Market Trends: Q1-2024

It’s a new year but our market is marked with similar obstacles as the previous year: high interest rates that continue to deter potential buyers and low levels of inventory. Before we proceed with the rest of the year and see the expected rebound with the spring sales season encouraging more activity, we’re looking back at the first quarter of 2024 with our Market Trends From Around the Sound report. Explore our year-to-year comparison of insightful data like median sales price, average days on market, and inventory levels for 16 distinct communities within the Puget Sound region.

Seattle | Single-Family Homes

Sellers who chose to sell their single-family Seattle residences in the first quarter of the year did so in a market that saw price growth and slightly less inventory, meaning fewer listings to compete with, than the previous year.

Seattle | Condominiums

Inventory moved at a faster rate than many of the other markets analyzed in our reporting, with a significant 34.6% increase in homes sold. The market was considered a seller’s market, but 2.7 months of supply put buyers in a better position than other communities where there was less than 1 month of supply to choose from as they navigated the market.

Eastside | Single-Family Homes

Inventory did not move as quickly as it did in the first quarter of 2023 when all markets saw extreme buyer interest, but it did move more quickly than it did in Q1-2023 where the average days on market was at 51 compared to Q1 of this year which yielded an average of 31 days on the market.

Eastside | Condominiums

Like the single-family home Eastside market, the Eastside condo market saw significant year-over-year price growth with a 15.2% increase in the median sales price, climbing from $538,000 to $620,000. There was similar growth in the average price per square foot with an average of $522 in Q1-2023 that jumped to an average of $585 a mere year later.

PIERCE COUNTY | Single-Family Homes

In the first quarter of 2024, Pierce County saw very slight price growth, more inventory, and fewer sales than the county’s Q1-2023 market. The data with the largest yearly difference was the number of homes sold, which was down 14.8% from 2,272 to 1,925 homes.

KING COUNTY | Single-Family Homes

The median sales price was up 12.7% year over year to $930,000 from $825,000, after it had dipped 6.3% from Q1-2022’s median sales price of $880,000. There was similar growth in the average price per square foot with an 11.4% year-over-year increase from $483 to $539.