Aug 30, 2022 - Real Estate

Seattle home sellers are increasingly dropping their asking prices

Illustration of a real estate sale sign shaped like a downward point arrow
Illustration: Annelise Capossela/Axios

About 47% of Seattle home sellers dropped their asking price in July, per the latest analysis by real estate company Redfin.

Why it matters: Sellers are tempering their expectations as the real estate market cools slightly.

  • The share of Seattle homes with price cuts nearly doubled from a year earlier, when it was only 24.7%, Redfin found.

Zoom out: More than 15% of home sellers dropped their asking price in every major U.S. metro, per Redfin.

What's happening: Market shifts led buyers to expect lower prices, according to the report.

  • "Rising mortgage rates and the prospect of falling home values also made buyers hesitant to pay sky-high prices, and an uptick in supply gave them more to choose from," per Redfin.
Data: Redfin; Chart: Erin Davis/Axios Visuals

Yes, but: The median home price in Seattle still rose 7.5% year over year, hitting $860,000 in July.

Of note: Several cities that attracted hordes of eager homebuyers during the pandemic — including Tacoma, Washington — are now among those with the largest share of sellers dropping prices, Redfin found.

  • The cooling market in Tacoma led 54.8% of sellers to cut their prices in July, per Redfin.
  • That places Tacoma among the top 10 cities for price-cutting nationwide, while Seattle ranked in the top 15.

Reality check: Expect price cuts to flatten out as sellers adjust course, Redfin said.

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