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.

Typically, the real estate market slows down over the holiday season. Buyers take a break from their home search, whether from fatigue or just the hustle and bustle of the holidays. And sellers tend to focus on gathering with loved ones instead of preparing to list. But, 2021 has proved to be anything but typical: What little inventory there was in the fourth quarter of the year was scooped up by eager buyers, closing out a huge year for real estate. Check out the findings for the five areas Realogics Sotheby’s International Realty examines for its quarterly report to get a feel for where the market has been. And when you are ready, get in touch with an RSIR local expert and global real estate advisor who can help you navigate where the market is heading next.

The year started hot for the real estate market. And the second quarter of 2021 continued these trends as low inventory, rising median home sales prices, and fleeting time on the market put sellers in the driver’s seat. Realogics Sotheby’s International Realty examines five key markets each quarter to find out where the market has been, and where the trends might lead us next.

Hot, hot, hot—the temperatures keep rising in the real estate market, strongly favoring sellers. Realogics Sotheby’s International Realty examines five key markets each quarter to find out where the market has been, and where the trends might lead us next. And 2021 kicked off with a limited number of available homes. Across these single-family home market areas, a lack of inventory has, at least in part, contributed to escalating median home sales prices, which have increased between eight and 30 percent year-over-year. Sellers take heed, it’s likely still an optimal time to list a home for sale.

When the clock struck midnight on December 31, few were disappointed to see 2020 end. But despite the difficulties endured over the last year, the real estate market remained resilient. It powered forward boasting median home prices that had continued to rise since the initial lockdown last March, more closed home sales than this time last year, and low inventory in nearly all the market areas Realogics Sotheby’s International Realty dives into for its quarterly reporting. Our homes are everything to us—now more than ever. Our office and school, our restaurant and gym—if you’re thinking about entering the market, take a look at our findings and reach out to one of RSIR’s real estate experts for guidance on what your next steps should look like.

In an unusual year, the real estate market has largely been a beacon of positivity. Realogics Sotheby’s International Realty (RSIR) takes a look at these five market areas each quarter to assess where our market has been and prepare for where it’s headed next. And while activity seemed to come to a complete halt for a brief moment in the second quarter, the buyers quickly got off the bench—to take advantage of low-interest rates, to invest in homes with bigger spaces or larger yards as working from home or home school became priorities. And even as the temperatures began to drop this September, the market remained hot in Q3 with appreciating home prices, low inventory, and buyers eager to find the right opportunity.

Each quarter, Realogics Sotheby’s International Realty analyzes market data to examine trends and to ensure our clients better understand the real estate market. The second quarter of 2020 was framed by a very different real estate landscape as Washington’s stay-at-home order was in effect for the majority of this period. The data across these five market areas reflects fewer homes on the market year-over-year likely because of this, and while median prices and buyer demand varied more, it was a seller’s market.

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. The majority of data gathered occurred before that happened, and although we’re understanding the preliminary effects of COVID-19 on real estate, we can see in these reports that it was trending positive for sellers in all four of these market areas.