January 21st, 2024 1:06 PM by Sam Kader MLO130505
Median single-family home prices in the Seattle area dropped 3% to 4% in 2023 compared to previous year. The median home price reached about $876,000 in King County, down 3%; $737,500 in Snohomish County, down 4%; and $535,000 in Pierce County, down 3%. This was the first-time median home prices fell year-over-year in all three counties since 2011.
With fewer bidding wars, an average, single-family homes in King County sold for just a half a percent above their list price compare to 2021 and 2022 when the average home sold for 7% and 4.5%; respectively, above its list price.
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