July 2023 Greater Seattle Real Estate Report
Northwest MLS Real Estate Report
Is the real estate market, including the greater Seattle real estate market, slowing down? Unlike the first half of the year where median price increased each month, July saw the first dip. Median price in July was $615,000, down $10,000 from both the previous month and the same time last year. Both June 2023 and July 2022 had median price of $625,000. However, this is not unusual. Prices tend to peak in early summer. For example, in the last 10 years, June saw the highest median price for that given year six (6) times although some years there are ties. Such as in 2016, where the median price was $350,000 for three months straight (June, July, and August)!!! Indeed, looking at 2016 brings up another point. The market did decrease this July, but prices are up 76% from 2016. In addition, prices peaked in 2021 in June and July with a median price of $589,000. Thus, prices are up 4.4%. Not a great return, but if you lived in a house for 2 years and it appreciates, then things could be a lot worse in the grand scheme of things.
The Condo Market
The condo market is still holding strong. The median price ($480,000) was up over the previous July ($465,000) by over 3%. Condos are showing to be a good way for buyers to enter the real estate market. Furthermore, with people coming back to the office at least more than during the pandemic, people again want to be closer to work which condos often are.
Is Greater Seattle Real Estate Slowing Down?
As seen throughout blog, the Greater Seattle real estate market has slowed in recent times, but historically still strong.
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 waterfront property on Bainbridge, a luxury home in Windermere, or your first Seattle home, please contact us