🏠 Seattle Real Estate Update - March 2024
Home prices increased $84k in February, marking the largest single month appreciation ever. For just the third time in the last two decades, home prices remained stable from December to January, defying the typical seasonal trend of a decline. Meanwhile, King County experienced a surge in the rate of home sales, reaching its highest levels since May 2022. In the Seattle region, properties spent a mere 9 days on the market, making it the fastest-moving market on the West Coast and matching the swift pace seen in Boston and Washington D.C. as the second fastest market in the country. Notably, Seattle boasted the highest net migration among major U.S. cities in 2022, largely driven by millennials seeking opportunities in the thriving tech industry.

Median home price by county and % change month-over-month (MoM) and year-over-year (YoY) for Feb 2024
King | $934,000 | 9.9% MoM | 16.1% YoY
Pierce | $552,500 | 2.3% MoM | 5.2% YoY
Snoho | $728,725 | 0.2% MoM | 6.2% YoY
Kitsap | $515,000 | -6.4% MoM | 2.5% YoY

Market activity over the last 7 days - King County Single family homes
1307 listings active
624 new listings
150 price reductions
610 listings pending
520 listings sold
104 listings taken off market (canceled/expired)

Average time on market King County: 34 days

Average sold to list price ratio King County: 101% of current list price, 100% of original list price
Mortgage rates averaged 6.94%

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