What's Up In the Seattle Home Market?

Seattle Homes and Condos

What's up in the Seattle home market in 2024?  Basically, the answer is everything.  Prices increased, the number of sales did too, and even Seattle home inventory has increased over 2023.  To get a little more broad, let's look at King County where Seattle is located.  In 2024 the median King County home price was $950,000 which was an increase of nearly 8.5% from 2023.  Condo prices saw similar gains with median prices up over 8%.  The number of close sales were up as well with nearly an identical percentage for both homes and condos: both up nearly 8.2%.  Inventory rose in 2024, but not enough to have prices go down.  We still have tight enough inventory to be considered a seller’s market by traditional indexes.

Seattle Luxury Real Estate

The luxury market was even stronger in 2024 than the overall real estate market.  Luxury homes, over $2.5 million, saw the number of sales increase 49% in King County and luxury condos, over $1 million, witnessed a 63% increase.  The Eastside continues to dominate the luxury market.  The top 14 sales across the NWMLS were between Mercer Island and Kirkland and of those 13 were either on Lake Washington or had private access to it.  The only other home to crack the top 15 was Seattle luxury home, again on Lake Washington, in the Seattle neighborhood of Leschi.  

Interest Rates

Interest rates had some influence on the Seattle home market but likely not as much as an outsider would think.  Interest rates over the last two years did not change overall that much with 30-mortage rates beginning 2023 around 6.5% and ended 2024 around 6.9%.  On the other hand, rates fluctuate to a high around 7.7% in October 2023 and a low of about 6% in September 2024.  2024 did have a stronger sales during the last quarter in number of sales, but the median price was not as high as the overall increase over 2023.  

Learn More About Seattle Real Estate

Click the link to learn more about the Seattle real estate market!  The monthly reports have more specific numbers regarding both Seattle home and Seattle condo market. Or click here to contact a Seattle real estate broker to discuss the market.    

Feature Picture:  This Capitol Hill Craftsman blends historic charm with modern updates. Verdant gardens, large front porch, & turret provide abundant street appeal. 

For this blog, the information and statistics were derived from the Northwest Multiple Listing Service.