Eastside Real Estate Market Stats
Updated September 2023
The numbers for what the Eastside single-family and townhome real estate market did in August are out. Home prices dipped slightly, with a 2% month-over-month drop to $1,520,000. The other stats in the market were relatively flat, except for new listings. Pending sales decreased by 2%, new listings dropped by 14% – this is likely due to the steady rise of interest rates, and, historically, August is the slowest month of the year as buyers are out enjoying summer.
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Also check out our Market Stats & Trends page for more local trends across the Eastside!
Eastside Median Sales Price
(Single-Family Homes & Townhouses)
Eastside Median Sales Price Per Square Foot
(SFH & Townhouses)
Eastside New Listings
How many new listings did we see on the Eastside in August?
We saw 483 new listings hit the market on the Eastside in August, a 14% decrease month-over-month. However, in August 2022, we saw 548 new listings. Since we’re down year-over-year for new inventory in August, we don’t have enough inventory to unlock our region’s high home prices to counter-balance high interest rates.
Eastside Pending Sales
How many homes went under contract or pending on the Eastside in August?
Buyers put 403 homes under contract in August, a 9% decrease from July. Since we’re in the summer slowdown, we expected this decrease in August. Folks historically buy most of their homes in the first half of the year, and July and August begins slowing sales through the end of the year.
Number of Eastside Homes For Sale
How many homes were for sale on the Eastside at the end of August?
Available inventory at the end of the month was 560, a decrease of 5% month-over-month. Buyers still hesitate to take on higher mortgage payments driven by >7% interest rates. As expected, inventory decreased slightly in August as fewer homes hit the market, but fewer homes sell as well.
Eastside Median Days on Market
Median days on market stayed flat at 6 days. We read this as the homes that are prepped and priced well are getting snatched up quickly and if not, homes sit for a few weeks before finding a new owner. Buyers are out there but they’re waiting for the right combination of price and condition.
Eastside Median Percent of Last List Price
Due to the summer slowdown and interest rates staying firmly above 7% for the last month or so, fewer homes are selling over list price.
Eastside Closed Sales
How many homes closed on the Eastside in August?
Closed sales increased 21% month-over-month, with 445 sales. Last August, there were 452 closed sales.
Eastside Months of Supply of Inventory (Pending)
Months of supply, a measure of how long it’d take to sell all the homes for sale if no new homes hit the market, stayed flat at 1.7 months in August. Inventory has continued to increase as sellers who need to sell get their homes on the market despite the challenges buyers are facing.