Just How Much Has Seattle’s Housing Market Cooled?

THE EXPERTS told us not to call the recent dip in real estate price growth a “crash.” Median sale prices are simply leveling out to their pre-pandemic norms, they said. Welp, a recent report from Redfin is making that idea much harder to sell.

According to data collected from February through August of this year, the housing market in the Seattle metro area cooled faster than any other major city in the United States. The report analyzed the number of homes that went pending within two weeks, price drops, changes in inventory, and the change in sale-to-list ratio (the final sale price divided by the list price) compared to the same timeframe in 2021. It wasn’t pretty. Homes took longer to sell, took price cuts, and went pending at a more sluggish pace.

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