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Western Washington home prices level off; no longer a ‘seller’s market’

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“I wasn’t getting an income raise of 40% every year. People can’t afford it. Affordability is a huge factor in all of this,” said Kelly Nutt, a Realtor with John L. Scott Bothell.

BySEATTLE — As 2022 comes to a close, new numbers show that home prices may finally be leveling off across Western Washington.

That compares to dramatic, double-digit increases earlier in 2022, when the divide between buyer and seller couldn’t be clearer. “We got rid of within two days, got more than we expected, and it was a good thing to walk away from,” noted home seller Satjaet Penaich.“We’re moving into a balanced market, which most of us are actually excited about,” said Kelly Nutt, a Realtor with John L. Scott Bothell.In fact, he said the rate of appreciation these past few years was absolutely unprecedented.

 

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