Market Trends: Q2-2024
Our Market Trends From Around the Sound report examines insightful data from this year’s second quarter. Buyers continue to work through the obstacle of high interest rates, but as we see a shift in the market with both sellers and buyers accepting this new normal and choosing to achieve their goals now rather than later, we see more activity in both listings and purchases.
For those who were concerned about the lack of inventory on the market, our reporting makes it clear that sellers were eager to finally list their homes in Q2. The spring/early summer months of the year always prove to be a more active period in the real estate market, and it was no exception this year. The general price growth and boost in inventory levels should be encouraging news to buyers looking to make a purchase or sellers hoping for a successful sale. The market is recovering and continues to heat up.
Explore our year-to-year comparison of helpful data like median sales price, average days on market, and inventory levels for 16 distinct communities within the Puget Sound region. As always, we are here to guide you through your real estate journey, so contact us when you are ready to put your grand plans into action.
Seattle | Single-Family Homes
The median sales price in this market remained stable, increasing 5.26% year over year from $950,000 in Q2-2023 to $1,000,000 in Q2-2024. There was just a 2.6% change in the average price per square foot from $578 to $593.
Seattle | Condominiums
Prices experienced relatively zero change, with a difference of less than a half percent. The median sales price was $539,000 in Q2-2023 and $540,000 in Q2-2024.
Eastside | Single-Family Homes
Our Eastside area reporting, covering neighborhoods and cities like Bellevue, Redmond, and Woodinville, indicates that the single-family property market experienced all around growth—with sales prices, demand, and inventory all up from Q2 of last year.
Eastside | Condominiums
Although single-family homes naturally have a higher median sales price in this area, the average price per square foot is more in line, at $604 for condominiums and $659 for single-family homes in Q2-2024.
PIERCE COUNTY | Single-Family Homes
In analyzing the year-over-year changes in this market during the second quarter, we see very little change between 2023 and 2024. The most notable difference between data points is in the homes for sale category, up 49.84% year over year from 1,220 homes in Q2-2023 to 1,828 homes in Q2-2024.
KING COUNTY | Single-Family Homes
The most interesting change between Q2-2023 and Q2-2024 in King County was the increase in both inventory and demand. The average days on market went from 24 days in Q2 of last year to 15 days in Q2 of this year, indicating buyers were more interested in making quick purchases.
View the reports for additional markets HERE.