Market Trends: Q3-2024
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.
We look forward to helping you navigate the local market and are always just a call, email, text, or visit away when you're ready to make a move.
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.
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.
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.
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.
View the reports for additional markets HERE.