It’s pretty easy to lose perspective about the real estate market these days given the bonkers competition of the past couple years. What would have once been viewed as astonishing growth is now considered tame.
Northwest Multiple Listing Service’s latest data from May revealed signs of a less frenzied market in Seattle proper. In the suburbs, though, the story looks a little different. May didn’t bring the same sky-high numbers as April across the board, but the top areas still showed year-over-year price growth of more than 26 percent. Several far surpassed that.
7. East of Lake Sammamish
Inventory in Sammamish has steadily grown this year—it’s the first time it’s topped one month’s supply. Whether that leads to fewer bidding wars and more stable pricing is yet to be seen. But May’s year-over-year growth still isn’t too shabby.
May 2022 median sale price: $1,420,000
Price growth year-over-year: 26.45 percent
6. Bellevue (West of I-405)
Back in April, the Lake Washington side of Bellevue topped this list with a whopping 80.76 year-over-year price growth. May’s numbers look a little more reasonable, until you peek that median sale price. This time last year, it was a “mere” $1,700,000—$451,000 cheaper.
May 2022 median sale price: $2,151,000
Price growth year-over-year: 26.53 percent
5. Juanita and Woodinville
Of all the areas NWMLS tracks on the Eastside, Juanita and Woodinville were the only ones to have a median sale price below the $1 million mark in May 2021. This year, the rising buyer and renter interest in the area has pushed that number far above that threshold.
May 2022 median sale price: $1,215,000
Price growth year-over-year: 27.89 percent
4. Bellevue (East of I-405)
It’s all relative. Believe it or not, that 35.18 percent year-over-year price growth is actually one of the more tame figures the east side of Bellevue has put out in terms of real estate stats. Back in January, that price growth was 100 percent.
May 2022 median sale price: $1,412,673
Price growth year-over-year: 35.18 percent
3. Mercer Island
With the most expensive median sale price in King County, Mercer Island has never been affordable—which makes that eyebrow-raising price growth even more telling.
May 2022 median sale price: $2,598,000
Price growth year-over-year: 39.30 percent
2. Kirkland and Bridle Trails
The home inventory here reached its highest point so far this year—1.18 months—but that didn’t seem to stem the steep price growth. For reference, the median sale price in May 2021 was $1,100,000, or $499,000 lower than it was in May 2022.
May 2022 median sale price: $1,599,900
Price growth year-over-year: 45.45 percent
1. Lake Forest Park
Surprised? This northern suburb has experienced respectable price growth so far this year, holding steady at around 20 percent year-over-year change. In May, it vaulted to the top spot with an impressive 52.40 percent and, for the first time, a median sale price over $1 million.
May 2022 median sale price: $1,112,500
Price growth year-over-year: 52.40 percent
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