What to Expect from Seattle Eastside Housing Market in 2022-2023

Published:
December 5, 2018
Last updated:
September 2, 2022
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While the real estate market in Seattle’s Eastside cooled down somewhat a few years ago, things definitely picked up over the past couple of years. In fact, the housing market in the Eastside has been pretty hot throughout 2022, and is expected to be acceptably healthy in 2023.

Here’s a look ahead at 2022-2023 housing market trends and forecasts for Bellevue, Kirkland, Redmond, Sammamish, and other cities that make up the Eastside.

‘Eastside’ Housing Market Defined

Before we look at the latest real estate trends, we should define some geography. What is Seattle’s “Eastside,” exactly?

This is a common term for cities that fall within the Seattle metro area but are located to the east of Lake Washington. Primarily, this includes the cities of Bellevue, Kirkland, Redmond, Sammamish, Issaquah, Newcastle, and Mercer Island.

Inventory of Available Homes in 2022

The number of homes for sale is very tight right now in Seattle and the surrounding King County. More specifically, there is barely a 2-month supply of homes available for sale. Such a tight inventory is driving home prices up and is creating much more competition among homebuyers, and the situation is going to continue into 2023.

While housing market conditions can vary from one area to the next, all of these cities shared some things in common as of September 12, 2022:

  • On average, home prices in most Eastside markets are higher today than they were a year ago. In the past 12 months, house values soared 1.4%  throughout the Seattle metro area.
  • Prices are expected to continue rising, despite climbing mortgage rates.

Bellevue and Sammamish are two of the most expensive real estate markets in the Eastside and across the broader Seattle metro area. As of September 1, 2022, the price in Seattle is $960,925 , and the median home value in Bellevue is $1,574,090.

But Mercer Island tops them all and is something of an anomaly. The median price in that real estate market was about 2,395,912  as of September 1, 2022.

The median home values in Issaquah and Kirkland were $1,224,315 and $1,266,090, respectively, as of September 1, 2022. That makes them comparable with Seattle itself in terms of pricing.

As far as forecasts go, most housing reports and forecasts (at least those that we have read) suggest that Seattle’s Eastside real estate market will be hot in 2023.

Today’s Seattle Mortgage Rates

Buyers Will Feel The Crunch From Rising Mortgage Rates Heading Into 2023

Mortgage rates have been on a steady rise since early 2022, and are now close to 6% with even more base point increases planned soon by the Federal Reserve. This is making homes less affordable, and mortgage applications are starting to drop off. However, home prices continue to rise steadily.

Get an Instant Mortgage Rate Quote Today

Have Questions About Mortgages in Seattle?

If you are curious about mortgages in Seattle or are considering applying for one, we have the answers for you. Sammamish Mortgage is a local, family-owned company based in Bellevue, Washington. We have been serving the entire state since 1992, as well as the broader Pacific Northwest region, including Oregon, Colorado, and Idaho, and offer many mortgage programs for our clients. Please contact us if you have mortgage-related questions.

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