2023 Seattle Real Estate Market Review

This blog post examines the ebb and flow of the Seattle real estate market in the past year, providing detailed insights into property values, average sold prices, and market trends in both Seattle and nearby cities. The data provides valuable insights for investors, homeowners, and real estate professionals.

authorWritten by Manuel MartinezFeb 12, 2024

The Seattle real estate market has seen a mix of highs and lows over the past year: property values experienced significant fluctuations. The average value of properties began at $765,000 in February 2023, and rose in August 2023, reaching $834,000.

This ascent continued and reached a zenith at $850,000 in July 2023, painting a picture of a thriving market. However, a slight dip was observable by the end of the year in December 2023, with the average property value decreasing to $808,800.

Looking at the average sold price per square foot for properties, we saw a general uptrend across the year. The price per square foot started at $591 in February 2023 and ascended to a peak of $606 in December 2022, demonstrating the rising demand and valuation of properties in the area. Interestingly, there was a decrease to $582 in December 2023, which could be attributed to various factors including seasonal trends and market dynamics.

A closer look at the availability of properties in Seattle reveals an intriguing perspective. The number of properties listed, referred to as property count, veered across the year, peaking at 145 properties in April 2023. However, it fell to its lowest by the year’s end in December 2023, with only 79 properties listed for sale.

Moreover, we also tracked the average sold price across the year. Fatiguing the trend observed in property values, the average sold price experienced slight fluctuations. It increased from $851,000 in November 2022 to reach $821,000 in September 2023. However, the average price fell again marginally, closing the year at $815,000 in December 2023.

Nearby Cities Real Estate Trends

Among the nearby cities, Mercer Island, notably, boasted considerably higher property values compared to Seattle. Average property values ranged from $2,274,000 in September 2023 and peaked at $2,798,000 in December 2023. Similarly, the average selling price per square foot also outpaced that of Seattle, topping at $816 in December 2023.

Another city that outmatched Seattle in property values was Medina. This city noted the highest property values in the dataset, with average values rocketing up to $14.5 million in December 2023. Unsurprisingly, Medina’s average sold price per square foot was far greater than that of Seattle, peaking at a staggering $1,400 in December 2023.

Equally, Bellevue posted higher-than-average values compared to Seattle, varying from $1,587,450 in December 2023 to $1,870,000 in September 2023. The average sold price per square foot in Bellevue stood at approximately $660 in December 2023.

In contrast to the others, Renton posted lower average property values than Seattle, ranging between $629,000 in December 2023 and $745,000 in July 2023. The average cost per square foot in Renton was also lower, circling around $390 in December 2023.

Lastly, we have Kirkland, where the average property values wavered between $1,562,500 in December 2023 and $1,100,000 in May 2023. The average price per square foot was in lockstep with Kirkland’s property values, standing at around $652 in December 2023.

Overall Market Trends

Several market trends in Seattle could be opportunities for investors, homeowners, and real estate professionals alike. One noticeable trend was the seasonality factor in property values and average sold prices per square foot. Both metrics seemed to surge around the middle of the year, specifically between June to September. Conversely, they tended to fall towards the end of the year.

Comparing different cities, Mercer Island, Medina, and Bellevue clearly stood out with significantly higher property values and average comparable prices per square foot than Seattle. This suggests that the real estate markets in these cities cater to a more luxurious and upscale clientele.

Contrastingly, Renton offered more affordable property options, displaying lower average property values and prices per square foot than Seattle. Hence, it could be an attractive market for buyers seeking less expensive options.

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