Market Update - March 2022

In the latest episode of Market Update for March 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 11%. In the Eastside suburbs, the average sale price has continued its trend of double-digit growth, up 21% year-over-year to $1,159,000. In the city of Seattle, the average sale price saw a healthy 7% bump to $760,000 in February.

What about available housing supply for buyers to purchase? Well, the demand from Seattle area homebuyers remains strong into March, 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 recent jump up in the 30-year fixed-rate mortgage rate to 3.76%. This competitive seller's market is present throughout King County, where we ended February 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 five-minute video, including discussions about the MLS Homes For Sale metric.

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