Greater Seattle Area Housing Market Overview. (October 2024)
Seattle's housing landscape remains a beacon of activity and competition in the ever-evolving real estate market. Understanding the nuances of the Greater Seattle Area's housing market is crucial for both homebuyers and sellers, as market dynamics vary significantly across different micro-markets. To underscore this point - any in-depth knowledge required for a specific area necessitates a conversation with a qualified real estate advisor.
Market Dynamics: Within the Greater Seattle Area, the tempo of the housing market sets a brisk pace. On average, homes in Seattle solicit approximately three offers and transition from listed to sold in nearly 18 days. Witnessing a 4.3% increase from the previous year, the median sale price now stands at $845,000. Further evidence of growth, the median sale price per square foot has reached $576, marking a 2.9% rise since last year.
Competitive Edge: The Seattle housing market is considered "very competitive" with a Redfin Compete Score™ of 81 out of 100. A typical scenario is the propensity for multiple offers, sometimes accompanied by waived contingencies. Homes customarily sell at the listed price and are pending sale within roughly 13 days. Those exceptionally sought-after residences, known as "hot homes," may exceed the list price by about 1% and achieve a pending status in as few as five days.
Migration & Relocation Trends: An intriguing aspect of Seattle's real estate is the migration flow; from July to September 2024, 20% of Seattle homebuyers searched to relocate outside Seattle, while a substantial 80% aimed to remain within the metropolitan confines. Analyzing the influx, 3% of homebuyers nationwide considered Seattle their preferred destination, with San Francisco, New York, and Los Angeles leading the origin cities. Conversely, when Seattle residents look to relocate, destinations such as Portland, Bellingham, and Phoenix rank as top choices, with Portland attracting the highest number of Seattleites.
The Metrics: An overview of financial aspects reveals stability with homes selling at 100% of list price, a marginal change of -0.5% year over year. However, 25.3% of homes sold above the list price indicate a decrease of 6.2 percentage points year over year, while price reductions were observed in 28.9% of homes, down 3.1 points from the previous year. Although the median sale price exhibits steady growth, the number of homes sold has decreased by 9.68% year over year. Furthermore, homes remain on the market for a median duration of 18 days, which denotes an increase from prior years.
This encapsulation of the Greater Seattle Area housing market is intended to offer a comprehensive view, albeit every micro-market possesses distinct characteristics beyond the scope of general overviews. To navigate the nuances of your specific interest within this varied landscape, your real estate advisor's detailed and personalized analysis is paramount. Together, you can uncover the opportunities that align with your aspirations and market expectations.