The Seattle-area housing market has been experiencing a resurgence, driven by rising home prices and increased sales activity. Here are some key trends for the Puget Sound region in 2024:

1. Home Price Growth:
   • The median home price has seen significant growth across all four counties in the Puget Sound region: King, Snohomish, Pierce, and Kitsap.
   • King County, which includes Seattle, witnessed the most dramatic increase with a staggering 12% year-over-year jump, pushing the median home price to a whopping $980,000.
   • Even surrounding areas haven’t been spared, with Snohomish County experiencing a price rise, Pierce County growing, and Kitsap County increasing by 6%.
   • Seattle itself continues to be a frontrunner, with the median home price reaching a remarkable $997,900, reflecting a nearly 13% increase compared to last year.
2. Condo Prices:
   • Condo prices have followed a similar trend, with significant surges in most areas except Southwest King County.
   • Notably, Seattle and the Eastside witnessed substantial condo price increases.
3. Inventory Challenges:
   • While there has been a recent uptick in new listings, overall housing supply in the Seattle market remains limited.
   • The scarcity is partly attributed to the “lock-in effect.” Homeowners, incentivized by their ultra-low existing mortgage rates, are hesitant to sell and potentially face higher rates in the current market.
   • This limited inventory, coupled with high buyer demand, creates a competitive environment where bidding wars and quick sales are the norm.
4. Market Pace:
   • The Seattle real estate market moves at a breakneck pace. Approximately 80% of homes sold in the Seattle area in March were off the market within two weeks.
   • While the market isn’t quite as tilted towards sellers as it was during the peak of the pandemic-driven market in 2021, it still leans in their favor.
   • Currently, it takes about one month to sell through all single-family homes in King County at present demand levels.

Market Forecast:

• Residential real estate experts project that, on average, home prices will increase by approximately 2.8% by the end of this year and an additional 1.5% by the end of 2024².
• While prices are expected to appreciate nationally, the metropolitan Puget Sound market in Washington is expected to remain robust barring catastrophic global, economic or political events.

In summary, the Puget Sound Basin is experiencing robust home price growth, but limited inventory and high demand continue to shape the market dynamics.  Keep in mind, these projections are based on general factors and specific neighborhood conditions will vary, sometimes widely. Always consult with a real estate professional for the most up-to-date information. I have a network of agents I have worked with and will help you to choose the right fit for you.