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Local Market Update – June 2025
May brought a continued surge in housing inventory across the Puget Sound, with active listings reaching their highest levels since 2018. While buyer activity showed some seasonal momentum, it continued to lag behind the influx of new listings, suggesting that many buyers are staying on the sidelines as interest rates hover near 7%. Still, early signs of price stabilization and greater selection suggest new opportunities could be emerging. Whether the market continues this trajectory remains an open question in the months ahead.
Last month, the Eastside saw a year-over-year drop of 4% in the median residential sold price, settling at $1,633,500. Inventory more than doubled, rising 103%, but demand didn’t keep pace. Pending sales dipped 4%, and closed sales fell 18%. Still, homes moved quickly – 88% sold within 30 days or less. The area’s median condo price declined 3% to $728,400, and active listings jumped 129%.
King County home prices dipped 1% compared to last May, falling to a median of $989,000. Active listings surged 58%, continuing several months of strong inventory growth. But buyers remained cautious – pending sales declined 1%, and closed sales fell 14%. In King County’s condo market, the median price dropped 4% to $569,900, while active condo listings rose 57%.
May’s median sold price for a single-family home in Seattle rose 5% year over year to $1,010,650. Active listings climbed 44%, reflecting increased seller activity. Pending residential sales increased 8%, but closed sales dropped 19%, underscoring buyer hesitancy. For the city’s condos, the median price fell 4% to $573,250, while active listings increased 37%.
Snohomish County was the only region to post gains in both pending and closed residential sales last month, each up 1% year over year. The median residential sold price inched up 1% to $833,000. Active listings rose 54%, offering buyers more choices in a relatively affordable market – possibly a factor in the modest increase in sales activity. In the county’s condo segment, the median price fell 12% to $489,975, while active listings soared 118%.
As we head into summer, the gap between rising inventory and measured buyer demand will be a key trend to watch. Whether increased supply leads to further price softening may depend on how buyers respond to ongoing economic pressures. In a fast-moving market like this, having the right guidance is essential. Connect with a Windermere advisor today for expert insights tailored to your real estate goals.
EASTSIDE
KING COUNTY
SEATTLE
SNOHOMISH COUNTY
VIEW FULL SNOHOMISH COUNTY REPORT
This post originally appeared on GetTheWReport.com.
Local Market Update – May 2025
Our local real estate market is seeing sellers flood the landscape with listings, but buyers aren’t diving in. Despite double-digit increases in active listings across the board, sales declined in all four regions—possibly signaling buyer caution amid ongoing national economic uncertainty. This complete 180 in supply and demand compared to last year’s intensely competitive market is already impacting price growth—but by how much, and for how long, remain key questions in the months ahead.
King County home prices rose 5% year over year, bringing the median to $1,030,000 in April. Active listings surged 70%, significantly boosting inventory. Buyer activity, however, slowed: pending sales dropped 9% and closed sales fell 2%. Still, 67% of homes sold at or above list price, showing that well-priced listings continue to attract competition. King County condo prices held steady at a median of $579,950, while active condo listings rose 74%.
Seattle homebuyers remained competitive last month, with 65% of residential sales closing at or above list price—even as active listings climbed 47% from a year prior. However, pending sales fell 7%, suggesting increased caution from buyers. The median sold price for single-family homes reached $1,025,000, up 3% from 2024. Seattle condo prices were flat at $598,000, while active condo listings also rose 47%.
The median sold price for Eastside homes edged up 1% compared to last April, to $1,697,500. Even with a staggering 125% increase in active listings, demand remained strong: 92% of homes sold within 30 days, and nearly 75% closed at or above asking price. Still, pending sales dropped 15% and closed sales dipped 3%. Eastside condo prices rose 4% to a median of $754,500, while active condo listings skyrocketed by 165%.
In Snohomish County, April’s median residential sold price held steady at $799,950, virtually unchanged from last year. The share of homes selling at or above listing price fell to 65%, down from 76% last year – likely a response to the 79% jump in active listings. As inventory rose and prices plateaued, 84% of homes sold within 30 days, but the county saw a 4% drop in pending sales compared to 2024. In the condo market, the median price declined 2% and active listings soared 113%.
