March 2022 highlights
Buyer demand fed seller confidence in the King County housing market in March. Despite a spike in the amount of listed homes, inventory was still nearly as flat as it had been in previous months with almost every house listed was pending within six days. On top of that, sale and list prices both rose, indicating a willingness by buyers to spend more for the limited inventory available, despite the rise in interest rates.
- The number of homes listed rose in parallel to the amount of homes sold Though the amount of listed homes rose to over 1,000 in Seattle and nearly 500 on the Eastside, inventory remained nearly flat. Homes sold at nearly an identical rate as pending sales, with most homes selling in under a week.
- Selling prices in Seattle broke records The median selling price of a single-family home or townhouse in Seattle hit an all-time record in March after rising 18% to $935,000. Meanwhile, sale prices on the Eastside dipped by just 8%, holding at $1.6 million.
- Competition remained strong on both sides of the lake Buyers were closing on homes as much as 18% above list price on the Eastside while homes all over King County sold in an average of six days with nearly record high offers.
- Condo prices in Seattle remained relatively flat but beginning to creep up Following a yearly high in 2021 of $624,000 in October, condo prices reached $525,000 in March of this year, after creeping up steadily from $515,000 at the beginning of the year.
See previous months’ highlights
Competition report
Our research team analyzed the competition in select local areas.
Sale price
List price
Sale price compared to list price
Days on market
Number of properties listed
Number of properties pending sale
Seattle includes data for the city of Seattle.
Eastside includes data for Redmond, Bellevue, and Kirkland.