Market Trends From Around The Sound: Q1 2022

Posted on: April 25, 2022

Written for Realogics Sotheby's International Realty by Alyssa Morrison.

The first quarter of 2022 was a tale of two real estate journeys. For sellers, their opportunities were bolstered by low inventory, escalating competition and often driving offers over list prices. For buyers, the market was plagued by low inventory, with few opportunities and massive competition making it difficult to secure a home across Western Washington—just as interest rates started to tick back up. If we follow the trendlines from the first quarter of the year, then it’s still a great time to list a home for sale. With inventory low, and buyer demand remaining steady, year-over-year median price gains are likely to continue.


Seattle   |   Single-Family Homes

The sales prices of Seattle homes continue their steady climb supported by a lack of inventory, while homes sold and homes for sale are down year over year, -52.2% and -15.73% respectively.

View report>>


Eastside   |   Single-Family Homes

The price per square foot shot up by over 41%, with the median sales price up by 29%, all but ensuring massive equity gains for those with an Eastside address.

View report>>


Mercer Island   |   Single-Family Homes

With just .4 months of inventory available, the median sales price on Mercer Island reached $2.53 million in the first quarter of 2022, 31% from Q1-2021.

View report>>


Bainbridge Island   |   Single-Family Homes

The Q1 median sales price is $1.325 million, about 20% more than the same period in 2021, with historical gains suggesting more sales price growth likely in the next quarter.

View report>>


Seattle   |   Condominiums

The median sales price is up 11% in its median sales price, breathing fresh air into the condo market. There’s urgency here, with only .7 months of inventory available.

View report>>


Kitsap County   |   Single-Family Homes

The number of homes sold is up by 15%, rare growth in this low inventory market. Likewise, the number of homes for sale is up by over 50%. All while the median home sales price up nearly 21% year over year.

View report>>


King County   |   Single-Family Homes

King County homes are in demand—it’s not just Seattle and the Eastside. It’s no surprise we’ve seen a steadily decreasing time on market across the area, down to just 11 days on average.

View report>>


Pierce County   |   Single-Family Homes

Listings move fast in Pierce County, but compared to King, it can feel like a walk in the park, with the average number of days on market at 15.

View report>>


Work With Denise

My purpose has always been to help others, from being a tennis pro to teaching at Texas A&M to helping people invest in real estate. I have spent 30+ years helping people navigate the world of real estate. My goal is to both help you put together a real estate investment game plan and implement it.

Let's Connect

Follow Me On Instagram