Seattle and the Puget Sound Area Quarterly Real Estate Insights:

Navigating Q3 2024 Market Dynamics in Seattle, Eastside, King & Snohomish County – A Financial Perspective

As your trusted Real Estate Advisor with Realogics Sotheby’s International Realty, I’m excited to present the Q3 2024 Market Trends From Around the Sound report. This quarter, we’ve witnessed a notable surge in seller activity, with many Seattle-area and surrounding markets seeing substantial increases in available inventory. Compared to Q3-2023, buyers had more opportunities to find their ideal homes, while sellers enjoyed price growth in most communities, making it an optimal time to list their properties.

Whether you’re planning to achieve your real estate goals before the end of the year or setting a strategy for 2025, understanding these market trends is the key to making informed decisions. The report offers detailed, year-over-year comparisons across 16 of the region’s most desirable communities, highlighting vital metrics like median sales prices, average days on market, and inventory levels.

For those looking to buy, sell, or invest, these insights can be your roadmap to success. Explore the full report through the links below, and don’t hesitate to reach out for a personalized consultation. As always, I’m here to guide you through the complexities of the market and help you achieve your real estate goals with confidence

View Data per City or Area

Bainbridge Island Real Estate Market | Single-Family Homes
Bainbridge Island continued to favor sellers in Q3 2024, with only 2.4 months of inventory available. However, a substantial 53.57% increase in single-family home listings year-over-year provided buyers with a wider selection, enhancing their opportunities in this desirable market.

Eastside Real Estate Market | Single-Family Homes
For the third consecutive year, the Eastside’s Q3 market saw a rise in median sales prices, reaching $1,521,000 in 2024—an 8.64% year-over-year increase. The average price per square foot mirrored this growth, increasing from $580 in Q3-2023 to $630 in Q3-2024, reflecting strong demand for Eastside single-family homes.

Eastside Real Estate Market | Condominiums
In Q3 2024, Eastside condominium buyers benefited from a significant increase in inventory, with listings rising by an impressive 128.9% year-over-year, from 173 to 396 homes. This surge elevated the supply level to 2.6 months, offering buyers more options as they navigated the market.

Mercer Island Real Estate Market | Single-Family Homes
Mercer Island experienced a substantial increase in new single-family home listings, rising 61.29% year-over-year from 31 to 50 homes. Despite this boost in inventory, the average days on market decreased significantly, falling from 30 days to just 15 days, indicating strong demand in the market.

Seattle Real Estate Market | Single-Family Homes
Seattle’s single-family home market remains a seller's market with 2.6 months of inventory. However, this level of inventory provides buyers with more options compared to other markets analyzed in our report, allowing for greater selection as they pursue their ideal homes.

Seattle Real Estate Market | Condominiums
Seattle's condominium market saw notable price growth, with the median sales price rising by 10.2% from $490,000 to $540,000. Meanwhile, the average price per square foot remained relatively stable, experiencing less than a 1% change, indicating a steady demand for condos in the area.

View Data per County

King County Real Estate Market | Single-Family Homes
The third quarter of 2024 showcased significant growth in King County's single-family home market, with the median sales price rising by 8.89% year-over-year, from $900,000 to $980,000. This upward trend reflects the ongoing demand for homes in this vibrant region.

Snohomish County Real Estate Market | Single-Family Homes
In Q3 2024, Snohomish County's single-family home market demonstrated consistent activity, with an average of 22 days on the market—comparable to 21 days in Q3 2023 and 22 days in Q2 2022. This stability suggests that while the market remains active, buyers had the flexibility to consider their options without the pressure to make immediate offers on new listings.

Pierce County Real Estate Market | Single-Family Homes
Pierce County continued to operate as a seller's market with 2.1 months of inventory available. However, a substantial year-over-year increase of 38.81% in homes listed for sale—rising from 1,430 in Q3 2023 to 1,985 in Q3 2024—resulted in greater supply compared to the previous year's 1.6 months of inventory, providing buyers with more options in the market.

Kitsap County Real Estate Market | Single-Family Homes
(Excluding Bainbridge Island)
Kitsap County remains a sought-after location for homebuyers, evidenced by a 9.69% increase in single-family home sales, rising from 898 homes in Q3 2023 to 985 homes in Q3 2024. This upward trend highlights the county's continued appeal in the real estate market.

Island County Real Estate Market | Single-Family Homes
Island County provided buyers with a more accessible home search in Q3 2024, as new listings increased by 33.91% year-over-year, rising from 230 homes in Q3 2023 to 308 homes. This surge in inventory resulted in a total of 2.6 months of inventory, offering buyers a wider selection of options in the market.

Skagit County Real Estate Market | Single-Family Homes
In Skagit County, sellers demonstrated patience in a competitive market, resulting in a 25% year-over-year increase in homes for sale. This upward trend indicates a growing willingness among sellers to list their properties, reflecting a dynamic market environment despite the challenges.

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