Housing market report for January 2022: Seattle + Eastside

city buildings under blue sky during daytime

January 2022 highlights

Following an end-of-year slow down in the market, competition crept back up in the first month of the new year across all of King County. In Seattle proper, sale prices rose nearly 15% and list prices kept base, rising by nearly 8%. Meanwhile, on the Eastside, sale prices dipped but stayed well above list price as homes sold in under a week, on average.

  • Homes sold at a faster rate in Seattle, keeping pace with new listings At first glance, the doubling in new inventory in January would suggest an easing of competition in the city but the number of homes sold kept pace, totaling a nearly 1-to-1 ratio of homes listed and homes sold, as 619 homes were put on the market and 575 were sold.
  • Competition on the Eastside grew at a slower pace In the new year, sellers were optimistic in their prospects and listed more homes than they did the previous month. The increase in inventory did lower prices somewhat 14% to $1,250,000, allowing buyers to win offers below asking. But homes still sold within 5 days or less and the inventory remains bottomed out going into February and the spring.
  • Condos were a popular option for buyers and a good investment for sellers The number of days on the market that condominiums spent before being sold dropped precipitously from over 30 to just 8 in January and sold for nearly $75,000 more than they did the previous month, at $625,000 on average.

See previous months’ highlights

Competition report

Our research team analyzed the competition in select local areas.

Sale price

List price

Sale price compared to list price

Days on market

Number of properties listed

Number of properties pending sale

Seattle includes data for the city of Seattle.

Eastside includes data for Redmond, Bellevue, and Kirkland.

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