By RSIR Staff | October 18, 2024
Realogics Sotheby’s International Realty is excited to present the Market Trends From Around the Sound report, examining insightful data from this year’s third quarter. In exploring the year-over-year comparisons for 16 of the region’s distinct communities, we see a major boost in seller activity, with sizable increases in inventory for most of the markets. Buyers were able to make their real estate moves with more options available to choose from than we saw in Q3-2023. As for sellers, price growth in most communities meant that their decision to list their homes paid off.
As you determine how to approach your real estate goals before the end of the year or how to hit the ground running in 2025 with a plan of action, understanding the market is the first step toward success. Explore our year-over-year comparison of helpful data like median sales price, average days on market, and inventory levels through the links provided below. As always, our trusted Global Real Estate Advisors are ready to guide you through your real estate journey, so contact one today to put your grand plans into action.
Bainbridge Island | Single-Family Homes
It was a seller’s market with 2.4 months of inventory, but a 53.57% year-over-year increase in listings meant that buyers had much more variety to choose from as they embarked on their home searches.
Cle Elum | Single-Family Homes
This market was considered a buyer’s market, unlike most of the areas analyzed in our reporting, with 7.1 months of inventory (up from 5.1 months in Q3-2023). Listings jumped from 104 homes at the same time last year to 168 homes in this year’s Q3.
Eastside | Single-Family Homes
For the past three years, the Q3 market’s median sales price has increased, growing 8.64% year over year to $1,521,000 in Q3-2024. The average price per square foot experienced the same increase, up from $580 in Q3-2023 to $630 in Q3-2024.
Eastside | Condominiums
Buyers were treated to an uptick in inventory as they embarked on their home-search journeys, with a remarkable 128.9% year-over-year increase between the years’ third quarters, up from 173 homes to 396 homes listed, bringing the level of supply up to 2.6 months.
Gig Harbor | Single-Family Homes
Gig Harbor saw a year-over-year 13.33% increase in median sales price, climbing from $750,000 to $850,000. However, the average price per square foot remained nearly the same as last year’s Q3, inching up just 2.33% from $365 to $387.
Island County | Single-Family Homes
Buyers experienced a search made easier with more inventory, with new listings up 33.91% year over year from 230 homes in Q3-2023 to 308 homes in Q3-2024, leading to 2.6 months of inventor.
King County | Single-Family Homes
The third quarter of 2024 proved to be one of all-around growth for this area. The median sales price increased by 8.89% year over year from $900,000 to $980,000.
Kitsap County | Single-Family Homes
(Excluding Bainbridge Island)
Buyers continue to be interested in owning in this desirable county, with home sales increasing 9.69% from 898 homes in Q3-2023 to 985 homes in Q3-2024.
Mercer Island | Single-Family Homes
Although there was a major boost in new listings hitting the market—up 61.29% year over year from 31 homes to 50 homes—the average days on market decreased year over year from 30 days to 15 days.
Pierce County | Single-Family Homes
The market was considered a seller’s market at 2.1 months of inventory, but the year-over-year 38.81% increase in homes listed for sale, jumping from 1,430 homes in Q3-2023 to 1,985 homes in Q3-2024, created more supply than Q3-2023’s 1.6 months of inventory.
Seattle | Single-Family Homes
With 2.6 months of inventory, Seattle’s single-family market favored sellers, but with enough inventory to give buyers more choice than in other markets analyzed in our reporting.
Seattle | Condominiums
There was price growth, with a 10.2% increase in median sales price, bringing it from $490,000 to $540,000. There was little change (less than one percent) in the average price per square foot.
Skagit County | Single-Family Homes
Sellers in this market had to practice patience when listing their homes, but that didn’t stop them from putting their homes on the market, with the county seeing a 25% increase year over year in homes for sale.
Snohomish County | Single-Family Homes
The average of 22 days on market (similar to Q3-2023’s average of 21 days and the same as Q2-2022’s average of 22 days) indicates that although this market remained active in Q3, buyers weren’t forced to make offers as soon as a listing went active.
Tacoma | Single-Family Homes
Sales activity saw an increase of 6.68% with 779 homes sold in Q3-2023 and 831 sold in Q3-2024. There was a 33.17% year-over-year increase in homes for sale.
Whatcom County | Single-Family Homes
There was a year-over-year increase in median sales price, climbing from $580,000 in Q3-2023 to $652,000 in Q3-2024. The dip in median sales price the county experienced between Q2-2022—when it was $594,000—to Q3-2023 was recovered and surpassed.