Home Prices Ended Up Nicely in 2022

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Real Estate

Many folks who want or need to make a move have been concerned about developing price trends in the residential real estate market. After watching the value of their homes rocket up 20% or more between January and April or May, they where shocked to see the trend reverse. Prices pulled back by about 15% in Snohomish County by the end of 2022 and by about 10% in King County. Here is what that looks like:

 

On a twelve month rolling average basis, the trend still looks good. The average selling price of homes in both counties ended 2022 up on a rolling 12 month average basis. Snohomish County saw housing prices increase by about 15% while King county posted gains of about 9%. The rate at which home prices are rising has clearly slowed, but the trend is still upward.

So, in spite of the sharp drop in pricing experienced in the last half of the year, the real estate market in Snohomish and King counties is in good shape. If you want or need to make a move, this is still an okay time to do so. You can expect fewer buyers to look at your home and, even though some sellers do receive multiple offers, the chances of receiving more than one offer is much less than it was this past spring.

If I can help you to better understand the market and what your options are for selling or buying a home, please feel free to contact me at 425-829-9565 or email me at davewallace@pugetsoundhomes4u.info.