Realogics Sotheby's International Realty has released the Q4 market report of 2019, detailing market information and trends from Seattle's in-city living opportunities to the Eastsides most distinguished residences.
Median home prices in Seattle continued an upward trajectory to finish the year at $782,000, relatively unchanged from the previous year’s median of $781,000. As was the case in Q3-2019, the number of homes sold grew, but this time by a margin of 23.71% (from 1,244 to 1,539). Of the areas surveyed, Seattle saw the sharpest decline in inventory, with 30% less homes on the market than in Q4-2018 and just 1.3 months of inventory. The average price per square foot grew by 3.3% from Q4-2018 to Q4-2019, at $440.14 and $456.66, respectively.
Just two years ago, single-family homes in Seattle were selling in an average of just 2 weeks. Since then, buyers have enjoyed slightly more favorable conditions, with homes selling roughly 1 month after being introduced to the market.