Seattle Housing Market Sees Inventory Surge, Prices Tick Up

Housing Market in Seattle Shows Signs of Recovery: Inventory Surges, Prices Rise, and Sales Increase

The greater Seattle housing market experienced a significant boost in inventory, with a nearly twenty-eight percent increase over the past year, reaching thirteen thousand three hundred forty-one active listings in February. Home prices ticked up four point two percent from January to a median of six hundred twenty thousand dollars, though theyre down a bit from last February. Sales closed at four thousand one hundred thirty-nine in February, down three percent from last year but up almost twenty percent from January. Mortgage rates dipped below six percent late last month for the first time since September twenty twenty-two, which could help spark more activity. Experts like Steven Bourassa from the Washington Center for Real Estate Research say monthly gains in listings, sales, and prices show the market picking up, even if year-over-year numbers are softer. Sellers are listing more homes instead of holding out for better conditions. Nearly every county tracked saw inventory growth year over year, with big jumps in places like Jefferson County at over seventy percent and Snohomish County at fifty percent. Investor purchases in Seattle surged thirty-seven percent last quarter, outpacing other major cities. Zoning changes allowing duplexes and other middle housing on single-family lots are drawing buyers, especially those eyeing redevelopment or rental income.

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