Is Port Orchard, WA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Port Orchard is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, Port Orchard has remained a Seller's Market.

Key Takeaway

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

Housing Prices in Port Orchard, WA

How much do homes in Port Orchard, WA cost?

Median Sold Price

$534,834

$273/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$19,836(+3.9%)

Key Takeaway

Homes in Port Orchard have sold for 3.9% more than they did a year ago.

Summary: The median home sold price in Port Orchard was $534,834 in May 2024, up 3.9% from last year, and the median price per square foot was $273.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $290K$365K
+25.9%
2 $379.9K$453K
+19.2%
3 $499.3K$514.9K
+3.1%
4 $532.7K$549.9K
+3.2%
5+ $560K$599.9K
+7.1%

Summary: Port Orchard housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 25.9%, 2 bedroom homes increased by 19.2%, 3 bedroom homes increased by 3.1%, 4 bedroom homes increased by 3.2%, and 5+ bedroom homes increased by 7.1%.

Median Sold Price Compared To Nearby Cities

Bremerton
+5.8%
Port Orchard
+3.9%

Housing Supply in Port Orchard, WA

How many homes are available in Port Orchard, WA?

Number of Homes For Sale

Apr 2024May 2024CHANGE
385391+1.6%

Summary: The Port Orchard real estate market had 391 homes for sale in May 2024, a 1.6% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 43
-25.0%
2 2929
0.0%
3 187192
+2.7%
4 136131
-3.7%
5+ 2936
+24.1%

Summary: The Port Orchard housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes remained the same, 3 bedroom homes increased by 2.7%, 4 bedroom homes decreased by 3.7%, and 5+ bedroom homes increased by 24.1%.

Number of Homes Sold

Apr 2024May 2024CHANGE
10595-9.5%

Asking Price vs. Sold Price

17 Homes Were Sold
Under Asking

39 Homes Were Sold
At Asking

39 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Port Orchard, expect to pay close to the asking price. 41.1% of homes here sold near the asking price last month.

Summary: A total of 95 homes were sold or pending in Port Orchard in May 2024, down by 9.5% month-over-month. Of the 95 sold homes, 18% were sold under asking, 41% were sold at asking, and 41% were sold over asking.

Days on Market for Port Orchard, WA

How long does it take to sell a home in Port Orchard, WA?

Average Sale Time

May 2023May 2024CHANGE
28 Days35 Days+24.5%

Summary: Homes in Port Orchard had an average of 35 days on market in May 2024, up by 24.5% compared to last year.

Breakdown of Home Sale Times

67 Homes Were Sold
Under 30 Days

16 Homes Were Sold
In 30 - 90 Days

12 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 95 homes were sold in Port Orchard; 71% of homes were sold within 30 days, 17% 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 23 Days Ago

Newest Listings in Port Orchard, WA

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