Seattle home prices surge to 2nd-highest in U.S., report finds

SEATTLE - The greater Seattle area has ranked as the second-highest median home sale price in the U.S. at $755,000, which is an increase of 8.6% from last year.

The only market with a higher median sale price was San Francisco at a staggering $1,199,950.

The real-estate giant RE/MAX released their monthly housing report for July. The report revealed "a promising sign of market resilience. Inventory bounced back after the historic lows of recent years, giving buyers far more options – even with the recent declines in new listings," said RE/MAX president Amy Lessinger.

In Seattle, there was a 9.4% year-over-year increase in new listings. This means that the amount of new homes being listed for sale in the Greater Seattle Area is up 9.4% compared to July 2023.

Those looking to buy a house can expect a wider selection of homes to choose from, given that there are significantly more homes available for sale compared to last July, with the active inventory up 45.4%. The active inventory refers to the total amount of homes available for sale on the market at a given time. Though, experts say this is not enough to satisfy the demand.

"The summer market is following its typical seasonal pattern, flattening out in July. 2024 did not see a typical big springtime boost in sales, and demand remains heavily pent-up due to low supply despite high interest rates," said John Manning, managing broker of RE/MAX gateway in Seattle. "Although the number of available homes is up 45% over last year, it is not enough to satisfy demand."

Lower-priced homes and high-end homes are experiencing opposite trends in the Greater Seattle area. Lower-priced homes, which account for homes below $1.5 million price point, are stagnant, with limited sales and falling prices. "It is noteworthy that lower-priced homes, including townhomes, have seen stagnant sales and falling prices, suggesting a correction." said Manning. "Although we can only speculate, it may be that large employers are hiring fewer younger and entry-level employees this year."

Meanwhile, high-end homes are experiencing more competition, with multiple homes selling for more than their estimated value.

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