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Seattle home sales skyrocket, median home price soars to $740K

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Published  November 15, 2024 11:48am PST
Real Estate
FOX 13 Seattle

The Brief

    • Seattle leads the nation in home sales growth: Home sales in the Seattle area surged 27.4% year-over-year in October, topping the U.S. for the largest increase among major metro areas.
    • Median home prices soar to $740K: Seattle ranks fourth nationally for highest median home prices, up 8.8% from last year, reflecting strong demand despite higher interest rates.
    • Inventory expands, days on market lengthen: Active housing inventory in Seattle grew 30.2% year-over-year, while the average time to sell a home increased to 57 days, up six days from last year.

SEATTLE - Seattle's housing market is surging, claiming the top spot in the United States with the largest year-over-year jump in home sales, according to the latest RE/MAX National Housing Report. 

In October, home sales in the Seattle area increased by 27.4% compared to the same month last year, with 4,399 transactions closed.

This growth outpaced other high-performing markets such as San Antonio (+24.6%) and Denver (+22.9%). The increase is notable as it defies the typical seasonal slowdown in homebuying during the fall and winter months.

The report also highlighted Seattle as one of the most expensive housing markets in the country, with a median home sale price of $740,000, up 8.8% year-over-year. This places Seattle fourth in the nation for the highest median home prices, trailing behind San Francisco, Los Angeles and San Diego.

Keep reading to learn more about this latest report, and Seattle-area housing inventory trends.

Rising inventory, buyer demand

In addition to an increase in home sales, Seattle's housing inventory saw significant growth, rising 30.2% year-over-year, while new listings increased by 21.1% over the same period. However, despite the higher inventory, the report noted that homes are taking longer to sell, with an average of 57 days on the market, six days longer than a year ago.

"Home sales have jumped almost 30% in King County despite a traditional seasonal slowdown," said John Manning, managing broker of RE/MAX Gateway in Seattle. "Buyer demand remains strong, with pending sales up approximately 42% in King County and 45% in Snohomish County."

In the report, Manning noted concerns among buyers regarding high mortgage rates, rising property taxes and employment uncertainties.

Existing home sales fall

Existing home sales dropped 1% in September and are down 3.5% from a year ago, according to the National Association of Realtors.

Market trends, challenges

The report highlights that while Seattle's market remains robust, it is not without challenges. 

Higher property taxes, which have increased by approximately 15% since 2022, may be pricing out older buyers and those on fixed incomes. High interest rates also continue to weigh on buyer sentiment. Despite this, the market's resilience is reflected in strong sales activity and rising home prices.

The Source

  • Data for this story was sourced from the RE/MAX National Housing Report for October 2024.

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