Greater Seattle Real Estate Report - August 2023

Real Estate Broker/Owner with Ewing and Clark

Overall Greater Seattle Real Estate Market

The Greater Seattle real estate market is part of the Northwest MLS.  Pending Sales in August were down 25% across the NWMLS, but the median price In August was the same as July ($615,000) and actually higher than the previous year ($600,000).  Prices remain strong because of low inventory.  Many current homeowners are locked in at historically low interest rates; thus, are generally choosing to stay put rather than sell.  Only 8,152 new listings were added in August.  Down 18% from the previous August which added 9,914.

The Greater Condo Market

The condo market has also faired well. Median prices in August ($465,000) did dip from July ($480,000), but for the second month in a row they did exceed the previous year’s median price ($450,000 in August 2022).  Condos have been a great alternative to new homebuyers, especially, with employers pushing for people back in the office at least partially.  

Greater Seattle Luxury Market

The luxury market has been strong.  Last August there were 211 sales of $2 million or more across the NWMLS (80% of which were in King County), this August it increased to 239 sales.  Thus, while the overall real estate market saw 16% less closed sales, the luxury real estate market actually saw an increase.  This is due in part that the luxury market is not reliant on government-backed conforming loans.  The limit of which is $977,500 in the Seattle Metro area.  The luxury market has more links to the stock market which has been steady.  

The true luxury market is on the Eastside, across Lake Washington from Seattle or on Mercer Island's case in Lake Washington.  The highest sale in August was a Mercer Island waterfront home that sold for $24,375,000.  Of the top 10 sales, 9 were on the Eastside and one was in Seattle.  


Pictured above is a one bed/one bath condo in Continental Place in Seattle's Belltown neighborhood.  The condo is listed by Marie Dennis of Ewing & Clark.

Comments (5)

J. Casey Losh
Ewing and Clark - Seattle, WA

More info on market can be found here:

Sep 14, 2023 09:20 PM
Bo Zivak
Zivak Realty Group - Nashville, TN
Nashville Real Estate Broker

Thank you for sharing this comprehensive real estate report for the Greater Seattle area in August 2023. It's evident that your expertise in the local market is invaluable.


Sep 14, 2023 11:54 PM
Richard Weeks
Dallas, TX
REALTOR®, Broker
Great information, thanks for sharing.  I hope you have a great day.
Sep 15, 2023 03:47 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Casey. Must say I am a big fan of living in the sky with floor to ceiling windows, so easy to be attracted to your photo. Thanks for the update on your market. Many are now trapped in their homes with low interest rate mortgages. Enjoy your day.

Sep 15, 2023 05:21 AM
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC

Local housing data is key to making an informed decision. This will help both buyers and sellers determine the best approach to take. Thanks for sharing!


Sep 21, 2023 10:35 AM