Is King County, WA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing King County is a seller's market

Buyer's
Market

Difference Since March 2023

Since last year, King County has remained a Seller's Market.

Key Takeaway

King County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in King County, WA

How much do homes in King County, WA cost?

Median Sold Price

$816,581

$496/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$1,961(+0.2%)

Key Takeaway

The sold price of homes in King County has remained the same since last year.

Summary: The median home sold price in King County was $816,581 in March 2024, up 0.2% from last year, and the median price per square foot was $496.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $410.1K$409.6K
-0.1%
2 $599.9K$613.1K
+2.2%
3 $809.1K$812.5K
0.4%
4 $1.0M$1.1M
+0.6%
5+ $1.4M$1.4M
+6.8%

Summary: King County housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 0.1%, 2 bedroom homes increased by 2.2%, 3 bedroom homes increased by 0.4%, 4 bedroom homes increased by 0.6%, and 5+ bedroom homes increased by 6.8%.

Median Sold Price Compared To Nearby Counties

King County
0.2%
Pierce County
-1.2%
Kittitas County
-1.4%
Snohomish County
-2.6%
Chelan County
-2.6%

Housing Supply in King County, WA

How many homes are available in King County, WA?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
5,3276,343+19.1%

Summary: The King County real estate market had 6,343 homes for sale in March 2024, a 19.1% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 465567
+21.9%
2 1,2791,499
+17.2%
3 1,6621,973
+18.7%
4 1,2591,535
+21.9%
5+ 662769
+16.2%

Summary: The King County housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 21.9%, 2 bedroom homes increased by 17.2%, 3 bedroom homes increased by 18.7%, 4 bedroom homes increased by 21.9%, and 5+ bedroom homes increased by 16.2%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
1,5851,937+22.2%

Asking Price vs. Sold Price

527 Homes Were Sold
Under Asking

604 Homes Were Sold
At Asking

806 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in King County, you could pay more than the asking price. 41.6% of homes here sold above asking price last month.

Summary: A total of 1,937 homes were sold or pending in King County in March 2024, up by 22.2% month-over-month. Of the 1,937 sold homes, 27% were sold under asking, 31% were sold at asking, and 42% were sold over asking.

Days on Market for King County, WA

How long does it take to sell a home in King County, WA?

Average Sale Time

Mar 2023Mar 2024CHANGE
40 Days28 Days-31.0%

Summary: Homes in King County had an average of 28 days on market in Mar 2024, down by 31% compared to last year.

Breakdown of Home Sale Times

1,501 Homes Were Sold
Under 30 Days

235 Homes Were Sold
In 30 - 90 Days

201 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in King County are selling fast, if you're buying plan to act quickly.

Summary: During March 2024, 1937 homes were sold in King County; 77% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 25 Days Ago

Newest Listings in King County, WA

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