all 12 months on this core a part of Seattle encompassing enclaves like Capitol Hill, Madison Park, and Montlake. Costly single-family residences mixed with luxurious rental gross sales? That is a recipe for rising residence costs.
August 2022 median sale worth: $875,000
Worth progress year-over-year: 11.46 p.c

Falling

3. Queen Anne and Magnolia

These northern hoods appear to reside and die by their single-family residence gross sales, the place properties are a few of the costliest within the metropolis. In August, sturdy rental gross sales weren’t sufficient to push Queen Anne and Magnolia into the black.
August 2022 median sale worth: $950,000
Worth progress year-over-year: -1.04 p.c

2. SoDo and Beacon Hill

Stock is not every part. Though SoDo and Beacon Hill are rolling in residence listings, with 2.63 months of stock, 50 p.c fewer residence gross sales closed in August than the identical time final 12 months. That was sufficient of a distinction to bump that worth progress down a smidge.
August 2022 median sale worth: $659,999
Worth progress year-over-year: -1.27 p.c

1. Belltown and Downtown

The core of town was hammered throughout the pandemic as residents fled their shut quarters to seek out more room out within the suburbs. However with regular and constant positive aspects in 2022 it appeared like downtown was lastly making a comeback—till now. Even with 4.19 months of stock, it’d take just a few months but to see the guts of Seattle again to pre-pandemic demand.
August 2022 median sale worth: $619,000
Worth progress year-over-year: -15.21 p.c