King County median home price soars to $800K, report finds
KING COUNTY, Wash. - King County’s median home price surged to $800,000 in Dec. 2024, marking a 3.2% increase compared to $775,000 in Dec. 2023, according to a recent market report from the Northwest Multiple Listing Service (NWMLS).
King County’s median home price surged to $800,000 in December 2024, marking a 3.2% increase compared to $775,000 in December 2023. (NWMLS)
This upward trend in prices positions King County as one of the most expensive housing markets in Washington state, trailing only San Juan County, which reported a median price of $849,500 in December.
The Dec. 2024 housing report highlights a market still grappling with low inventory, with King County reporting just 1.63 months of inventory, well below the 4-to-6 months typically considered balanced.
Active listings in King County grew by 33.8% year over year, a significant jump compared to Dec. 2023. New listings also increased by 18.5%, underscoring a steady influx of properties despite challenges posed by rising mortgage rates.
Market experts attribute these rising prices to heightened demand and limited housing supply.
"King County continues to attract buyers despite affordability challenges," said NWMLS in its market analysis.
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The median sale price represents a 5.7% increase compared to the same period last year.
Across the Puget Sound region, neighboring counties like Snohomish and Pierce also saw gains in median home prices, at $744,995 and $550,000, respectively.
As the market looks ahead to 2025, industry analysts anticipate continued pressure on prices, driven by inventory shortages and robust buyer interest.
For more detailed county-specific data, visit NWMLS’s market report.
The Source: Information from this story was provided by The Northwest Multiple Listing Service (NWMLS).
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