Is Oak Bay-Port Ludlow, WA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Oak Bay-Port Ludlow is a buyer's market

Buyer's
Market

Difference Since May 2023

At the same time last year, Oak Bay-Port Ludlow was a Seller's Market.

Key Takeaway

Oak Bay-Port Ludlow is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Oak Bay-Port Ludlow, WA

How much do homes in Oak Bay-Port Ludlow, WA cost?

Median Sold Price

$600,000

$300/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$2,300(+0.4%)

Key Takeaway

The sold price of homes in Oak Bay-Port Ludlow has remained the same since last year.

Summary: The median home sold price in Oak Bay-Port Ludlow was $600,000 in May 2024, up 0.4% from last year, and the median price per square foot was $300.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $517.5K$1.0M
+108.5%
2 $512.8K$582.5K
+13.6%
3 $660K$638K
-3.3%
4 $670K$700K
+4.5%
5+ -$600K
N/A

Summary: Oak Bay-Port Ludlow housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 108.5%, 2 bedroom homes increased by 13.6%, 3 bedroom homes decreased by 3.3%, 4 bedroom homes increased by 4.5%, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Cities

Discovery Bay-Port Townsend
+4.3%
Oak Bay-Port Ludlow
0.4%

Housing Supply in Oak Bay-Port Ludlow, WA

How many homes are available in Oak Bay-Port Ludlow, WA?

Number of Homes For Sale

Apr 2024May 2024CHANGE
5676+35.7%

Summary: The Oak Bay-Port Ludlow real estate market had 76 homes for sale in May 2024, a 35.7% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 32
-33.3%
2 1924
+26.3%
3 2539
+56.0%
4 911
+22.2%
5+ 00
0.0%

Summary: The Oak Bay-Port Ludlow housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes increased by 26.3%, 3 bedroom homes increased by 56%, 4 bedroom homes increased by 22.2%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Apr 2024May 2024CHANGE
128-33.3%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Oak Bay-Port Ludlow, you may be able to get a good deal. 37.5% of homes here sold below asking price last month.

Summary: A total of 8 homes were sold or pending in Oak Bay-Port Ludlow in May 2024, down by 33.3% month-over-month. Of the 8 sold homes, 38% were sold under asking, 38% were sold at asking, and 25% were sold over asking.

Days on Market for Oak Bay-Port Ludlow, WA

How long does it take to sell a home in Oak Bay-Port Ludlow, WA?

Average Sale Time

May 2023May 2024CHANGE
34 Days35 Days+3.9%

Summary: Homes in Oak Bay-Port Ludlow had an average of 35 days on market in May 2024, up by 3.9% compared to last year.

Breakdown of Home Sale Times

6 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Oak Bay-Port Ludlow are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 8 homes were sold in Oak Bay-Port Ludlow; 75% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 13% 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 16 Days Ago

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