Top Seattle Neighborhoods 2023 and What To Expect for 2024
January 28, 2024
The Top Seattle Neighborhoods: Which Neighborhoods Outperformed the Market in Seattle in 2023
Seattle Real Estate Market
Seattle’s median home sale prices decreased 5.4% over the last 12 months. Not surprising, given the rapid rise in mortgage interest rates from late 2022 to December 2023. But Seattle is a city of neighborhoods, and not all neighborhoods have performed equally. Northeast Seattle, in particular, showed remarkable resilience in a down market, experiencing a modest 0.9% drop in median prices, and significantly outperforming the city as a whole. Let’s dig down deeper and see which of Northeast Seattle’s micro-neighborhoods performed the best in 2023, and whether we expect these neighborhoods to once again beat the market in 2024. Here are Seattle’s top neighborhoods.
Northeast Seattle’s Top Neighborhoods
View Ridge, Cedar Park, and Wedgewood stood at as the top Northeast Seattle neighborhoods in 2023. Let’s explore why these neighborhoods have not just weathered the storm but also thrived in a challenging market.
View Ridge: A Hidden Gem (+3.3%)
Why It’s Desirable: View Ridge offers stunning views of Lake Washington and the Cascade Mountains. It’s a serene residential haven, known for its spacious homes and well-maintained parks like View Ridge Park and Magnuson Park. The neighborhood’s relative affordability compared to more high-profile areas, combined with its natural beauty and strong community feel, makes it a top choice for families and professionals alike. View Ridge also feeds into Roosevelt High School, one of Seattle’s best public high schools.
Future Outlook: View Ridge stands as a beacon of stability and potential growth for 2024. This may just be Seattle’s newest prestige community.
Cedar Park: Nature’s Retreat (+2.7%)
Why It’s Desirable: Cedar Park is characterized by its lush, wooded areas and proximity to the Burke-Gilman Trail. It offers a unique blend of urban accessibility and natural retreat. The neighborhood is perfect for those who value outdoor activities and a quieter lifestyle, without straying far from the city’s amenities.
Future Outlook: Its 2.7% increase in sales price during 2023 is a strong indicator of Cedar Park’s resilience and potential as a sound investment in the coming year.
Wedgewood: Suburban Charm (-1.0%)
Why It’s Desirable: Wedgewood stands out for its suburban charm, with a strong sense of community, excellent schools, and local businesses that add to its appeal. The neighborhood’s stability is evident in its modest 1.0% decrease in median sales prices, faring much better than other areas.
Future Outlook: Wedgewood is a known quantity, neither growing nor shrinking noticeably. It’s stability is a sign of enduring value, making it an attractive option for both buyers and sellers in 2024 and beyond.
What This Means for Buyers and Sellers
For buyers, these neighborhoods present an excellent opportunity. Their stable market conditions, combined with their unique qualities, make them ideal for those looking for a solid investment in a home. These areas are expected to continue performing well, offering both lifestyle and financial benefits. Buying and improving a home in this area with tasteful and tactical renovations is likely to bring substantial returns to buyers and homeowners willing to get their hands dirty.
Sellers in View Ridge, Cedar Park, and Wedgewood should feel optimistic. Even in a high interest rate market, these neighborhoods are proving to be resilient, with properties maintaining or increasing their value better than in most parts of the city. This resilience suggests that selling in these areas can still yield favorable returns.
In conclusion, while Seattle’s real estate market has faced challenges, specific neighborhoods like View Ridge, Cedar Park, and Wedgewood in Northeast Seattle have shown remarkable resilience and even growth. These areas offer a blend of natural beauty, community feel, and financial stability, making them highly desirable for both buyers and sellers. As we look ahead to 2024, these neighborhoods stand out as smart choices for real estate investment in the Emerald City.
If you think you might be interested in buying or selling a home in any of Seattles best neighborhoods, we’re here to help. Reach out to us here today for a same day consultation.
Ryan attended law school at the University of Washington and has experience as a practicing attorney, in additional to being a home buying and selling expert. He takes pride in helping his clients fulfill their real estate dreams with minimal stress and maximum fun.