As we move deeper into the traditionally busy real estate season, the disconnect between supply and demand will be a key trend to watch. Buyers may remain hesitant until broader economic signals stabilize, while motivated sellers continue to drive up inventory. Whether prices hold, soften, or climb will likely depend on which side makes the next move. In a market this fluid, having a trusted real estate expert on your side makes all the difference. For guidance tailored to your goals this season, connect with your Windermere advisor today.
EASTSIDE
KING COUNTY
SEATTLE
SNOHOMISH COUNTY
VIEW FULL SNOHOMISH COUNTY REPORT
This post originally appeared on GetTheWReport.com.
Local Market Update – April 2025
Tulips are blooming, the days are growing longer, and the housing market is showing clear signs of seasonal momentum. Inventory continued its steady rise in March, with all four markets posting double-digit year-over-year gains in new listings. Condo inventory saw especially sharp increases — a continuing trend partly driven by the growing appeal of non-traditional “condo” alternatives like townhomes, ADUs, and backyard cottages. Whether these inventory gains will ease affordability remains to be seen as interest rates, trade dynamics, and broader economic forces continue to shape the path ahead.
In March, King County’s median residential sold price rose 3% year over year, increasing from $945,500 to $977,500. Active residential listings jumped 50%, giving buyers a wider range of options. However, closed residential sales only grew by 3%, potentially reflecting ongoing economic uncertainties in the market. In the condo segment, the median sold price increased 9% from $540,000 to $590,000, while active listings surged 77% — signaling a notable shift in supply and buyer opportunity.
Seattle’s median residential sold price reached $1 million in March — an 8% increase from $925,000 in March of last year. Despite the rise in prices, market activity accelerated: pending sales were up 12% compared to a year prior, while active listings climbed 31%. Seattle’s condo market also gained momentum, with the median sold price increasing 7% to $627,650, up from $587,500. Active condo listings grew 55%, helping supply the high demand for more affordable options.
On the Eastside, the median residential sold price in March rose just 2% year over year – from $1,682,500 to $1,710,000 – a modest gain by Eastside standards. After months of steady price appreciation, affordability may be emerging as a limiting factor, with closed sales down 8% compared to March of last year. Inventory, however, continues to rise: active listings were up 86%, giving buyers more choices and potentially more negotiating power. Meanwhile, the Eastside condo market remained a standout — the median sold price rose 16% annually, and active listings were up 119%, perhaps giving buyers some relief in segment that has grown increasingly competitive.
In Snohomish County, the median residential sold price rose 4% in March compared to last year, from $760,000 to $790,000. Active residential listings surged 79% year over year, offering buyers more selection in a market that is increasingly popular for its relative affordability. Closed and pending residential sales inched upwards, growing 4% and 1%, respectively. In the condo market, the median sold price rose 3%, from $515,000 to $529,994, while active listings more than doubled, jumping 104%. This influx of inventory provides welcome opportunities for first-time buyers and downsizers alike.
As the region moves deeper into spring, all eyes are on how rising inventory and renewed buyer interest will influence competition and pricing. While more listings bring opportunity, the pace of the market remains brisk — and navigating it with confidence takes up-to-the-minute insights. For expert guidance tailored to your goals, connect with your Windermere agent today.
EASTSIDE
KING COUNTY
SEATTLE
SNOHOMISH COUNTY
VIEW FULL SNOHOMISH COUNTY REPORT
This post originally appeared on GetTheWReport.com.
Local Market Update – March 2025
February typically brings a quiet real estate market, though this year, the balance between affordability and inventory shaped activity across the Puget Sound. While 30-year mortgage rates dipped slightly from January, rising home prices remained a challenge for buyers, potentially tempering demand. Despite a significant increase in active listings compared to last year, closed sales have not kept pace – and in some areas, they’ve declined year over year. As spring approaches, the interaction between inventory and pricing will be crucial in determining market momentum.
