September 22 

 🏡 Seattle & Eastside Housing Market: September 2024 Update! 🏡 

💡 Thinking of buying or selling in the Seattle or Eastside areas? 

      Here’s a deep dive into the latest market trends, combining fresh data and valuable insights. 

Seattle Market Trends: 

• 🏠 Home Prices: The median single-family home price in Seattle is $930K, up 3.4% year-over-year. Prices have dipped 4.4% since July, giving buyers an opening to act. 

• 🏡 Inventory: Inventory has surged by 34% compared to last year, giving buyers more options. Sellers can still benefit if homes are competitively priced and in great condition. 

• 📉 Buyer Activity: Mortgage rates are at 6.2%, encouraging buyers back into the market. Be ready for fast-moving properties! 

Eastside Market Trends: 

• 🏠 Home Prices: The median price for single-family homes on the Eastside is $1.55M, up 6.7% year-over-year. Like Seattle, prices are down slightly from July, making this a prime time for buyers. 

• 🏢 Condo Inventory: The supply of condos has surged by 119%, giving buyers significantly more choices. 

• 📊 Buyer Activity: Pending sales are down 16% from July, but the recent rate drops are expected to spark renewed interest. 

Overall Market Dynamics in Seattle: 

          Seattle’s housing market remains highly competitive, with homes selling in an average of 12 days, and 29.1% of homes closing above the asking price. While prices per square foot have dipped by 2.8% to $562, the market’s overall health is solid. Despite some signs of cooling, it remains a seller’s market, though rising inventory and fewer bidding wars are signaling a more balanced environment. 

Why Act Now? 

• Buyers: With rates declining, this might be your best chance to enter the market with more inventory and slightly less competition. Get pre-approved and move quickly! 

• Sellers: The market still favors you, but smart pricing and making your home market-ready are crucial as more listings become available. 

Long-Term Outlook: 

Over the last decade, Seattle has seen 98.36% home value appreciation, making it a top-performing market nationwide. Experts predict a 0.4% price decline between mid-2024 and 2025, signaling a slight market correction.