Market Trends: Q1-2023

If you’ve seen many of the headlines, you may already be aware that inflation and rising interest rates cooled the market in the latter half of 2022. That slow pace carried into the first quarter of 2023, and while the headlines might suggest the housing market has been in a slump, many areas have simply not seen the skyrocketing growth that marked the pandemic-era housing boom. As a result, the median sold prices for single-family homes stayed relatively flat year over year. 

However, many experts have suggested that Q1 saw the bottom of housing prices. If you’re working with an experienced real estate advisor such as myself, our expertise in selling and buying will assure you the best results possible in today’s market.

Seattle | Single-Family Homes

The median sales price is down 9% year over year at $864,000, a relatively small dip from Q1-2022, and homes are staying listed for longer with the average days on market at 39.

Seattle | Condominiums

We saw 2.5 months of inventory this past quarter and there’s a chance that the number could dwindle later this year. Despite the inventory circumstances, prices have remained steady, with a median sale price of $483,000 and a year-over-year decline of only 3.4%.

Eastside | Single-Family Homes

The stark contrast between the average days on market from Q1-2023's 52 days to Q1-2022’s six days indicates that buyers are now taking more time on their homebuying search for the perfect home.

TACOMA | Single-Family Homes

The average time a listing spends on the market has increased significantly, but the numbers continue to suggest that this is a market that favors sellers with 1.5 months of inventory available.