In February, King County’s median residential sold price remained relatively flat year over year, inching up from $914,500 to $915,000. However, prices rose 7% from January, indicating sustained short-term growth. Sellers seem to be preparing for the busier spring season, with active residential listings up 37% compared to last year and 9% from last month. Despite the increase in inventory, closed sales remained flat year over year – suggesting that affordability challenges may still be limiting buyer activity. In King County’s condo market, the median price rose 11% year over year to $612,500 from $550,000. Active condo listings surged 81% compared to the same time last year, following a similar trend as the residential market.
Seattle’s market showed solid price growth in February, with the median residential sold price reaching $965,000 – a 4% increase from last year and a 13% jump from January’s $927,450. Inventory grew as well, with active residential listings climbing 28% year over year and nearly 9% month over month, further boosting buyer choice. However, closed sales declined 7% from last year, hinting that rising prices may be impacting demand despite more inventory. Seattle’s condo market reflected the same trends, with the median sold price rising 12% year over year to $625,000, while active condo listings increased 55% from a year ago.
Across the Eastside, home prices continued their upward trajectory, with February’s median residential sold price hitting $1,685,000 – a 15% increase from $1,470,000 last year. Inventory levels expanded as active residential listings rose 62% year over year and 23% from January, likely due to sellers returning after the winter market slowdown. While closed sales remained essentially flat compared to last year, pending sales dropped 15%, suggesting that affordability may be hindering buyer activity. Eastside condos also saw notable growth, with the median sold price rising 18% from a year prior to $787,475, and active condo listings skyrocketing by 142%, dramatically increasing available options for buyers.
Snohomish County’s median residential sold price rose 5% year over year in February, reaching $785,000, up from $750,990 a year ago. Inventory growth was strong, with active residential listings climbing 66% compared to last year and growing nearly 7% from January, adding more options to the market. However, both pending and closed residential sales declined from 2024, down 10% and 3%, respectively. This suggests that rising prices and persistently high interest rates may be softening demand. Snohomish County’s condo market showed similar patterns, with median sold price increasing 5% from last year to $525,000, while active condo listings grew 64% during the same period.
With inventory continuing to build, competition among sellers is increasing, which could lead to price adjustments that stimulate buyer activity in the months ahead. However, inventory remains below balanced-market levels. Across our four Puget Sound regions, the average months of inventory sits at just 1.3 – still well below the 2 months considered balanced, suggesting that additional opportunities may emerge for buyers facing affordability concerns. Whether that inventory will materialize remains to be seen. In a fast-moving market, having an experienced real estate professional by your side is essential. Connect with a Windermere agent for personalized guidance and real-time market insights.
EASTSIDE
KING COUNTY
SEATTLE
SNOHOMISH COUNTY
VIEW FULL SNOHOMISH COUNTY REPORT
This post originally appeared on GetTheWReport.com.
Local Market Update – February 2025
The start of the year is typically a quieter time for the housing market, but this year continued the trend of year-over-year growth. Across all of our Puget Sound area markets, active residential listings increased significantly – both month over month and year over year – bringing much-needed inventory to buyers. While rising supply often improves affordability, home prices and interest rates remain elevated. Additionally, upcoming immigration policies and tariffs could drive up construction costs, further influencing pricing. How these factors interact will be key as we approach the spring market.
In King County, the median residential sold price in January edged up 1% year over year, from $849,850 to $855,000. The number of active listings surged 50% compared to last January and rose 20% from December, offering buyers more choices. Closed residential sales increased 10% year over year but declined 28% from the previous month. The condo market in King County saw more dramatic shifts, with the median sold price rising 21% from $495,000 to $600,000. Meanwhile, active condo listings soared 85% year over year, significantly expanding buyer options.
Seattle’s median residential sold price in January remained stable at $857,500, reflecting a slight 1% year-over-year dip from $869,000. More single-family homes entered the market, with active residential listings up 36% from a year ago. Closed residential sales rose 9% in the same timeframe, while pending sales jumped 50% between December and January – good news for sellers as it indicates strong buyer activity in the new year. Seattle condos saw price growth, with the median sold price climbing 28% year over year from $537,500 to $689,975. Active condo listings increased 52%, giving buyers more options in this segment of the market.
