Seattle Condo Prices Drop 6% Year-Over-Year

The median sale price of a Seattle condominium fell 6.2% year-over-year in March to $485,000, according to Northwest Multiple Listing Service data. The decline is the sharpest in the Puget Sound region's condo segment since 2009 and reflects a combination of expanded inventory, slower tech-sector demand, and ongoing insurance and HOA-cost pressures on downtown buildings.

Active condo listings in King County reached 3,042 units at the end of March, up 38% from the March 2025 level. Months of inventory climbed to 4.8 from 3.1 a year earlier. The single-family home segment has held up better; Seattle single-family prices rose 1.8% year-over-year to $935,000.

"Buyers are scrutinizing HOA assessments and reserve studies more carefully than ever," said Steve Rabuchin, managing broker at Windermere Real Estate's Seattle downtown office. Rabuchin cited rising homeowners association dues tied to insurance premium increases and deferred maintenance catch-up as a recurring topic in sales conversations.

Washington's Condominium Act reform, effective January 1, 2026, requires associations to commission reserve studies every five years and disclose results to prospective buyers. Buildings with reserves below 70% of recommended levels have seen pricing pressure as buyers factor in future special assessments. A survey by Community Associations Institute Washington found 28% of Seattle buildings fell into that lower tier.

Redfin chief economist Daryl Fairweather said the Seattle condo market is also experiencing "a supply-side echo" of projects that broke ground in 2021 and 2022. The Downtown Seattle Association counted 1,820 condo units delivered in 2025, the highest calendar-year total since 2008.

The slowdown in tech hiring has contributed on the demand side. Amazon reduced its global corporate workforce by approximately 14,000 positions in 2025, with a meaningful share based in Seattle. Microsoft, Zillow, and Expedia also implemented selective layoffs during the year. Realtor.com data showed out-of-state buyer inquiries for Seattle condos fell 22% year-over-year in February.

Not all Seattle neighborhoods share the pattern. Condo prices in Ballard rose 3.1% year-over-year, supported by newer owner-occupant-heavy buildings. Queen Anne held flat. Declines concentrated in Belltown, First Hill, and the International District, where investor exits contributed to listing growth. OpenDoor, which had briefly expanded into Seattle condos, exited the market in late 2024.