Home prices in Bellevue and Edmonds continue to benefit from the outflow from Seattle.
According to several real estate data sources, the median home price in Bellevue is as high as $1.9 million. Downtown Bellevue, which is mostly condominiums, is about $800,000.
The overall Eastside average is $1.2 million, with monthly positive growth relatively stable year over year.
The average price in Edmonds is $925,000, and homes on the market last over a month before selling.
Seattle has the biggest change in home prices, where prices are still rising year-over-year, but are down 14% over the month. The average list price is $850,000 and the sale price is $800,000, according to the company. realtor.com.
Trends show homes have been on the market for over a month in most areas of the Seattle metro.
Juliette Beard, Seattle Real Estate Broker Excel propertysaid we are entering a buyer’s market.
“Most sellers are reluctant to put anything on the market because of the current uncertainty,” Beard told MyNorthwest. We’ve always had a lull going into the holiday season, so that’s normal.”
Listings are declining in all areas. “There are fewer listings and fewer sales,” Beard explained. For example, he only has three listings in Edmonds. “But this is also complicated by the uncertainty about interest rates. And no doubt it has affected housing. It’s a big blow to the market.”
Beard and other real estate experts report that Seattle home prices are trending lower as people leave the city. None of the realtors we spoke to wanted to be associated with the notion that crime continues to hurt the downtown Seattle market. It reflects a position that the housing market will continue to decline.
“This was a good opportunity for a price correction,” Beard outlined. “In Seattle, housing is inflated, and this is the bubble.”
But Beard et al. told MyNorthwest that they are seeing stabilization. “Prices don’t fluctuate, go up and down like they used to. You can get the best price in the period.”
Beard said buyers could consider variable-rate mortgages until rates drop again. “There is always opportunity in real estate.
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