The Eastside saw an impressive 17% year over year increase in the median residential sold price, rising from $1,465,000 in January 2024 to $1,709,000 in January 2025. Prices were also up 11% from last month. Despite this appreciation, buyers gained more opportunities as active residential listings grew 61% year over year and 32% month over month. Meanwhile, closed residential sales rose 3% from last year. With more options available, some price stabilization may be on the horizon. Eastside condos saw even greater growth, with the median sold price increasing 29% year over year from $570,000 to $724,000. Active condo listings skyrocketed 128% compared to last January, and closed sales increased 77% in the same period.
Snohomish County saw the highest increase in active residential listings, jumping 78% year over year. Meanwhile, closed residential sales declined 5% from last January and dropped 26% from December – a potential benefit for buyers as they face less competition. The median residential sold price in January rose 5% from $729,990 a year prior to $770,000, indicating that demand remains strong. Condos in Snohomish County also saw notable gains, with the median sold price increasing 15% year over year to $570,000. Meanwhile, active condo listings surged 189%, dramatically raising inventory for prospective buyers.
As more sellers enter the market ahead of spring, active listings will likely continue to rise, providing buyers with additional opportunities. At the same time, shifting economic conditions in the upcoming months may create new challenges and amplify existing ones. Whether you’re looking to buy or sell, connect with a Windermere advisor for expert guidance and real-time strategies in today’s evolving real estate market.
EASTSIDE
KING COUNTY
SEATTLE
SNOHOMISH COUNTY
VIEW FULL SNOHOMISH COUNTY REPORT
This post originally appeared on GetTheWReport.com.
Local Market Update – January 2025
Despite a wet and windy holiday season, buyers remained active in December. According to NWMLS data, showings and keybox usage increased by 3% and 6% year over year, respectively. Active listings saw double-digit percentage increases across all four markets compared to the previous year, providing buyers with more options. As is typical, there was a seasonal decline in active sales from November, likely as sellers delayed listing their homes until spring in anticipation of a busier market. With the new year underway, new listings are expected to ramp up as we approach spring selling season.
King County’s median residential sold price rose 3% year over year to $875,000 in December but dropped 5% from November’s $925,000, reflecting seasonal softening in competition and creating opportunities for buyers. Active residential sales increased 21% year over year, while closed residential sales climbed 13%. Meanwhile, December’s median sold price for King County condos fell 2% from the previous year, declining from $537,000 to $525,000. A 31% surge in closed condo sales compared to a year earlier points to strong buyer activity in this segment, likely driven by affordability concerns amid high interest rates.
In Seattle, single-family homes saw the median sold price rise 6% year over year to $898,900 in December, highlighting continued demand in the region. However, a 7% price drop from November suggests the typical winter slowdown influenced the market. Following the same trend, active and pending residential sales both fell 33% month over month. Still, active residential listings rose 12% compared to the year prior, signaling overall healthier inventories. Seattle’s condo market also saw notable shifts, with active listings jumping 41% year over year, though they decreased 28% between November and December. Median condo prices dropped 6% from the year prior to $550,000, likely due to higher inventory levels and increased buyer choice.
The Eastside continues to see robust real estate prices, with December’s median residential sold price climbing 7% year over year to $1,545,000. Active residential listings rose 22% from the previous year, offering buyers more selection, though closed and pending sales both dropped 7%. This decline in sales activity could reflect affordability challenges and the seasonal slowdown. The Eastside condo market performed particularly well, with the median sold price increasing 10% year over year to $695,000. Closed condo sales surged 54% compared to December 2023, underscoring strong demand in this segment. However, a 69% increase in active condo listings from the prior year suggests that supply is catching up to demand, potentially leading to more balanced market conditions as the year progresses.
Snohomish County’s residential market saw impressive growth in December, with the median sold price rising 15% year over year to $789,950. Active home listings climbed 34% from a year earlier, giving buyers broader options. While pending sales dropped 10% compared to December 2023, closed residential sales increased by 10%, showing that buyers remained engaged despite high interest rates and rising prices. The county’s condo market experienced a dramatic 108% year-over-year increase in active listings. However, closed and pending sales struggled to keep pace, pointing to increased competition among sellers for buyer attention. Even so, the median sold price for condos rose 5% year-over-year to $549,975, indicating continued demand for well-priced properties.
