[email protected]
Home / Weekly Market Commentary / Seattle’s new median price is eye watering at these rates

Seattle’s new median price is eye watering at these rates

By May 14, 2024

Weekly Market Commentary

Seattle’s median price for a single-family home hit $960k last month which blows my mind! Mortgage rates are in the low 7s, yet prices are shy of the all-time high of $1m we saw in April 2022 when rates were lower (they were moving from the 4s to the 5s.) What’s this doing to monthly payments? The monthly payment for a Seattle SFH home is up 68% in three years.

What about condos? There were 168 downtown (resale) condos for sale at the end of April while only 29 went pending in April. So it could be a good time to be a condo buyer if you can stomach the monthly payment, but it is certainly a tough time to be a condo seller.

We don’t have data on the waterfront market, but anecdotally, if you’re looking for a waterfront mansion, now is the time! There are a lot of options. See the latest one to hit the market below, wow!

In terms of weekly activity – expect this week to be reasonably busy for new listings but then next week to be slow as sellers hold off listing ahead of the Memorial Day long weekend.


New listings cool in Seattle, heat up on Eastside

Seattle: 308 new listings last week, down 14.68% w-o-w
Eastside: 267 new listings last week, up 13.14% w-o-w

Eastside buyers are looking

Seattle: 213 pending past week, down 14.80% w-o-w
Eastside: 192 pending last week, up 17.07% w-o-w

Eye candy

$10m Roland Terry Waterfront

$5m Madison Park modern

$3.25m Mercer Island contemporary by Charles L. Martin

$1.8m Surrey Downs midcentury modern

$1.4m Leschi David Lawrence Gray Contemporary

Check out last week’s market update, Rates ease, Seattle buyers were BUSY

And don’t miss our next update, sign up for our weekly newsletter.

I own and manage Urban Living, a boutique Seattle and Bellevue real estate brokerage. I love lofts, floating homes, new construction, and mid-century moderns, but I will help you buy or sell just about anything!

Get in touch to:

  • Understand the market
  • Find your perfect home
  • Sell your home