Seattle home prices dip as listings pile up
Add Axios as your preferred source to
see more of our stories on Google.
Illustration: Rebecca Zisser/Axios
The Seattle metro's median home price fell last month — a rare reversal in one of the nation's most notoriously expensive markets, according to multiple real estate reports.
Why it matters: Even a modest dip after years of relentless price hikes and bidding wars suggests the market may be entering a new phase — rising inventory, slower sales and more leverage for buyers.
By the numbers: The median home price in the metro area, which includes King, Pierce and Snohomish counties, dropped 1.3% year over year in May to $765,000, the region's first annual price decline in nearly two years, according to Homes.com data.
- Townhomes saw the steepest drop: down 4.9%, or roughly $33,000.
- Single-family home prices fell 1.2%.
- Condo prices rose 2%, bucking the trend.
What they're saying: May's year-over-year decline reflects shifting dynamics in the market, per Elliott Krivenko, a Seattle analyst for Homes.com parent company CoStar.
- "This moderation in pricing is a sign that rising inventory is giving buyers more negotiating power … and could provide some modest relief for homebuyers," Krivenko told Axios.
Zoom in: Spring is typically the hottest stretch for homebuying in the Pacific Northwest, but this year the season came early and cooled quickly, multiple reports show.
- According to NWMLS, the number of active listings in King County last month jumped nearly 58% year over year, while closed sales dropped 3.3% across the region.
- REMAX pegged the Seattle metro's median May price slightly lower at $750,000, down 3.2% year over year, the third-largest drop among major U.S. metros, managing broker of REMAX Gateway John Manning told Axios.
The big picture: Listings are piling up nationally, many to the point of going "stale," Axios' Sami Sparber reports.
- In April, 28.3% of Seattle area listings sat for 60+ days without a contract, part of a $700 billion glut of unsold inventory, per recent Redfin data.
What's next: Watch for whether summer sales momentum picks up — or if buyers stay on the sidelines amid high rates.