Is Seattle, WA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 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
$824,181
$570/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
The sold price of homes in Seattle has remained the same since last year.
Summary: The median home sold price in Seattle was $824,181 in May 2024, the same as last year, and the median price per square foot was $570.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $439.2K | $434.6K | -1.0% |
| 2 Bedrooms | $680.2K | $681.1K | 0.1% |
| 3 Bedrooms | $899.5K | $899.9K | 0.0% |
| 4 Bedrooms | $1.2M | $1.2M | -0.7% |
| 5+ Bedrooms | $1.4M | $1.4M | -2.6% |
Summary: Seattle housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1%, 2 bedroom homes increased by 0.1%, 3 bedroom homes did not change, 4 bedroom homes decreased by 0.7%, and 5+ bedroom homes decreased by 2.6%.
Median Sold Price Compared To Nearby Cities
| Mercer Island | $2.1M | $2.2M | +2.7% |
| Seattle | $824K | $824.1K | 0.0% |
| Burien | $665K | $644.1K | -3.1% |
| Tukwila | $558.7K | $512.5K | -8.3% |
| Medina | $5.3M | $3.9M | -25.5% |
Housing Supply in Seattle, WA
How many homes are available in Seattle, WA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 2,785 | 3,422 | +22.9% |
Summary: The Seattle real estate market had 3,422 homes for sale in May 2024, a 22.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 408 | 528 | +29.4% |
| 2 Bedrooms | 869 | 1,058 | +21.7% |
| 3 Bedrooms | 817 | 987 | +20.8% |
| 4 Bedrooms | 480 | 563 | +17.3% |
| 5+ Bedrooms | 211 | 286 | +35.5% |
Summary: The Seattle housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 29.4%, 2 bedroom homes increased by 21.7%, 3 bedroom homes increased by 20.8%, 4 bedroom homes increased by 17.3%, and 5+ bedroom homes increased by 35.5%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 803 | 935 | +16.4% |
Asking Price vs. Sold Price
253 Homes Were Sold
Under Asking
332 Homes Were Sold
At Asking
350 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Seattle, you could pay more than the asking price. 37.4% of homes here sold above asking price last month.
Summary: A total of 935 homes were sold or pending in Seattle in May 2024, up by 16.4% month-over-month. Of the 935 sold homes, 27% were sold under asking, 36% were sold at asking, and 37% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 27 Days | 23 Days | -15.5% |
Summary: Homes in Seattle had an average of 23 days on market in May 2024, down by 15.5% compared to last year.
Breakdown of Home Sale Times
746 Homes Were Sold
Under 30 Days
142 Homes Were Sold
In 30 - 90 Days
47 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Seattle are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 935 homes were sold in Seattle; 80% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
Listings courtesy of Northwest Multiple Listing Service as distributed by MLS GRID.
The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of Northwest MLS IDX. Real estate listings held by other brokerage firms are marked with the green "three trees" logo and includes the name of the listing broker(s). Copyright © 2024 Northwest MLS. All rights reserved.