Seattle Property Insights: Latest Market Updates & Future Trends

Welcome to HomePro Associates, your go-to resource Seattle real estate market update. We are here to keep you informed with the latest market trends, key statistics, and insightful analysis of Seattle’s real estate landscape.

Whether you’re buying, selling, or investing, our goal is to provide you with the knowledge and tools you need to make smart, confident decisions in today’s competitive market. From neighborhood insights to pricing trends, we cover all the essentials to help you navigate Seattle’s ever-evolving real estate environment.

Sign up now to get weekly market reports emailed to you directly, along with a few fun features about what’s happening around the Sound.

Navigating Seattle’s Competitive Market in December

As we progress through December, housing market in Seattle continues to exhibit dynamic activity, building upon the trends observed in November. Here’s an updated overview of the current real estate market landscape:

Sales Activity and Inventory Levels

In November, Seattle’s Sales Activity Intensity™—the percentage of homes going under contract within the first 30 days of listing—stood at a robust 46.4%, indicating a very strong market. This momentum has carried into December, with the Sales Activity Intensity™ rising to 51.7%, signifying that over half of the newly listed homes are pending within a month.

Despite this vigorous buyer interest, inventory remains constrained. As of early December, Seattle has approximately 1,749 active listings, reflecting a 20.14% decrease from the previous month. This limited supply continues to create a competitive environment for buyers, necessitating prompt and decisive action when suitable properties become available.

Pricing Trends

The median sale price for homes in Seattle reached $879,000 in October, marking an 8.0% increase compared to the same period last year. While specific data for November and December are pending, the ongoing high demand coupled with low inventory suggests that home values are likely maintaining an upward trajectory.

Market Outlook

Looking ahead, the combination of strong buyer demand and limited inventory is expected to sustain the competitive nature of Seattle’s housing market. However, rising mortgage rates—averaging 6.91% in December, up from 6.87% in November—may influence buyer affordability and could potentially temper the pace of price appreciation.

Advice for Buyers and Sellers

• Buyers: In this fast-paced market, it’s crucial to be well-prepared. Ensure you have mortgage pre-approval and are ready to act swiftly when a property that meets your criteria becomes available. Flexibility and prompt decision-making can provide a significant advantage.
• Sellers: With high demand and low inventory, this is an opportune time to list your property. Homes that are well-presented and competitively priced are attracting considerable interest, often resulting in multiple offers.

As we move further into December, staying informed about real estate market developments is essential. Whether you’re considering buying or selling, I’m here to provide expert guidance to help you navigate Seattle’s dynamic real estate landscape successfully.

Looking Back at Q4 2024

As 2024 comes to a close, the Seattle real estate market has shown remarkable resilience and adaptability through the final quarter of the year. Here’s an overview of the key trends that defined October, November, and December:

1. Market Activity & Home Sales: The fourth quarter typically sees a seasonal slowdown, but Seattle’s real estate market defied expectations. October set the stage with an uptick in home sales, and this momentum carried through November and December. The average days on market decreased across the board, reflecting an increasingly competitive landscape as well-prepared buyers acted decisively to secure their dream homes.

2. Price Trends: Home prices continued their steady climb through Q4. The median home price increased by approximately 3.5% quarter-over-quarter, driven by sustained demand and persistent inventory constraints. While mortgage rates edged higher during this period, buyers remained active, underscoring their confidence in Seattle’s housing market.

3. Inventory Levels: Inventory levels remained tight throughout the quarter, with active listings falling well below historical averages. By December, the number of homes available for sale was down 20% compared to the start of the quarter. This scarcity kept competition high among buyers, further contributing to upward pressure on prices.

4. Neighborhood Highlights: In Q4 2024, several Seattle neighborhoods continued to thrive, reflecting strong buyer interest and rising property values. South Seattle and Ballard remained hotspots, with their mix of urban amenities and affordability driving demand. West Seattle also saw increased activity as infrastructure improvements enhanced accessibility, while Northgate gained traction due to its evolving transit hub and new development projects. These trends underscore shifting preferences among buyers, favoring vibrant, well-connected communities.

5. Economic & External Factors: The broader economic environment played a critical role in shaping the real estate market during Q4. While mortgage rates experienced modest fluctuations, they remained elevated, encouraging buyers to act decisively in securing favorable terms. Meanwhile, Seattle’s robust job market, particularly in the tech sector, continued to bolster buyer confidence, ensuring steady activity despite inventory constraints. As we head into the new year, these factors will likely remain pivotal in influencing market dynamics.

6. Looking Ahead: As we reflect on Q4 2024, it’s evident that Seattle’s housing market has shown remarkable resilience in adapting to rising interest rates and inventory challenges. While higher rates may temper price growth in the months ahead, the persistent demand and tight supply are expected to sustain competitive conditions as we enter 2025.

If you’re considering a move, understanding these evolving dynamics will be key to navigating the market successfully. Let’s connect to discuss how these trends may shape your buying or selling plans in the new year.

Condo For Sale Sold

• $414,900
• 2 bd
• 2 ba
• 991 sqft

Modern 2-Bedroom Condominium in Kenmore, WA

Home For Sale Sold

• $799,950
• 4 bd
• 2.5 ba
• 2,050 sqft

East-Facing 4-Bedroom New Construction Home in Everett, WA

Home For Sale Sold

• $419,950
• 3 bd
• 2 ba
• 1,319 sqft

Spacious 3-Bedroom Home in Tacoma, WA – with Garage and RV Parking!

Market Recap: Highlights from Spring & Summer 2024

July 2024:

• Market Activity: The summer market maintained its momentum with a strong wave of buyer interest, resulting in increased home sales. Buyers continued to be active, fueled by favorable interest rates and the seasonal allure of moving during summer.
• Price Trends: Median home prices rose further, driven by persistent demand and limited inventory. The market saw competitive bidding, particularly in desirable neighborhoods.
• Inventory Levels: Despite new listings entering the market, inventory levels remained low, contributing to an environment of multiple offers and quick sales.

August 2024:

• Market Activity: The market experienced steady activity as families looked to finalize purchases before the start of the school year. Sales remained robust, with many homes attracting attention soon after listing.
• Price Trends: Prices continued their upward trajectory, reflecting ongoing buyer enthusiasm and a scarcity of homes in many price ranges. The strong demand kept upward pressure on home values.
• Inventory Levels: New listings provided some relief, but overall inventory remained constrained. The market continued to favor sellers, with many properties receiving multiple offers.

September 2024:

• Market Activity: As summer transitioned to fall, the Seattle housing market remained vibrant, with a noticeable increase in both sales and new listings. Buyers were still eager to secure homes, indicating strong demand.
• Price Trends: The median home price in September reached $895,000, marking a 2.5% increase from August and an 8% increase year-over-year. Areas like South Seattle experienced significant price growth, particularly in more affordable segments.
• Inventory Levels: There were 2,200 new listings this month and 1,850 sales, resulting in a sales-to-new listings ratio of around 84%. However, active inventory stood at 1,600 units, which was 15% lower than last year and 45% below long-term averages, illustrating the ongoing tight inventory situation.