Prices ticked up in and around Madison Park and Capitol Hill year-over-year, as did the number of closed sales (up 8 percent). But the median sale price dropped 5.86 percent from February to March, even as the number of closed sales skyrocketed 50 percent (from 72 to 108) and inventory tightened.

Median price: $827,975
Year-over-year price growth: 2.54 percent
Months of inventory: 2.05

This may be the slowest moving submarket in Seattle with the fewest closed sales (23, down 14.81 percent year-over-year) and the fewest new listings (35).

Median price: $715,000
Year-over-year price growth: 4.53 percent
Months of inventory: 1.91

These perpetual favorites were the busiest and most competitive in March. They boasted the most new listings (266, up from 225 in February), the most closed sales (193, up 22 percent over February and 8.43 percent from March 2023), and the lowest inventory in Seattle—but that’s not really something to boast about.

Median price: $840,000
Year-over-year price growth: 5 percent
Months of inventory: 1.02

With the most inventory, buyers had their choice of downtown property. They had their choice on price too. Month-over-month, the median price dropped 16.81 percent (the most of any neighborhood), while closed sales jumped nearly 40 percent month-over-month. It’s as close to a buyers (sub)market as we’re going to get. 

Median price: $610,000
Year-over-year price growth: 5.91 percent
Months of inventory: 3.62 in March. Still highest even though it saw second largest decline from 4.68 in February.

Tight inventory is making owning a home near Alki or Easy Street more difficult than ever. From February to March new listings increased by two—and that’s not a percent—from 153 to 155. Sales were up 22 percent over February, but prices decreased 3.37 percent month-over-month. Something has got to give to unlock this market.  

Median price: $768,000
Year-over-year price growth: 7.41 percent
Months of inventory: 1.2

Year-over-year price growth was the second highest of any neighborhood, and sales were up too (5.6 percent). But month-over-month, North Seattle’s median price took a sharp dip (-12 percent), even as closed sales increased 25 percent, and new listings were up almost 40 percent.   

Median price: $945,500
Year-over-year price growth: 16.37 percent
Months of inventory: 1.46

There’s Queen Anne and Magnolia, and there’s everywhere else. The only neighborhood in the city where median price climbed north of $1 million (up 24.5 percent year-over-year and 23 percent over February). With those price tags, sellers were more keen to list: new listings jumped 34 percent from February which helped fuel an increase in monthly inventory. But not many people can afford a seven-figure home with a 6+ percent mortgage, and sales were down 25.6 percent year-over-year and 18.7 percent month-over-month.

Median price: $1,175,001
Year-over-year price growth: 24.5 percent
Months of inventory: 2.43

The area covering Leschi, Seward Park, and Mount Baker was the lone neighborhood with year-over-year price declines. Month-over-month, median price also dropped (-7.3 percent). With prices on the decline, sales were up over last year. Keep an eye out to see if the spring market will lift all boats or if more price cuts are in store. 

Median price: $727,500
Year over year price growth: -3.64 percent
Months of inventory: 1.83