Welcome to the April 2024 Seattle Real Estate Market Overview, your definitive guide to navigating the bustling real estate landscape in the Emerald City. As the spring season unfolds, the Seattle real estate market continues to capture attention with its dynamic trends and evolving opportunities. Whether you’re a seasoned investor, a prospective homeowner, or a curious observer, staying informed is key to making sound decisions in this fast-paced market.
In this comprehensive overview, we delve into the latest updates, trends, and insights shaping the Seattle real estate scene in April 2024. From fluctuating home prices to emerging neighborhoods, we cover it all to ensure you’re equipped with the knowledge needed to navigate this competitive market with confidence.
Join us as we dissect the intricacies of the Seattle real estate market, uncovering valuable data and expert analysis to help you seize the best opportunities and avoid potential pitfalls. Don’t miss out on the latest updates that could significantly impact your real estate endeavors. Stay tuned for an in-depth exploration of the April 2024 Seattle real estate landscape.
If you thought the Seattle housing market was in trouble, I am here to share the reality of what is going on in today’s spring housing market. Spring being the time that we usually see the strongest growth in housing in the Seattle area.
We’re going to break it down using the latest stats hot off the presses from the multiple listing service which has a record of all the homes sold with real estate agents here in the Seattle area.
Market Overview from MLS
What we’re looking at right now is a chart showing the median sales price over the last year. And as you can see over here on the right, this is the percent change. So in the Seattle Market, in the last year from last March until this March, we had between a seven and 11% increase in home prices across the board. Here we’re looking at King County, Snohomish County, Seattle, and Bellevue. Bellevue, of course is the purple line, it’s a little bit higher than everybody else because it’s the most expensive real estate market in the state. But that’s okay. You can see, actually, it did have a big dip in January. These are sales that would have gone under contract in December. Which is traditionally one of our slower times of the year but it’s bounced right back. We’re not having a huge drive toward accelerated prices this spring, it looks like more of a slow and steady growth and you can even see here in Seattle, median home prices went down a little bit between February and March so overall fairly flat growth but definitely a change in the last 12 months.
Home Inventory in Seattle
When it comes to inventory, we certainly are seeing the typical increase of more homes coming onto the market but not as many as in previous years. We are at between 2% less and 20% Less in King County and Snohomish County although Seattle is increasing with 12%. This is one of the areas where we are seeing more development of high density homes like town homes and Condominiums Downtown Seattle is certainly a place where you can find a new construction condominium for sale right now they’re making deals especially for all cash buyers.
Days on market is how long it’s taking homes to sell- this is one of the metrics we use to determine whether it’s a sell’s market or a buyer’s market and we can certainly see that with under a week in most of these areas we are in a sellers market with homes moving very quickly. Buyers, there’s still plenty of room for you but for a beautiful home in a great neighborhood that’s well priced, expect to compete with multiple offers and have the opportunity to increase your price to get the winning bin on average. We are seeing some price escalations again for those hot homes but not every home is selling quickly especially if it doesn’t look look perfect or if it comes on the market a bit overpriced. Overall on average we’re only seeing 1 to 2% price escalation so don’t freak out, just be aware of it. It’s a great time to connect with your real estate agent or I’d be happy to help guide you if you don’t have one you’re working with yet.
Seize The Opportunity This Spring!
In conclusion, the April 2024 Seattle Real Estate Market Overview has provided invaluable insights into the dynamic landscape of one of the nation’s most vibrant housing markets. As we’ve explored the latest updates, trends, and opportunities, it’s evident that Seattle continues to be a hotbed of activity for both buyers and sellers alike.
With fluctuating home prices, emerging neighborhoods, and shifting demand dynamics, staying informed is crucial for anyone navigating the Seattle real estate market. Whether you’re a seasoned investor looking for the next big opportunity or a prospective homeowner searching for the perfect property, being armed with up-to-date information is key to making informed decisions.
As we move forward, it’s essential to keep a close eye on market trends and developments, as they can significantly impact your real estate endeavors. By staying proactive and adaptable, you can position yourself to capitalize on emerging opportunities and navigate any challenges that may arise.
Don’t miss out on the latest updates that could shape your real estate journey in Seattle. Stay informed, stay vigilant, and seize the opportunities that await in the ever-evolving Seattle real estate market.
