š Seattle prices stop defying gravity
Welcome to the fall real estate market!
For buyers, the next 5 to 7 weeks should bring a steady stream of new listings.
For sellers, your runway to get pending before the "big dark" sets in is... exactly 5 to 7 weeks.
And both sides can agree on one thing: mortgage rates flirting with 7% sucks.
If you've noticed broken photo galleries on Redfin and Zillow today, keep hitting refresh. Theyāll eventually fix the glitch, but whoever decided to roll out an update on one of the busiest new-listing weeks of the year should probably be fired. Howād we notice the bug? We activated a new listing today, grrr.
Our New Listings For Fall
- $2.1M in Washington Park: Move-in-ready in Seattleās best neighborhood, priced $100K below its 2025 sale price. (Touring coming!)
- $3M in Portage Bay: End-of-dock floating home with views straight down the Montlake Cut. Summer isnāt over yet! .
Price Improvements
- Cristalla Corner Condo, now $899K: What the seller paid in 2021. Watch Landās tour.
- āThe Octopusā Floating Home, now $1.15M: Includes a $300,000 top-to-bottom remodel at half price. .
- Kirkland Tri-Level, now $1.1M (Tour coming!)
Augustās numbers are officially in, and the trend is clear: local prices are no longer defying gravity. The median sales price fell 9% year over year in Seattle and 8.3% on the Eastside. As we move into fall, sellers need to be brutally realistic about pricing; itās no longer 2022, and it isn't early 2025 anymore, either.
Seattle Market Update: Prices Finally Head Down
The Takeaway: A sharp drop from July puts Seattle's median price down nearly $100K in a single month. With inventory sitting near 15-year highs, buyers have significantly more leverage than in recent years.
- Median Price: $891,500 (Down $100K MoM | Down 9% YoY)
- Homes for Sale: 1,611 active listings (Down 25 MoM | Up ~40% YoY ā Highest inventory since 2011)
- New Listings: 811 (Down 193 MoM | Up 34% YoY)
- Closed Sales: 462 homes (Down 8.5% MoM | Down 17% YoY)
- Months of Supply: 3.4 months (Highest level in 15 years)
Eastside Market Update: A Buyers' Market Takes Hold
The Takeaway: The Eastside saw a steep $225K month-over-month drop in median price. With supply hovering near 5 months, conditions have shifted firmly out of seller-dominated territory.
- Median Price: $1,500,000 (Down $225K MoM | Down 8% YoY)
- Homes for Sale: 1,461 active listings (Down slightly MoM | Up 45% YoY)
- New Listings: 626 (Down from 780 in July | Up ~35% YoY)
- Closed Sales: 319 homes (Down 9% MoM | Down 12% YoY)
- Months of Supply: 4.7 months (Highest level in 15 years)
Oh yeah, and thereās this new thing called First Look, but we gotta run to the Seahawks game. Go Seahawks!
š Homes Weāre Selling
- Own your own deep-water dock slip on Lake Union
- Penthouse living atop Bellevue Towers, with views for days
- A blank canvas in West Seattle
- A spacious Belltown condo with Puget Sound and Space Needle views
- The "Hammer House," an Olson Kundig masterpiece in Madrona
- A completely transformed Eastlake floating home with rooftop deck views
- A brand new Madison Valley home
- A flexible 2-bed townhouse with rooftop city views
- A rare Kingsgate tri-level, first time on the market in 25 years
- Corner unit at the Emerald
- Build your dream home on Perkins Lane
- A Westlake houseboat
Wonder what your home is worth? Just hit reply.
šæ Our Latest YouTube Video
š Listings That Caught Our Eye Last Week
- Most expensive pending:$15.85M Washington Park Estate with Lake Washington Views
- Highest % over asking sale: $1.3M Home with DADU Near Phinney Ridge
- Most expensive sale: $11M Gated Estate in Clyde Hill
- Least expensive sale: $299K Condo in Lake City
- Most popular Seattle listing on Redfin: $995K Remodeled Craftsman in Admiral District (Pending!)
š° Must-read real estate news
- BDA co-founder Eric Bensussen sells Hunts Point mansion for $21.4 million (PSBJ)
- Some Seattle-area homeowners sell to āstop the bleeding.ā Itās painful (The Seattle Times)
- The overlooked driver of Seattleās housing squeeze: Living alone (The Seattle Times)
- Luxury homes in Seattle area languish with AI job cuts and taxes hitting tech hub (The Seattle Times)
This week should be busy for new listings!
Seattle: 217 new listings last week, down 19.33% w-o-w
Eastside: 179 new listings last week, down 23.83% w-o-w
Remarkably, pendings were up last week
Seattle: 157 pending last week, up 16.3% w-o-w
Eastside: 125 pending last week, down 11.35% w-o-w
š„ The Hottest New Listings
$10.95M South-Facing Waterfront Estate in Laurelhurst
$4.25M Award-Winning Home on West Seattle's Palm Avenue, Now Pending
$1.3M Myron Lewis-Designed Mid-Century in Kirkland, Coming soon
Check out last weekās market update,Ā Is it September already?! (+ Fall Market Preview)
And donāt miss our next update, sign up for our weekly newsletter.
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