How did suburban Seattle fare during August’s housing market cooling?
Does real estate market towards a crash? According to the latest figures from the Northwest Multiple Listing Service, not yet.
As mortgage rates rose slightly, topping 6% for the first time since 2008, potential buyers are waiting to see if house prices continue to fall. In Seattle proper, some neighborhoods saw dips in median sales price growth in August. Others still made modest gains. So what about the suburbs, where soaring prices and insane year-on-year price growth have been the name of the game in the real estate market for the past two years? As you can see, it’s a mixed bag.
Want a sign that the local real estate market isn’t in free fall yet? Kent that’s it. This South King County town posted consistent year-over-year price growth in 2022. Further proof that homes here are in high demand: this median sale price has increased even as the number of listings and inventory did too.
August 2022 Median Selling Price: $646,000
Year-over-year price growth: 13.23 percent
5. Lake Forest Park
From constant Kent to… Lake Forest Park. Price growth here increased by 52% in May, then fell in June and July. That median sale price might have something to do with it. It is one of the most expensive suburbs, and a steep price hike may be hard for some to bear. This time last year, that cost was $110,000 less.
August 2022 Median Selling Price: $910,000
Year-over-year price growth: 13.75 percent
Like Kent, the town of Enumclaw in the southeast has seen steady and stable growth this year. And, as in Kent, those still affordable house prices are probably the driving force. How long they will remain “affordable” is an entirely different question.
August 2022 Median Selling Price: $615,000
Year-over-year price growth: 13.9%
3. Richmond Beach and Shoreline
A few years ago, this suburb bordering the northwest end of Seattle was where homeowners could go to find more space, great schools, and slightly more reasonable prices. This is no longer the case with a median sale price now comparable to that of Ballard, Greenwood and Greenlake.
August 2022 Median Selling Price: $860,000
Year-over-year price growth: 14.67 percent
Auburn has seen a rapid increase in housing inventory. In May, there was only 0.88 months of inventory. In August, 1.97 months. Despite this, price growth has not slowed down.
August 2022 Median Selling Price: $587,400
Year-over-year price growth: 15.63 percent
1. Redmond and Carnation
Not the Eastside community you thought you’d see front row, right? While Bellevue and Mercer Island led crazy price growth last year, Redmond and Carnation snuck in this month. That median sale price is still bananas, though.
August 2022 Median Selling Price: $1,300,000
Year-over-year price growth: 20.65 percent
4. Jovita and West Hill
Homes here were once in high demand during the vibrant 2021 market. They still are, but not quite quickly. It really is a tale of two Auburns, though, as the area east of Highway 167 made our list on the positive growth side.
August 2022 Median Selling Price: $585,000
Year-over-year price growth: -2.66%
3. Bellevue (west of the 405)
The commercial core of downtown Bellevue was once the real estate market that always could, but recent numbers suggest that the median sale price has reached borderline levels. At $1.7 million, this area has the second highest median sale price in the county.
August 2022 Median Selling Price: $1,700,000
Year-over-year price growth: -5.21%
2. Kirkland and Bridle Trails
The jury is still out on whether Kirkland and Bridle Trails are completely out of the way. The August figures show a fairly significant drop in prices, but in April and May the median selling prices increased by 50 and 45%, respectively.
August 2022 Median Selling Price: $1,250,000
Year-over-year price growth: -10.71 percent
1. Vashon Island
It’s always hard to decode Vashon’s stats because limited inventory (there were only 17 active listings in August) means median sale prices live and die by the types of properties that sell. And with almost no condos in this island community, single-family home sales are.
August 2022 Median Selling Price: $879,000
Year-over-year price growth: -17.27 percent