This year, it looks like interest rates are stabilizing, and buyer demand / seller supply are staying in balance, meaning we are returning to a “normal” market, similar to that of 2019 and 2020.
Median Days on Market is currently at 24 days in King County. This metric usually peaks in January and then the market accelerates through the Spring Selling season, so get ready!
Median Home Price is $720K in King County – the same as January 2022, a year ago.
Although the market cooled significantly during the second half of 2022, as reported in this recent Seattle Times article, buyers who have owned their property for more than a year or two should still be in the black. These recent home buyers probably don’t plan to sell in the next five years, and will remain unaffected.
Sellers who are looking to put their properties on the market may be dealing with some psychological resistance – wishing they had sold in the first half of 2022, and trying to console themselves with the idea of selling at prices that are are realistic today. However, if you’ve owned your property more than 5 years, chances are you have significant equity built up… that’s money in the bank.
Home buyers this year will have the opportunity to buy at discounted prices before the market starts to climb again. They can always refinance into lower-rate mortgages in the future if/when interest rates come down, which some experts predict will happen as early as mid-2023.