The Seattle-area housing market is once again heating up, with home prices and sales steadily increasing in recent months. While this is great news for sellers, it is creating challenges for buyers who are struggling to compete in a market with low inventory and high prices.
In April 2024, the median home price rose in all four counties in the Seattle area compared to the previous year. The housing market in Seattle remains strong for sellers, but there are some indications that it may be starting to cool down slightly.
According to the Northwest Multiple Listing Service, there was a notable increase in both new listings and home sales across the Puget Sound region in April 2024, which is a typical seasonal trend.
The median single-family home price in King County reached an impressive $980,000 in April, showing a robust 12% increase from the same period last year. Similarly, Snohomish County saw a 4% rise with median homes selling for $799,500, while Pierce County experienced an 8% increase with median prices reaching $565,000. Kitsap County also saw a 6% uptick with median homes selling for $550,000. Seattle’s median home price surged by almost 13%, reaching $997,900.
Condo prices in King County also saw a significant increase, with the exception of Southwest King County where the median condo price dropped slightly by 6% to $327,450. On the other hand, Seattle and the Eastside experienced substantial increases of 11% and 17%, with median condo prices reaching $599,000 and $722,500, respectively.
Despite an increase in new listings of single-family homes across all four counties, the supply of homes remains limited due to recent trends. One contributing factor to this scarcity is the “lock-in effect,” where homeowners choose to keep their low mortgage rates instead of selling and potentially facing higher rates in the market.
Pending sales, indicating agreements between buyers and sellers that are yet to close, saw a significant increase across the Puget Sound region, particularly in King County with a nearly 15% jump compared to the previous year. The rapid turnover of listings in Seattle’s housing market reflects the high demand for housing in the city, with approximately 80% of homes sold in March off the market within two weeks.
While the market remains favorable for sellers, with homes in King County taking about one month to sell at current demand levels, it falls short of the balanced market conditions typically desired. Overall, the Seattle spring housing market continues to show remarkable growth, with soaring prices and increased activity shaping the real estate landscape. Staying informed about current trends is essential for navigating the evolving market dynamics when buying or selling property in the region.