Fourth Quarter Market Report Details State of Seattle and Eastside Real Estate
As people continue to flock to all areas of Seattle, local real estate begins to cool down. Realogics Sotheby’s International Realty’s latest market report details 2018’s fourth quarter trends for two of Seattle’s fast-growing regions: Seattle and the Eastside.
On the Eastside, median home prices saw a 3.6-percent increase over the past year, a minimal increase compared to the 11-percent increase from Q4-2016 to Q4-2017. In Seattle, the median home price rose to $781,000, up a mere 0.8-percent from 2017. The Eastside comes in slightly higher with a median home price of $860,000 for this past quarter.
That’s a $372-per-square-foot median price point for the Eastside, a 6.6-percent increase from 2017. Compare that to the Emerald City, where we saw a 1.2-percent increase with Seattleites paying approximately $441 per square foot versus 2017’s $435-per-square-foot median.
Inventory in both Seattle and on the Eastside is less balanced than it was in Q3-2018, defined as having 1.5 and 1.7 months of inventory, respectively. As the market slows down, with low inventory in both Seattle and on the Eastside, the state of the market is a seller’s market this quarter.