How Are Mortgage Rates Affecting the Seattle Housing Market?


Again in September, the Seattle housing industry entered its “Excellent Reversion” period, exactly where the real estate landscape cooled and appeared to inch back towards the pre-pandemic market place. And final month, rental rates also took a tumble.
All this means would-be customers keep a lot additional electrical power than they did a calendar year ago, even a several months back. “Buyers are benefiting from a lot more choices in stock and significantly less competition, while sellers are a lot more negotiable when it will come to contingencies,” says Northwest Many Listing Service director Meredith Hansen in a launch.
It really is not a entire-on buyer’s market just however, however. Some regions of Seattle are even now showing year-more than-calendar year selling price progress, suggesting buyers are making provides now in hopes of locking in property finance loan rates, even though other neighborhoods are looking at attributes linger for months.
The photo will continue to be murky as recession problems loom. Right up until we get some clarity, let’s provide on the list of places where rates rose and fell the most previous thirty day period.
Growing
3. SoDo and Beacon Hill
Despite 2.88 months of stock, this south Seattle enclave posted impressive gains in yr-about-12 months expansion. It really is nevertheless not approximately as eye-popping as April’s median sale cost of $835,000, but for a historically slower fall thirty day period, it’s not way too shabby.
October 2022 median sale rate: $760,000
Cost advancement year-in excess of-year: 11.36 per cent


2. West Seattle
Solid selling price growth amid the least expensive regular stock in Seattle good? Looks like West Seattle is still one particular of the most fascinating neighborhoods in the metropolis.
October 2022 median sale price tag: $780,000
Value advancement yr-in excess of-calendar year: 11.43 {73375d9cc0eb62eadf703eace8c5332f876cb0fdecf5a1aaee3be06b81bdcf82}
1. Queen Anne and Magnolia
A 25.88 per cent price expansion is undoubtedly a bonkers pandemic-period form of quantity. But in this spot, the place solitary-relatives households simply suggestion over the $1 million cost position and fundamentally have the median sale value, it truly is not pretty so stunning.
October 2022 median sale rate: $1,070,000
Price tag progress year-more than-year: 25.88 percent
Slipping
3. North Seattle
Everything north of Portage and Union Bay, and east of I-5, counts as North Seattle in the eyes of NWMLS. It truly is consistently been just one of the most pricey areas to invest in assets, so a slight dip this thirty day period may well just necessarily mean properly-to-do purchasers are biding their time.
October 2022 median sale rate: $903,600
Value development year-around-year: -.7 percent
2. Southeast Seattle
This swath of the city—Columbia Town, Rainier Beach front, Rainier Valley, and Seward Park—was an place in which previously affordability listings drummed up competition and curiosity through the pandemic. Turns out, what is actually thought of “inexpensive” has a ceiling as selling prices dipped again towards pre-Covid regular.
October 2022 median sale price tag: $742,000
Price advancement yr-above-year: -1.53 per cent
1. Belltown and Downtown
Looking for a condo? We know a location. Belltown and Downtown have a whopping 6.12 months of inventory waiting around for buyers. It could not be a buyer’s market place everywhere else in the metropolis, but it unquestionably is the situation in these neighborhoods.
October 2022 median sale selling price: $639,000
Price progress yr-above-year: -4.63 percent
