Seattle home prices dip as listings pile up
The Seattle metro area's median home price dropped 1. 3% year over year in May, reaching $765,000, marking the first annual decline in nearly two years. Townhomes experienced the steepest drop at 4. 9%, translating to a decrease of around $33,000, while single-family home prices fell by 1. 2%.
In contrast, condo prices rose 2%, indicating a divergence in market trends. Analyst Elliott Krivenko from Homes. com highlighted that increased inventory is granting buyers more negotiating power, potentially easing homebuyer pressure. Reports indicate that the number of active listings in King County surged nearly 58% year over year, while closed sales fell by 3. 3%.
This shift in the market suggests changing dynamics as spring, typically a busy homebuying season, cooled earlier than usual. REMAX reported a slightly lower median price of $750,000, down 3. 2% year over year, marking the third-largest drop among major U. S. metros.
Market observers will be watching to see if summer sales momentum picks up or if buyers remain cautious amid high mortgage rates.