Summer is here, and I want to share the latest updates on the June 2024 Seattle real estate market. As the temperatures rise, so does the activity in our local housing market. This morning, while working out to some Will Smith—’summer, summer, summertime’—I couldn’t help but think about the exciting trends we’re seeing in Seattle real estate. With warm weather approaching, it’s the perfect time to explore the hot market trends shaping our community.
In June 2024, the Seattle real estate market is buzzing with activity, from rising home prices in key neighborhoods to increased inventory levels. Whether you’re a buyer looking for the perfect home or a seller ready to make a move, understanding the current market dynamics is crucial. So, let’s jump right in and take a closer look at what’s happening in the Seattle real estate scene this June 2024!
Northwest MLS Report: Bellevue Soars, Snohomish Falls
This June 2024, I want to share some fascinating insights from Infosparks, our monthly update from the Northwest MLS, for all you data enthusiasts out there. As an economics major, I love diving into this information. Today, we’re looking at a chart showing median home price changes over the past three years in King County, Snohomish County, Seattle, and Bellevue.
Bellevue stands out, reaching its highest point in the last three years, with prices surpassing even the peak levels of the ‘unicorn years’ during COVID. The median home price in Bellevue is now approximately $1.6 million, encompassing condos, townhouses, and single-family homes.
In contrast, the rest of the region’s home prices are clustered around the $800,000 to $900,000 range. Year-over-year, Seattle has seen a 6% increase in median home prices, while King County is up by 8%. However, Snohomish County has experienced a 14% decline, signaling a significant market softening.
During the COVID pandemic, many people took advantage of remote work, choosing to live further from city centers like Seattle and Bellevue, commuting only occasionally. Now, with companies pushing for a return to the office, the appeal of living in places like Everett, Marysville, or Lake Stevens has diminished. This shift has contributed to the 14% year-over-year decrease in home prices in Snohomish County.
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The Puget Sound Market Update with Emily Cressey shares market insights and tips for buyers and sellers in the always evolving Seattle - Bellevue - Everett real estate market. Whether you want to buy, sell, or invest, our market insights will help you track market trends and make smart decisions.Real Estate Insights: More Listings in King County, Bellevue Market Still Tight
Let’s take a look at some other statistics. When it comes to homes for sale, King County is the big winner here. King County, shown in purple, has a lot of homes for sale—4,700, to be exact. Of course, we would expect that because it’s the largest area with the highest population density.
What I want you to focus on more is the slope and how this relates to where it’s been in the past. We have a big surge like we have had in past springs. Typically, this peaks in the fall because a lot of people bring their houses to market in the spring, leading to many sales. But now, as the weather is getting nicer, people are starting to put their houses on the market, getting them fixed up and ready for sale. However, there are fewer buyers typically looking for a home at this point in the market cycle, so we tend to build up inventory and have more homes sticking around longer during the summer.
If you are a buyer who doesn’t like the feeling of being rushed and dealing with multiple offers on everything, this summer is a great time to be looking. There is less pressure to act fast, and there are more homes to choose from, which is really nice. And, of course, the tightest market is in Bellevue, but we have more homes for sale this year across all the markets here.
Closings are also up. We’re seeing a higher number of closings than we had at this time last year. Last year, the story was really about the ‘lock-in’ effect due to changes in interest rates and the decline in prices. Now, it looks like we’re getting back to our normal expected transaction volumes, although not as high as during those ‘unicorn years’ of COVID when everyone and their brother sold their house.
How long is it taking to sell a home? Well, the median time is just a little less than a week, meaning at least half of the homes are selling in the first week. If we look at the average, it’s still a pretty tight number—two to three weeks on average. So, if your home is sitting on the market for longer than this, you know there’s a problem with the condition of your home, the marketing, or the pricing. Take a look at those factors and troubleshoot accordingly.
Strong Sales and Rising Inventory
Overall, as we typically see, homes are selling right at or slightly above the asking price. This happens in cases of multiple offers, where competition drives the prices up. If you’re unsure about where to price your home, pricing it low can be beneficial, as the market will bring it up to its true value for you.
The only place where we’re not seeing quite as strong pricing is in Snohomish County, where the market is weaker overall.
I like to look at the inventory sometimes, as it’s very interesting to see if this is going up. Typically, higher inventory means a weaker market for sellers and more options for buyers. We can see that inventory has been increasing and is now higher than it has been for the last several years. This is great news for buyers—there is more inventory for you to choose from at the moment.
It looks like this trend usually lasts throughout the summer and will start going down again in the fall. So, during this “summer, summer, summertime,” you can enjoy a more relaxed pace of looking and finding something. However, if you haven’t found what you’re looking for by then, we’re going to start losing inventory, and chances are what you’re looking for may not exist in your price range.
Bellevue Thrives Amid Changing Work Dynamics
Overall, here in the Seattle area, Bellevue continues to thrive as it always does. However, Snohomish County is showing signs of weakness, with fewer people willing to live further out from Seattle and Bellevue, where longer commutes are now becoming necessary due to companies requiring employees to return to the office.
The market is slightly softening overall, but pricing remains strong, and we are at or above historic home price levels. Concerns about a market crash or waiting for prices to drop don’t seem likely to materialize. National experts continue to predict that home prices will rise. Homes are selling in less than a month on average, with many selling within a week, indicating that we are still in a seller’s market.
If you have any questions about buying or selling a home, I invite you to visit me at homeproassociates.com. I’m Emily Cressey, your local real estate agent, and I’m always here to assist you. Feel free to leave a comment if you have any questions, or I look forward to connecting with you in my next video.