As buyers and sellers adapt to the ongoing impact of higher interest rates, the spring market is likely to bring both opportunities and challenges. Rising inventory levels may influence buyer demand and pricing strategies in the months ahead. To understand the forces at play in today’s real estate landscape, reach out to a Windermere advisor for real-time advice and tailored strategies.
EASTSIDE
KING COUNTY
SEATTLE
SNOHOMISH COUNTY
VIEW FULL SNOHOMISH COUNTY REPORT
This post originally appeared on GetTheWReport.com.
Local Market Update – December 2024
As the holidays approach, we’re in a season known for a natural slowdown in real estate market activity. While month-to-month declines in active listings and closed sales are expected at this time of year, these fluctuations don’t suggest a downturn. In fact, last month saw an increase in year-over-year closed sales, signaling a healthy market with sustained demand. Looking ahead to the winter months, many homeowners will begin preparing their properties for spring listings, and with interest rates remaining lower than a year ago, demand from buyers should remain strong.
In November, King County’s median residential sold price rose 4% year over year, climbing from $885,500 to $925,000. While the number of active residential listings was 14% higher than at the same time last year, it fell by 25% from October’s level, largely due to seasonal market shifts. Pending residential sales dropped 31% from the previous month but remained 15% higher than a year prior. King County condos saw a year-over-year price increase of 17%, with a median sold of $565,467. The number of active condo listings was also 49% higher than last year, giving first-time homebuyers new opportunities in this segment of the market.
Seattle’s November median residential sold price inched up 3% year over year, reaching $968,000. However, this level remained roughly flat compared to last month. The number of closed residential sales jumped 22% from the same time last year, demonstrating a notable increase in buyer activity. Active residential listings rose 13% from a year prior, but dropped 26% from October, aligning with expected seasonal trends. Meanwhile, Seattle’s condo market experienced a significant boost in inventory this November, with 32% more active listings than at the same time last year. Perhaps due to buyers having more choices this year, the median sold price for condos slipped 1%, down to $574,950.
On the Eastside, the number of active residential listings dropped by 27% month over month but finished November 1% higher than a year ago. Single-family homes sold for a median price of $1,537,312, reflecting a 10% year-over-year increase. The number of closed residential sales jumped 23% compared to the same time last year but decreased 20% from October. Eastside condos also saw a 10% year-over-year price increase, with the median sold price reaching $685,000, though this was down from $740,000 in October. The month-over-month decline may reflect the significant 77% increase in the number of active condo listings compared to last year, giving buyers more options.
Snohomish County experienced an 8% year-over-year increase in the median sold price of a single-family home in November, rising from $725,000 to $784,976. The number of active residential listings declined 22% month over month, likely due to seasonal changes, but still finished the month 12% higher than a year ago. Closed residential sales surged 30% year over year, while pending sales climbed 16%, signaling increased buyer demand and a robust market. Snohomish County condos also posted gains, with the median sold price rising to $535,000, up 3% from last year. At the same time, active condo listings jumped 51% compared to a year prior, providing buyers with more opportunities.
November’s hot/cold market trends mirror patterns we saw a year ago, suggesting that Q1 of 2025 could once again bring rising prices. As we look ahead, it will be interesting to see how higher asking prices and shifting interest rates shape opportunities for buyers and sellers in the coming months. For help navigating these market fluctuations, connect with your Windermere broker for expert insights and up-to-the-minute advice.
EASTSIDE
KING COUNTY
SEATTLE
SNOHOMISH COUNTY
VIEW FULL SNOHOMISH COUNTY REPORT
This post originally appeared on GetTheWReport.com.
Local Market Update – November 2024
Typically when fall rolls around, our local real estate market begins to cool. Last month, however, perhaps in response to lower mortgage rates, home buyers jumped excitedly into the market and sellers responded to the increased demand by listing their homes and pushing up the supply available to those buyers. Despite the addition of these homes to the market (the most in the Seattle area since pre-pandemic, according to The Seattle Times), residential prices have stayed steady or increased month over month, reflecting continued competition among buyers.
