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 March 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

$807,306

$563/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

-$31,939(-3.8%)

Key Takeaway

Homes in Seattle have sold for 3.8% less than they did a year ago.

Summary: The median home sold price in Seattle was $807,306 in March 2024, down 3.8% from last year, and the median price per square foot was $563.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $434.3K$435.1K
0.2%
2 $699.9K$675K
-3.6%
3 $919.8K$894.3K
-2.8%
4 $1.2M$1.1M
-4.5%
5+ $1.5M$1.4M
-6.5%

Summary: Seattle housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 0.2%, 2 bedroom homes decreased by 3.6%, 3 bedroom homes decreased by 2.8%, 4 bedroom homes decreased by 4.5%, and 5+ bedroom homes decreased by 6.5%.

Median Sold Price Compared To Nearby Cities

Seattle
-3.8%
Burien
-5.0%
Mercer Island
-5.1%
Tukwila
-12.1%
Medina
-19.5%

Housing Supply in Seattle, WA

How many homes are available in Seattle, WA?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
2,2002,600+18.2%

Summary: The Seattle real estate market had 2,600 homes for sale in March 2024, a 18.2% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 325394
+21.2%
2 701827
+18.0%
3 636747
+17.5%
4 354413
+16.7%
5+ 184219
+19.0%

Summary: The Seattle housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 21.2%, 2 bedroom homes increased by 18%, 3 bedroom homes increased by 17.5%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes increased by 19%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
656735+12.0%

Asking Price vs. Sold Price

241 Homes Were Sold
Under Asking

251 Homes Were Sold
At Asking

243 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Seattle, expect to pay close to the asking price. 34.1% of homes here sold near the asking price last month.

Summary: A total of 735 homes were sold or pending in Seattle in March 2024, up by 12.0% month-over-month. Of the 735 sold homes, 33% were sold under asking, 34% were sold at asking, and 33% 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

Mar 2023Mar 2024CHANGE
38 Days33 Days-14.6%

Summary: Homes in Seattle had an average of 33 days on market in Mar 2024, down by 14.6% compared to last year.

Breakdown of Home Sale Times

528 Homes Were Sold
Under 30 Days

117 Homes Were Sold
In 30 - 90 Days

90 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 March 2024, 735 homes were sold in Seattle; 72% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 12% 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 18 Days Ago

Newest Listings in Seattle, WA

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