Seattle Culture
Zillow: Seattle Remains a ‘Strong Seller’s’ Market
Home prices are on the rise. Price cuts are not.
By Rob Smith May 21, 2024
This article originally appeared in the July/August 2024 issue of Seattle magazine.
Seattle-area home prices have risen 6.7% the past year, and only 16.6% of listings featured a price cut in April.
Zillow’s new market heat index pegs average home values here at $755,037. Zillow says Seattle remains a “strong seller’s” market, as do 29 of the 50 largest metro areas across the United States. The report notes that inventory and new listings are up significantly in both Seattle and the United States in the past year.
“Prospective buyers in most markets today are feeling less intense competition than in recent spring shopping seasons. Pressure is easing up as mortgage rates raise costs and sellers return,” says Skylar Olsen, Zillow chief economist, in a news release. “However, the pool of homes for sale remains remarkably low. This means the nation remains a seller’s market despite high mortgage rates — homes are selling faster, with more buyer interest over any one listing, than pre-pandemic.”
Nationwide, home prices are 4.4% higher than they were a year ago. Texas and Florida are the best states for buyers. Buffalo is the top market for sellers.
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