Top Small Teams in Washington – Ranked By Sides

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2023 Washington Housing Market Summary

Washington started 2023 with a total of 9,514 single-family homes on the market, with a median home price of $610,000 and an average price per square foot of $353. By the end of the year, inventory had decreased to 8,472 homes on the market (-10%), with a median home price of $624,999 (+2%) and an average price per square foot of $365 (+3%).

At the start of 2023, the median days on market (DOM) was 77 days – by the end of the year, median DOM had remained the same at 77 days.

Washington started the year with 37% of homes taking a price cut (for reference, 35% is the national average for price reductions in a ‘normal’ year.) By the end of the year, about 34% of Washington homes for sale had taken a price cut.

Finally, Altos’ proprietary Market Action Index (MAI) shows that Washington started 2023 as a strong seller’s market, with an MAI score of 48; by the end of the year, the MAI had dropped to 44 – a slight seller’s advantage.

This market summary is powered by Altos Research – click here to run a free report for your area.

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