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Expert insights on Seattle housing trends, home values, and what sellers need to know right now
Seattle Real Estate Market Analysis: A 25-Year Veteran’s Perspective
I sold my first home in Seattle in 2000. Back then, a nice three-bedroom in Ballard would run you about $250,000, and buyers would actually take time to think about their offers. My, how the Seattle housing market has changed.
After a quarter-century selling homes in Seattle, I’ve learned that our market doesn’t follow the textbook. We’ve got our own rhythm, our own personality, and right now, we’re in one of the most interesting chapters I’ve witnessed in Seattle real estate.
The Market Shift Nobody’s Talking About in Seattle
Here’s what I’m seeing on the ground in the Seattle real estate market that the headlines are missing: sellers finally have time to breathe.
For years, the Seattle housing market has been a pressure cooker. List on Thursday, review 15 offers by Monday, escalation clauses flying everywhere. Sellers got spoiled. Buyers got exhausted. But something’s shifted in the Seattle real estate market over the past year.
Homes are staying on the market longer in Seattle. Not drastically, but enough that sellers are actually having conversations with their agents about strategy instead of just picking the highest number. I’m seeing 30-45 days on market becoming more common for Seattle homes, especially for properties priced over $1 million.
This isn’t a Seattle housing market crash. This is a correction toward sanity.
What’s Actually Selling in Seattle Right Now (And What’s Sitting)
After helping dozens of families sell their Seattle homes this year, here are the patterns I’m noticing in the Seattle real estate market:
Flying Off the Market:
Homes under $900,000 in top Seattle neighborhoods
Well-maintained homes under $900,000 in neighborhoods with good schools are moving quickly. Seattle home buyers in this price range are motivated and ready to act.
Move-in ready homes in Ballard, Fremont, and West Seattle
Anything move-in ready in these popular Seattle neighborhoods attracts multiple offers. Buyers don’t want projects—they want homes they can enjoy immediately.
Seattle homes with ADUs or conversion potential
Seattle home buyers are savvier about investment angles now. Properties with Accessory Dwelling Units (ADUs) or potential for rental income command premium prices in the Seattle housing market.
Taking Longer to Sell:
Outdated homes priced like they’re renovated
The biggest mistake I’m seeing in the Seattle real estate market: overpricing homes that need work. Seattle buyers are informed and won’t overpay for deferred maintenance.
Luxury Seattle properties over $1.5 million without distinctive features
High-end homes in Seattle need something special to justify their price point. Location alone isn’t enough anymore in this segment of the Seattle housing market.
Seattle condos with high HOA fees
Condo buyers in Seattle are scrutinizing monthly costs more carefully. Buildings with HOA fees over $500/month face longer market times.
The difference between a 10-day sale and a 60-day sale in the Seattle real estate market often comes down to pricing strategy and presentation. The market will tell you the truth, but you have to be willing to listen.
The Amazon Effect on Seattle Real Estate: What’s Really Happening
Everyone wants to talk about tech layoffs and remote work changing Seattle’s housing market. And yes, those are factors in the Seattle real estate landscape. But here’s what I’m actually seeing in my Seattle home transactions:
Tech Workers Are Still Buying Seattle Homes
The tech workers who stayed in Seattle are buying. They’re established, they’ve got equity from earlier purchases or stock compensation, and they’re upgrading. I’ve had three sales this year where the buyer worked at Amazon or Microsoft and was moving from a Seattle condo to a house for a growing family.
Remote Work Redistributed Seattle Home Buyers
Remote work hasn’t emptied Seattle. It’s redistributed people within the region. I’m seeing more interest in Seattle neighborhoods that were previously “too far from downtown.” Maple Leaf, Lake City, even parts of South Seattle are getting second looks from buyers who no longer commute daily to Seattle’s tech hubs.
The Seattle Housing Inventory Reality
Here’s the truth about the Seattle real estate market: Seattle still doesn’t have enough homes. Period.
I remember 2008. I remember what a real buyer’s market looks like in Seattle. This isn’t it. Yes, there are more choices in the Seattle housing market than in 2021’s frenzy, but we’re still operating in a supply-constrained environment.
New construction in Seattle hasn’t kept pace with demand for decades. The homes that do come on the market in Seattle get serious attention if they’re priced right. I listed a home in Greenwood last month at a fair price, and we had 12 showings in the first weekend.
What This Means for Seattle Home Sellers Right Now
If you’re thinking about selling your Seattle home, here’s my honest take after 25 years in the Seattle real estate market:
This Is Actually a Good Time to Sell in Seattle
Not the absolute peak of 2021, but a more stable, predictable environment where good homes still command strong prices in Seattle. You’ll likely get fewer offers than during the frenzy, but the offers you do get will be from serious, qualified buyers.
