2023 in Review: Greater Seattle Real Estate Report

Northwest MLS Real Estate Report

West Seattle Luxury Home
West Seattle View Home For Sale

The story of 2023 real estate market was high interest rates and low inventory. Thus, while there were 64,208 sales transactions totaling $48 billion in value across the NWMLS, these numbers were all down from 2022.  Yet, while the over all numbers were down, home prices remained relatively consistent.  The median price only decreased by 2.44% to $600,000.  While not impressive compared to last year ($615,000), it is versus the median price from 10 years ago ($270,000).  Interestingly when separating condos and residential homes, the median prices were even closer to 2022 with homes ($625,000) down 2.04% and condos ($465,000) decreasing by only 1.69%.  Impressively, homes closed at 99.9% of the list price in 2023, but ironically this was DOWN from 2022 where homes sold for 102.5% of list price.  

As we stated in previous reports, the high interest rates were a double edged sword.  The rates put downward pressure on prices because buyers’ purchasing power was suppressed.  On the other hand, homeowners were reluctant to sell because they were locked into low interest rate loans.  

The results were overall number of transactions (64,208) was down 23.6% from 2022.  At the same time, 81,612 new listings were added in 2023, which was down 26.01% from the previous year.  This combination kept prices stable.

What’s next?  While no one has a crystal ball, it is likely as interest rates drop, buyers on the sidelines will look to purchase and homeowners who held off from selling will list their homes for sale.  

Greater Seattle Real Estate Market

Following is a more detail look at homes, condos, luxury real estate, and waterfront homes in Seattle for the past month.

Greater Seattle Homes

Magnolia Seattle
Magnolia Residence Available for Purchase

The number of King County home sales transactions decreased in 2023.  There were 16,588 homes sold compared to 21,745 in 2022. Furthermore, the median home price decreased slightly in 2023 to $875,700 from $900,000 the year before.  This follows the overall real estate market trend which has generally seen lower transactions and stable median prices.

Condo Market in Seattle

Avenue One Condo
Avenue One Condo - Available for Purchase

In 2023, 4,927 King County condos sold down from 6,603 in 2022.  On the other hand, the median price actually increased in 2023: $509,000 compared to $500,000 in 2022.  The condo market remains strong, likely because it is more affordable than homes. 

A majority of condos sold are in Seattle.  In 2023, 2,282 Seattle condos sold for a median price of $558,000,  Over $1.5 billion of sales in 2023 in Seattle. 

With Ewing and Clark’s headquarters located just north of Pike Place market, we are uniquely equipped to assist with Downtown/Belltown condos.  For example, Ewing and Clark recently listed the Belltown condo pictured above.  Click the pictures for more details.

Greater Seattle Luxury Real Estate Market

Capitol Hill
Capitol Hill Luxury Home Sold for $4,300,000 in 2023

Seattle luxury real estate market in 2023 saw the sale of 404 properties for $2 million or more.  This was a decrease of 30.1% which was similar to the overall decrease in sales.  Ewing and Clark participated in many significant sales.  For instance, Jane Powers and Betsy Terry sold this Capitol Hill listing for $4.3 million.

The Eastside is a luxury real estate market.  In 2023, the Bellevue area including Clyde Hill, Medina, Evergreen Point, Hunts Point, and Yarrow Point had 353 total luxury home sales of $2 million or more. But unlike Seattle, that had 2 sales over $10 million, this area had 12.  Furthermore, Mercer Island had 146 luxury sales ($2 million+) out of the 222 homes sold.  Thus, nearly 66% of Mercer Island homes sold in 2023 sold for $2 million or more.  The Eastside, especially anywhere close to Lake Washington, is truly a luxury market.

Is Greater Seattle Real Estate Slowing Down?

As seen throughout blog, the Greater Seattle real estate market slowed in the number of transactions, but pricing remained stable in 2023.

Every real estate market is different.  To navigate the current issues, contact one of Ewing and Clark’s real estate brokers. Ewing and Clark has provided exceptional real estate service to Greater Seattle since 1900.  Whether you are looking for a Belltown condo, a luxury home in Windermere, or your first Seattle home, please contact us.

For this blog the information and statistics were derived from the Northwest Multiple Listing Service.