Is Redmond, WA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Redmond is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Redmond, WA

How much do homes in Redmond, WA cost?

Median Sold Price

$1,274,505

$615/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$85,755(+7.2%)

Key Takeaway

Homes in Redmond have sold for 7.2% more than they did a year ago.

Summary: The median home sold price in Redmond was $1,274,505 in May 2024, up 7.2% from last year, and the median price per square foot was $615.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $390K$375K
-3.8%
2 $635K$825K
+29.9%
3 $1.0M$1.1M
+7.2%
4 $1.6M$1.6M
+3.8%
5+ $1.8M$2.0M
+10.9%

Summary: Redmond housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 3.8%, 2 bedroom homes increased by 29.9%, 3 bedroom homes increased by 7.2%, 4 bedroom homes increased by 3.8%, and 5+ bedroom homes increased by 10.9%.

Median Sold Price Compared To Nearby Cities

Seattle East
+12.2%
Bellevue
+10.8%
Redmond
+7.2%
Sammamish
+7.2%

Housing Supply in Redmond, WA

How many homes are available in Redmond, WA?

Number of Homes For Sale

Apr 2024May 2024CHANGE
241287+19.1%

Summary: The Redmond real estate market had 287 homes for sale in May 2024, a 19.1% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 811
+37.5%
2 6973
+5.8%
3 7486
+16.2%
4 6388
+39.7%
5+ 2729
+7.4%

Summary: The Redmond housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 37.5%, 2 bedroom homes increased by 5.8%, 3 bedroom homes increased by 16.2%, 4 bedroom homes increased by 39.7%, and 5+ bedroom homes increased by 7.4%.

Number of Homes Sold

Apr 2024May 2024CHANGE
94108+14.9%

Asking Price vs. Sold Price

19 Homes Were Sold
Under Asking

18 Homes Were Sold
At Asking

71 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Redmond, you could pay more than the asking price. 65.7% of homes here sold above asking price last month.

Summary: A total of 108 homes were sold or pending in Redmond in May 2024, up by 14.9% month-over-month. Of the 108 sold homes, 18% were sold under asking, 17% were sold at asking, and 66% were sold over asking.

Days on Market for Redmond, WA

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

Average Sale Time

May 2023May 2024CHANGE
13 Days7 Days-45.9%

Summary: Homes in Redmond had an average of 7 days on market in May 2024, down by 45.9% compared to last year.

Breakdown of Home Sale Times

104 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 108 homes were sold in Redmond; 96% of homes were sold within 30 days, 4% of homes were sold within 30 to 90 days, and 0% 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

Newest Listings in Redmond, WA

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