In October, the median sold price of a King County single-family home was up 9% from a year ago, from $882,997 to $960,000. Last month’s residential sales activity was remarkably strong, with the number of closed transactions up 26% from September and 33% from a year prior. October’s pending home sales were 33% higher than a year ago, a further marker of the month’s robust activity. The market for King County condos also experienced growth in October, with the number of closed sales rising 25% from September, and the median sold price rising 4% year over year, to $562,500.
In Seattle, the median sold price for a single-family home was $972,500 in October, up 8% from a year ago and 4% from September’s median of $938,006. The number of closed residential sales last month was 49% higher than in September, revealing how much the late summer/early fall market was propelled by buyers trying to take advantage of declining mortgage rates. As for residential inventory, October ended with roughly the same number of active listings it started with, but 25% more than a year ago. The Seattle condo market is seeing the effects of a major (+40%) year-over-year supply increase: the number of closed sales grew by 56% between September and October, while the median purchase price dropped 4%, from $606,000 to $580,000.
On the Eastside, the residential market kept churning despite declining inventory. Half of last month’s home sales closed at or above asking price, and the median purchase price for a home stood at $1,550,000 in October, up 9% from a year ago. Over the course of last month, the number of active Eastside listings dropped by 17%, a reflection of the busy pace of sales and a 21% year-over-year increase in the number of closed transactions. Eastside condo prices also rose in October — up 13% from a year ago and 7% from September — to a median of $740,000.
In Snohomish County last month, the median sold price of a single-family home was $810,000, up 5% from September and 11% from a year ago. The number of closed residential sales in October was 20% higher than it was for the same month last year. This surge in activity likely owes to two factors: declining interest rates drew more buyers into the late summer/early fall market just as a rising supply of Snohomish County homes provided greater selection (October ended with 22% more active listings than we saw a year ago). In the Snohomish County condo market, October’s median sold price of $509,500 was up 5% from a year ago but down 4% from September.
It will be interesting to see if either rising interest rates or a holiday season slowdown can cool the buzzy activity in our region. But tenacious buyers will continue to absorb smartly priced listings offered by sellers who stay alert to both their competition and a constantly shifting market. To navigate this real estate landscape, reach out to your Windermere broker for real-time insights and expert advice.
EASTSIDE
KING COUNTY
SEATTLE
SNOHOMISH COUNTY
VIEW FULL SNOHOMISH COUNTY REPORT
This post originally appeared on GetTheWReport.com.
Local Market Update – October 2024
Our local real estate market has remained quite active so far this fall, with positive things happening for both buyers and sellers. Last month, every region in this report saw substantial year-over-year increases in the number of pending home sales. Residential inventory also rose in September, which is good news for buyers. And good for everyone was the continued decline of mortgage rates, which now hover about a point and a half below where they were last year. Meanwhile, sellers can take heart in September’s median sold prices, which held steady compared to August and were up compared to a year ago.
In King County, September’s median sold price for a single-family home was up 6% year over year, from $900,000 to $950,000, which is essentially flat with August’s median of $955,000. Sold prices seem to be holding steady even as the number of listings rises; September ended with 9% more residential listings than it began with and 28% more than a year ago. Pending sales were up 21% from the previous year, reflective of buyers taking full advantage of both growing supply and declining mortgage rates. The King County condo market saw increases in both median sold price – up 8% from $515,000 last September to $558,725 last month – and the number of active listings, which increased by 59% over the same span.
Seattle’s median sold price for a single-family home was $938,006 last month, up from $926,250 a year ago and $930,000 in August. September pending home sales grew by an impressive 28% year over year, still not enough to absorb the rising supply of residential listings, as the month ended with 18% more available single-family homes than it started with and 28% more than a year ago. Seattle condo prices were up 10% year over year, from $550,000 last September to $606,000 last month, even in the face of a 46% increase in the number of active condo listings over the same 12 months.
