Redfin Reports Seattle’s Housing Market Is Cooling Faster Than Any Other in the U.S.
High mortgage rates, persistent inflation and economic uncertainty are cooling down expensive markets like
That’s according to a Redfin analysis that ranks the 100 most populous
The 10 markets cooling fastest are almost all either
“These are all places where homebuyers are feeling the
Rising mortgage rates are making pricey areas like
Measures of homebuyer demand and competition are dropping off quicker in
The housing market is cooling particularly quickly in the
“A lot of sellers aren’t able to get the price they want because buyers don’t want to compete with other offers when mortgage rates are double what they were a year ago,” said Seattle Redfin agent
Economic forces like rising rates, inflation and the unpredictable stock market are a double-edged sword for homebuyers: They make it more difficult for house hunters to buy homes, but they also make the housing market friendlier for those who can afford to purchase a home. Prospective buyers who can still afford to buy a home finally have negotiating power, meaning they have more time to find the right home, they can include contingencies like inspections and appraisals in their offers, they’re unlikely to face bidding wars and they may be able to get an offer accepted for under the asking price.
Relocation hotspots like
Rising mortgage rates are also a major factor in the quick cooldown in homebuying hotspots for relocating remote workers like
Those places all welcomed scores of remote workers from pricier parts of the country like
But while homes are still more expensive than they were before the pandemic, demand has slowed enough that prices are falling from their peak and supply is building.
“The housing market has changed very quickly in buyers’ favor,” said Las Vegas Redfin agent
The rankings in this report are based on changes in the year-over-year housing-market stats below from |
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Rank |
|
Median
|
Change
|
Change in
|
Change in
|
Change in
|
Change in
|
Change in
share of homes off market
|
1 |
|
|
-17.7 pts. |
114.1 pts. |
17.5 pts. |
-22.5 pts. |
-10.1 pts. |
-40.8 pts. |
2 |
|
|
-14.5 pts. |
89.5 pts. |
25 pts. |
-21.1 pts. |
-4.6 pts. |
-31.9 pts. |
3 |
|
|
-17.6 pts. |
51.1 pts. |
26.3 pts. |
-11.9 pts. |
-14.7 pts. |
-44 pts. |
4 |
|
|
-15.8 pts. |
43.5 pts. |
24.4 pts. |
-19.4 pts. |
-6.1 pts. |
-27.5 pts. |
5 (tie) |
|
|
-17 pts. |
48.4 pts. |
20.4 pts. |
-20.6 pts. |
-4.6 pts. |
-27.6 pts. |
5 (tie) |
|
|
-12.2 pts. |
85.5 pts. |
24 pts. |
-12.4 pts. |
-5.7 pts. |
-34.5 pts. |
7 |
|
|
-14.5 pts. |
73.2 pts. |
29.2 pts. |
-19.4 pts. |
-4.4 pts. |
-20 pts. |
8 |
|
|
-20.7 pts. |
36.9 pts. |
21.8 pts. |
-12.1 pts. |
-10.6 pts. |
-31.3 pts. |
9 |
|
|
-11.1 pts. |
153 pts. |
23.2 pts. |
3.8 pts. |
-5.6 pts. |
-45.6 pts. |
10 |
|
|
-12.8 pts. |
84 pts. |
13.6 pts. |
-22 pts. |
-3.2 pts. |
-33.4 pts. |
11 |
|
|
-16.2 pts. |
67.6 pts. |
23.1 pts. |
-28.4 pts. |
-3.8 pts. |
-11.4 pts. |
12 |
|
|
-10.7 pts. |
59.8 pts. |
29.9 pts. |
-6.4 pts. |
-6.4 pts. |
-22.8 pts. |
13 |
|
|
-11.1 pts. |
93.4 pts. |
19 pts. |
-8.3 pts. |
-4.3 pts. |
-39.6 pts. |
14 (tie) |
|
|
-15 pts. |
30.4 pts. |
13.6 pts. |
-28.9 pts. |
-4 pts. |
-22.3 pts. |
14 (tie) |
|
|
-8.6 pts. |
53.3 pts. |
9.2 pts. |
-35.9 pts. |
-3.5 pts. |
-30.8 pts. |
16 |
|
|
-12.3 pts. |
35.5 pts. |
27.7 pts. |
-6 pts. |
-3.6 pts. |
-28.2 pts. |
17 |
|
|
-7 pts. |
42.3 pts. |
26.4 pts. |
-22.3 pts. |
-2.8 pts. |
-20.1 pts. |
18 |
|
|
-7.7 pts. |
107 pts. |
19.4 pts. |
-5.4 pts. |
-4 pts. |
-34.8 pts. |
19 |
|
|
-6.5 pts. |
81.3 pts. |
24 pts. |
-12.8 pts. |
-3.1 pts. |
-30.2 pts. |
20 |
|
|
-9 pts. |
59.4 pts. |
24.7 pts. |
7.1 pts. |
-6.2 pts. |
-23.9 pts. |
To view the full report, including methodology, please visit: https://www.redfin.com/news/housing-markets-cooling-fastest-seattle-august-2022/
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the
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Source: Redfin