Price Your Seattle Home Correctly from Day One
The key is understanding that you’re not competing against 2021 Seattle home prices. You’re competing against other homes on the Seattle market today. And if your home is prepared properly and priced based on current Seattle real estate data (not what your neighbor got two years ago), it will sell.
Seattle Neighborhoods I’m Watching Closely
In my experience selling Seattle real estate, certain neighborhoods are approaching inflection points:
Georgetown Real Estate Continues to Appreciate
Georgetown continues to surprise me with its appreciation. What was once an overlooked Seattle neighborhood is now sought-after, particularly by buyers who want character and aren’t afraid of a flight path.
Columbia City Has Matured Beautifully
Columbia City has matured beautifully as a Seattle neighborhood. The light rail connection sealed the deal, but it’s the community that keeps people living in this Seattle area.
North Seattle Neighborhoods Are Having Their Moment
North Seattle neighborhoods like Lake City and Maple Leaf are having their moment in the Seattle housing market. Buyers are realizing these Seattle areas offer more house for the money without sacrificing Seattle amenities.
Interest Rates and the Seattle Housing Market: The Elephant in the Room
Yes, mortgage rates are higher than they were in 2020-2021. But let me give you some perspective on interest rates and Seattle real estate: when I started selling homes in Seattle, a 7% rate was considered excellent. I’ve helped people buy and sell Seattle homes through 9% rates, through 3% rates, and everything in between.
The Seattle Real Estate Market Always Adapts
The market always adapts. Buyers adjust their expectations. Sellers adjust their pricing. Life goes on, and people still need to move for jobs, families, and lifestyle changes in Seattle.
If you’re waiting for rates to drop significantly before selling your Seattle home, you might be waiting a while. And you’ll be competing against everyone else in the Seattle housing market who had the same idea.
My Advice After 25 Years Selling Seattle Real Estate
The best time to sell your Seattle home is when it makes sense for your life, not when the market peaks. I’ve seen people try to time the Seattle real estate market perfectly, and they usually end up frustrated.
What Matters More Than Timing the Seattle Market
What matters more than timing the Seattle housing market: preparation, pricing, and working with someone who knows Seattle real estate inside and out. I’ve seen well-prepared Seattle homes sell for $50,000-$100,000 more than similar homes that were thrown on the market without strategy.
What I Tell Every Seattle Home Seller
The Seattle real estate market has been good to homeowners over the long term. Even with the recent adjustments in Seattle home prices, most people who bought 5, 10, or 15 years ago are sitting on substantial equity.
But equity on paper doesn’t help you unless you have a plan. Whether you’re downsizing, relocating, or moving up in the Seattle area, the key is approaching your sale with clear eyes and realistic expectations about the Seattle housing market.
The Fundamentals of Selling Seattle Real Estate
After 25 years and hundreds of transactions in the Seattle real estate market, I can tell you this: the fundamentals matter. Location, condition, and price. Get those three things right, and Seattle buyers will find you.
Thinking About Selling Your Seattle Home?
Thinking about selling your Seattle home? I’d be happy to give you a no-pressure assessment of what your home might sell for in today’s market. Sometimes just having the information helps you make better decisions.
Mark Despain
(206) 999-2639
despain@windermere.com
SeattleMetroProperty.com
Windermere Real Estate
Feel free to reach out—let’s talk about what I’m seeing in your specific neighborhood.
Frequently Asked Questions About the Seattle Housing Market
Is the Seattle real estate market cooling down?
The Seattle housing market has normalized from the 2020-2021 frenzy, but we’re not in a buyer’s market. Well-priced homes still sell quickly, and inventory remains below historical averages in Seattle.
What are Seattle home prices doing right now?
Seattle home prices have stabilized after rapid appreciation. Homes under $900,000 in desirable neighborhoods continue to appreciate modestly, while luxury properties are seeing more price sensitivity.
Is now a good time to sell a home in Seattle?
Yes, if your situation requires it. The current Seattle housing market offers more predictability than recent years, with serious qualified buyers actively searching for well-priced homes.
Which Seattle neighborhoods are appreciating the most?
Georgetown, Columbia City, and north Seattle neighborhoods like Maple Leaf and Lake City are showing strong appreciation as buyers seek value in the Seattle real estate market.
How long does it take to sell a home in Seattle?
Well-prepared, correctly priced Seattle homes typically sell within 2-6 weeks. Homes over $1 million or those needing updates may take 30-45 days or longer.
What do Seattle home buyers want most?
Seattle buyers prioritize move-in ready condition, good locations near amenities or transit, energy efficiency, and functional floor plans with home office space.
Tags: Seattle real estate, Seattle housing market, Seattle home prices, Seattle real estate trends, selling a home in Seattle, Seattle neighborhoods, Seattle market update, Pacific Northwest real estate
