Market Update - April 2022

In the latest episode of Market Update for April 2022, Aaron Janus and Diane Davi give us an in-depth look at the current state of the Seattle real estate market. Home sale prices in King County are up 13%. In the Eastside suburbs, the average sale price has continued its trend of double-digit growth, up 17% year-over-year to $1,323,000. In the city of Seattle, the average sale set a new record high with a 15% YOY increase to $865,000 in March.

What about the available housing supply for buyers to purchase? Well, the demand from Seattle area homebuyers remains strong into April, with the number of buyers in the market looking to purchase Seattle area homes, townhomes, and condos continuing to outpace the supply of homes for sale coming on the market. This trend continues in spite of a spike in the 30-year fixed-rate mortgage rate to 4.72% - the first time that rates have been over 4% in nearly three years. This competitive seller's market is present throughout King County, where we ended March 2022 with just two weeks of available inventory for buyers to purchase.

Learn even more insights about the Seattle real estate market by watching the full four-minute video.

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