On the Eastside, the median sold price of a single-family home was $1,527,500 in September, up 7% year over year and down slightly from $1,550,000 in August. Pending home sales were up 16% from a year ago, while the number of active residential listings increased 7% from August and 10% from the same time last year. The Eastside condo market saw an interesting dynamic in September: median sold prices rose 11% year over year to $690,000, despite there being 93% more condos to choose from than there were a year ago.
Snohomish County saw September’s pending home sales increase 15% from a year ago but dip 11% from August. Last month’s prices followed these same trend lines, with September’s median residential sold price of $775,000 up 3% from a year ago but down slightly from August’s median of $780,000. By the end of last month, the number of active residential listings in Snohomish County was 21% higher than a year ago, but this inventory still only accounted for a relatively low 1.4 months of supply. County condo prices rose 6% year over year, from $498,500 to $530,000 last month, despite there being 53% more active listings than a year ago.
As we head into the cooler months, our real estate market remains relatively warm. Better mortgage rates and greater supply are creating a tentative balance between the ongoing seller’s market and newfound buyer confidence. To understand how these dynamics align with your interests and goals, reach out to your Windermere broker for real-time insights and expert advice.
EASTSIDE
KING COUNTY
SEATTLE
SNOHOMISH COUNTY
VIEW FULL SNOHOMISH COUNTY REPORT
This post originally appeared on GetTheWReport.com.
Local Market Update – September 2024
In the waning days of summer, the local real estate market saw rising sold prices, declining mortgage rates and rising inventory. The price trend shows that sellers are still seeing gains by listing their homes. The rate and supply trends are motivating buyers to be active in the market this fall.
As of the second week of September, mortgage rates were at their lowest level in 19 months, sitting at 6.2% for a 30-year fixed-rate loan. With at least one rate cut coming from the Federal Reserve this fall, buyers and investors are feeling bullish. It will be interesting to see how our region’s supply of homes – which is significantly higher than at this time last year – gets absorbed in the coming months by rate-motivated buyers.
Last month the median sold price of a King County single-family home sold price rose 5.4% year over year, up to $955,000 from $906,250 in August 2023. The monthly trend was more encouraging to home buyers, however, as August’s median sold price dipped 4.4% from July’s $999,000. Also good for buyers: the number of single-family home listings at the end of August was 29% higher than it was a year ago. King County condo prices stayed static year-over-year at $525,000, despite a 69% jump in available supply.
Seattle saw a 3.4% year-over-year increase in single-family home prices, up to $930,000 from $899,000 in August 2023. This represented a 4.4% monthly price drop from July’s median of $972,500. At the end of August, Seattle’s supply of single-family home listings was up 34% from the previous year, which is great news for buyers, but down 8% from July levels, which could benefit sellers. Seattle condo prices dropped 3.5% year over year, from $575,000 to $555,000, a more typical response to rising inventory, which was 39% higher than a year ago.
On the Eastside, the median sold price of a single-family home was $1,550,000 in August, up 6.7% year-over-year and down 4.3% from July. Pending sales dropped 16% from July, while inventory remained relatively flat between July and August. Eastside condo prices rose 2.3% year over year to $614,000, which was down 2.2% from July’s median of $627,500. At the end of August, the supply of listed condos was up 119% from the previous year and 18% from the end of July. Eastside buyers may be giving single-family homes another look as interest rates decline.
The Snohomish County market was quite active in August, with pending unit sales of single-family homes up 8% from July and 18% from the previous year. Median sold prices were up 6.8% year over year – to $780,000 from $730,563 in August 2023 – but down 4.7% from July’s median of $818,419. This month-over-month price dip occurred even in the face of continued low supply, at 1.2 months of inventory. Snohomish County condos saw August price gains, with the $589,975 median sold price up 24.2% from a year ago and 5.4% from July, despite inventory levels that were 76% higher than a year ago.
As fall begins, our local real estate market has positive markers, strong activity and relative balance. With hopes for further interest rate drops in the coming months, there should be opportunity ahead for both buyers and sellers.
EASTSIDE
KING COUNTY
SEATTLE
SNOHOMISH COUNTY
VIEW FULL SNOHOMISH COUNTY REPORT
This post originally appeared on GetTheWReport.com.
