The first quarter of 2022 was a tale of two real estate journeys. For sellers, their opportunities were bolstered by low inventory, escalating competition and often driving offers over list prices. For buyers, the market was plagued by low inventory, with few opportunities and massive competition making it difficult to secure a home across Western Washington—just as interest rates started to tick back up. If we follow the trendlines from the first quarter of the year, then it’s still a great time to list a home for sale. With inventory low, and buyer demand remaining steady, year-over-year median price gains are likely to continue.

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Each quarter, Realogics Sotheby’s International Realty analyzes market data to examine trends and to ensure our clients better understand the real estate market. In the late first quarter of 2020, the Puget Sound area, its economy, and the real estate market began experiencing the impacts of the stay-at-home order due to COVID-19.

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