Seattle, WA
Property For sale & Area Information.
Welcome to Seattle
Seattle’s real estate market remains highly competitive, fueled by its robust tech economy, cultural appeal, and limited housing inventory. Despite higher mortgage rates, demand continues to outstrip supply, particularly in sought-after neighborhoods, keeping upward pressure on prices and sustaining a strong seller’s advantage.
Median Home Prices
Single-Family Homes: Median price at $950,000, up 6% year-over-year (YoY).
Condominiums: Median price at $650,000, a 4% increase YoY.
Luxury Market (homes >$2M): Steady interest, though Days on Market (DOM) average 50–70 days, slightly longer than mid-range homes.
Inventory & Absorption
Supply: Extremely tight at 1.2 months of inventory (below the 6-month balanced benchmark).
Days on Market (DOM):
Single-family homes: 12–18 days (many receive multiple offers).
Condos: 25–35 days.
Price Reductions: Only 12% of listings see cuts, mostly in luxury or less desirable areas.
Market Dynamics
Seller’s Market: 35% of homes sell above asking, with bidding wars common in prime neighborhoods.
New Construction: Focus on urban infill (e.g., South Lake Union, Ballard) and mid-rise condos catering to professionals.
Tech Influence: Amazon, Microsoft, and Google expansions drive relocations, particularly in North Seattle and the Eastside corridor.
Interest Rates & Affordability
Mortgage rates average 6.5–7% (30-year fixed).
Affordability strain: A 950Khome∗∗requires∗∗ 950Khome∗∗requires∗∗ 6,800/month (mortgage + taxes), pushing first-time buyers toward condos or suburbs.
Key Market Drivers
Job Growth: Tech, biotech, and aerospace sectors continue hiring.
Neighborhood Appeal: Walkable areas (Capitol Hill, Queen Anne) and waterfront properties (Magnolia, West Seattle) command premiums.
Urban Development: Light rail expansion (Lynnwood, Federal Way links) increases accessibility.
Future Outlook (2024–2025)
Prices: Projected 4–6% annual growth, depending on rate trends.
Inventory: Moderate improvement with new condo deliveries (~1,000 units in 2024).
Luxury Segment: Stable but selective; high-end buyers favor view properties (e.g., Laurelhurst, Madison Park).
Conclusion
Seattle’s market remains resilient, supported by economic strength and enduring desirability. While high costs and rates challenge affordability, demand persists in prime locations. Buyers must act quickly with competitive offers, while sellers benefit from low inventory and high demand. Neighborhoods like Green Lake, Ballard, and Fremont remain hotspots for both families and investors.
Active Listings
Seattle Properties For Sale
4502 55th Avenue NE Seattle, Washington
5 Beds 6 Baths 6,488 SqFt 1.166 Acres
3310 E Laurelhurst Drive NE Seattle, Washington
3 Beds 6 Baths 4,980 SqFt 0.391 Acres
3814 E John Street Seattle, Washington
4 Beds 5 Baths 8,034 SqFt 0.374 Acres
1642 Federal Avenue E Seattle, Washington
5 Beds 8 Baths 9,259 SqFt 0.751 Acres
1625 Federal Avenue E Seattle, Washington
5 Beds 10 Baths 11,520 SqFt 0.584 Acres
1935 Parkside Drive E Seattle, Washington
5 Beds 7 Baths 7,093 SqFt 0.527 Acres
Market Report
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