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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Seattle is a seller's market

Buyer's
Market

Difference Since February 2023

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

Key Takeaway

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

Housing Prices in Seattle, WA

How much do homes in Seattle, WA cost?

Median Sold Price

$799,968

$561/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

-$49,913(-5.9%)

Key Takeaway

Homes in Seattle have sold for 5.9% less than they did a year ago.

Summary: The median home sold price in Seattle was $799,968 in February 2024, down 5.9% from last year, and the median price per square foot was $561.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $438K$430.4K
-1.7%
2 $705.2K$670.1K
-5.0%
3 $929.1K$887.4K
-4.5%
4 $1.2M$1.1M
-6.7%
5+ $1.5M$1.4M
-6.0%

Summary: Seattle housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.7%, 2 bedroom homes decreased by 5%, 3 bedroom homes decreased by 4.5%, 4 bedroom homes decreased by 6.7%, and 5+ bedroom homes decreased by 6%.

Median Sold Price Compared To Nearby Cities

Burien
-5.3%
Seattle
-5.9%
Mercer Island
-8.3%
Tukwila
-9.1%
Medina
-21.3%

Housing Supply in Seattle, WA

How many homes are available in Seattle, WA?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
1,7892,311+29.2%

Summary: The Seattle real estate market had 2,311 homes for sale in February 2024, a 29.2% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 236338
+43.2%
2 615756
+22.9%
3 490645
+31.6%
4 302379
+25.5%
5+ 146193
+32.2%

Summary: The Seattle housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 43.2%, 2 bedroom homes increased by 22.9%, 3 bedroom homes increased by 31.6%, 4 bedroom homes increased by 25.5%, and 5+ bedroom homes increased by 32.2%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
403631+56.6%

Asking Price vs. Sold Price

202 Homes Were Sold
Under Asking

210 Homes Were Sold
At Asking

219 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Seattle, you could pay more than the asking price. 34.7% of homes here sold above asking price last month.

Summary: A total of 631 homes were sold or pending in Seattle in February 2024, up by 56.6% month-over-month. Of the 631 sold homes, 32% were sold under asking, 33% were sold at asking, and 35% were sold over asking.

Days on Market for Seattle, WA

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

Average Sale Time

Feb 2023Feb 2024CHANGE
45 Days40 Days-11.3%

Summary: Homes in Seattle had an average of 40 days on market in Feb 2024, down by 11.3% compared to last year.

Breakdown of Home Sale Times

411 Homes Were Sold
Under 30 Days

108 Homes Were Sold
In 30 - 90 Days

112 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During February 2024, 631 homes were sold in Seattle; 65% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 18% 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 28 Days Ago

Newest Listings in Seattle, WA

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