NW Seattle & SW Snohomish Real Estate Market Update | January 15, 2024

The stats are in for December, so we can now look at how we did in 2023 compared to 2022.  Overall, both NW Seattle and SW Snohomish did surprisingly well given the sharp rise in interest rates from the beginning of 2022 from 3.375%, to the end of 2023 of 6.25%. There were plenty of weeks in 2023 where the interest rate was well into the 7s and peaked at 8% in October 2023.

In NW Seattle in 2023 we had 1,694 single family homes sell. This is down 20% from 2022’s figure of 2,129. The average sold price per sq/ft for 2023 was down about 6.3% from 2022. The average sold price per sq/ft for 2023 was $542 (range $504 – $580) and 2022 was $579 (range $529 – $635).

For 2023 in SW Snohomish, we had 1,460 single family homes sell. This is also down 20% from 2022’s figure of 1,830. Prices remained strong. The average sold price per sq/ft for 2023 was down only 2% from 2022. The average sold price per sq/ft for 2023 was $447 (range $413 – $471) and 2022 was $456 (range $414 – $494).

We are expecting 2024 to be much better than 2023. There is talk that the Fed will cut interest rates three times in 2024. The rise in interest rates not only kept some Buyers out of the market, but also several would be Sellers sat out 2023. Buyers, who were still in the market, were confused as to why prices didn’t come down more. The simple answer is that we had balance in supply and demand. Demand was down, as was supply.  We’re expecting demand to go up in 2024, which should be followed by a rise in housing supply as Sellers become more confident in the market.

While we are only two weeks into 2024, we are seeing Buyer activity remaining strong and we are already seeing a big increase in new listings. We believe this trend will continue and we will, of course, keep you informed throughout the New Year.

We hope you have a lovely Martin Luther King holiday!

And as always, if you have any additional real estate questions, feel free to call/text us any time! We’re always here to help!

Broker | REALTOR®  | Luxury Advisor | Premier Director
CELL  206-769-9577

Managing Broker | REALTOR® | MCNE | SRS | CRS®
CELL  206-271-7100

12250 Greenwood Ave N
Seattle, WA 98133
MAIN  206-367-4720
Equal Housing Opportunity

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