when december data came from the Northwest Multiple Listing Service, there were a few notable surprises: Seattle itself experienced some surprising growth. All other areas in King County were down. And the Eastside as a whole was down 13.66% in year-on-year price growth.
Associate this with the continued decline in the rental market– which was previously on a seven-month streak of rising rents – and how the mighty fell. Here are the winners and losers of suburban Seattle in December.
Rising
2. Mercer Island
We tend to pass up expensive hoods like Mercer Island when their year-over-year growth wanes (because what’s a few hundred thousand if your house is already worth six figures?). But when they show growth, especially in such a robust way, it certainly means something.
December 2022 median sale price: $2,200,000
Year-over-year price growth: 15.79 percent
1. Airway
With the exception of a massive price growth of 24.67% in January 2022, Teeny Skyway has remained relatively stable throughout the year, never going too high or too low. This month, the area sandwiched between Renton and Burien topped the list with impressive price growth of 20.18% year-over-year.
December 2022 median sale price: $670,000
Year-over-year price growth: 20.18 percent
Fall
4. Kirkland and Bridle Trails
This year-over-year price decline would be considered a lot in the housing market before the pandemic. But consider the 1.22 months of inventory, the traditionally slow season, and the fact that the median sale price is still well over $1 million and it’s not yet time to panic.
December 2022 median sale price: $1,300,000
Year-over-year price growth: -25.71 percent
3. Bellevue (east of I-405)
The eastern half of Bellevue doesn’t quite carry the same weight as the western side, but it’s worth noting that this area is one of only three neighborhoods on the Eastside with a median sale price under $1 million. of dollars. Maybe he finally hit that natural price cap.
December 2022 median sale price: $920,000
Year-over-year price growth: -30.25%
2. Redmond and Carnation
The lowest median sale price in the Eastside goes to this community couple. How dramatic is this -35.22% drop? Just a year ago, in December 2021, the median sale price was $405,000 more. It’s like a whole other house in some parts of the country.
December 2022 median sale price: $745,000
Year-over-year price growth: -35.22%
1. Bellevue (west of I-405)
What goes up must come down, and the same goes for this pandemic-era darling, which has seen incredibly rapid price growth pretty much all along. In December 2021, the median selling price was $3,250,000. Now that the market is normalizing, the west side of Bellevue has seen an astonishing drop of -53.92%. For those following, that’s a difference of $1,752,500.
December 2022 median sale price: $1,497,500
Year-over-year price growth: -53.92%
