Prices Continue to Rise in Seattle-area housing market
The housing market in Seattle and the greater metro area remains competitive for buyers as inventory remains far below what it was at this time last year. Historically low interest rates and low inventory are driving prices up throughout the Puget Sound region.
Sellers are benefitting as listings are getting snapped up quickly due to an excess of demand for single-family homes causing record-high prices. In August, King County saw just 4,010 total active listing, down almost 27% from this time last year. Yet, the county saw a rise in pending and closed residential sales. In August, King County saw 4,420 pending sales which is up 34% compared to the same time last year. Closed sales are up about 10% over 2019.
As inventory stays low and buyer demand remains high, median home prices are rising in King County. The median price for homes sold in August was $680,000, up nearly 11% from the same time last year, and up about $10,000 over last month.
Throughout the pandemic, housing inventory has remained low. Over the past few months, more sellers have been putting their homes on the market as the real estate industry adapted, relying more heavily on technology to make sure people stay safe when buying and selling homes.
If you're curious about how demand has impacted your home price, reach out today!