What To Expect In The Seattle Housing Market In 2023
What the end of 2022 told us
According to Redfin, some trends at the end of 2022 in the Seattle housing market included:
- A 13% YoY (Year-Over-Year) increase in the median price of houses in May, but a decline in December that was only a 1% YoY.
- Cities like Los Angeles, Chicago, Boston, Philadelphia, and Washington D.C. experienced the same spike in May 2022.
- However, Seattle had the highest increase in median sale prices from January to May, and the steepest decrease from May to December ($140k median increase and $150k median decrease).
- New listings dropped to 44,710 in December, a 22.7% YoY decrease.
- 62,093 houses were sold in Seattle, a 33.2% YoY decrease.
What we can learn from these points is:
- Buyers are less accepting of rising Seattle house prices and are more willing to wait until house prices decrease.
- Although the median sale price is only a 1% YoY increase, cities have been resilient to change, and many high-priced cities got more expensive.
- According to Forbes, plenty of cities looked like Issaquah, a location whose median price raised from $871,000 in October 2021 to more than $1 million in October 2022.
- The sharp changes in the median price of houses could indicate that an increase in jobs and opportunities is attracting people to move to the area.
Read more to find out what to expect in the 2023 housing forecast, the buying conditions, selling conditions, and how We Buy Ugly Houses® could be a great choice if you need to sell your house in Seattle fast.
How’s the market looking for 2023?
2022 has been over for a couple of months, so what differences are starting to appear in the 2023 Seattle housing market? So far, there has been a 3.3% YoY increase in price drops, and there is a 17.8 weeks’ supply of houses (a YoY increase of 9 weeks). The median number of days houses are spending on the market is currently 50.20.
While house prices are lowering in some areas, the median house price is still rising, which means increasing interest rates are extremely high.
Should you buy or sell a house in Seattle in 2023?
Most of the time, dropping house values would be favorable for most people who have been saving money to be able to buy a house. While home values have dropped in Seattle, the interest rates have skyrocketed and made the possibility of buying a house out of reach for many people.
Right now, it’s a bit more difficult to sell your house in Seattle while still managing to walk away with a profit. The time it takes to finish the sale of a house has increased as well. If you sell now, you could find yourself underwater and sell your house for much less than what you initially bought it for.
But life happens, and it happens fast—so what other options do you have when a traditional house sale could take longer than you need?
Companies that buy houses for cash can solve your problem.
People can sell their houses to relocate, make a profit, or any number of other reasons. If selling your house fast is your biggest concern, selling to a local cash buyer could be your best option.
Most cash home buyers will buy houses “as is,” so you’re already saving time and money since there's no need to prepare your place to be “show ready.” You’re selling directly to a buying company, so there's also no need to wait on an interested buyer to start the negotiations.
Companies that buy houses for cash are easy to find. The challenge comes when deciding which one is right for you.
We Buy Ugly Houses® has helped thousands of homeowners in Seattle.
Our Seattle property specialists can come to your house for a free, no-obligation consultation and can sometimes give a fair cash offer on the spot.
While iBuyers offer to buy your house sight unseen, they can often keep you at arm’s length and sometimes will surprise you with fees on the day of closing.
We Buy Ugly Houses® charges absolutely no hidden fees, no commissions, and pays typical closing costs.
It’s easy for rookie companies that buy houses for cash to run into a surprise obstacle they can’t overcome, but we buy houses fast, often in as little as three weeks. For over 25 years, we have bought houses, even when the market wasn’t in our favor.
With a customer satisfaction rate of [claim_ customer_satisfaction]%, homeowners continue to walk away happy with the fair, fast cash offers from the home buyer America trusts.