Is 98611, WA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 98611 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 98611 has remained a Seller's Market.

Key Takeaway

98611 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 98611, WA

How much do homes in 98611, WA cost?

Median Sold Price

$470,000

$265/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$30,000(+6.8%)

Key Takeaway

Homes in 98611 have sold for 6.8% more than they did a year ago.

Summary: The median home sold price in 98611 was $470,000 in October 2024, up 6.8% from last year, and the median price per square foot was $265.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $385K-
N/A
2 $268K$392.5K
+46.5%
3 $460K$453K
-1.5%
4 $513.9K$615K
+19.7%
5+ $550K$555K
+0.9%

Summary: 98611 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 46.5%, 3 bedroom homes decreased by 1.5%, 4 bedroom homes increased by 19.7%, and 5+ bedroom homes increased by 0.9%.

Median Sold Price Compared To Nearby Zip Codes

98611
+6.8%
98626
+2.9%
98645
+1.1%
98632
+0.6%

Housing Supply in 98611, WA

How many homes are available in 98611, WA?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
8581-4.7%

Summary: The 98611 real estate market had 81 homes for sale in October 2024, a 4.7% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 34
+33.3%
2 810
+25.0%
3 5142
-17.6%
4 2020
0.0%
5+ 35
+66.7%

Summary: The 98611 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes increased by 25%, 3 bedroom homes decreased by 17.6%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 66.7%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
1920+5.3%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

11 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 98611, you could pay more than the asking price. 55% of homes here sold above asking price last month.

Summary: A total of 20 homes were sold or pending in 98611 in October 2024, up by 5.3% month-over-month. Of the 20 sold homes, 35% were sold under asking, 10% were sold at asking, and 55% were sold over asking.

Days on Market for 98611, WA

How long does it take to sell a home in 98611, WA?

Average Sale Time

Oct 2023Oct 2024CHANGE
51 Days45 Days-11.9%

Summary: Homes in 98611 had an average of 45 days on market in Oct 2024, down by 11.9% compared to last year.

Breakdown of Home Sale Times

10 Homes Were Sold
Under 30 Days

6 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 98611 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 20 homes were sold in 98611; 50% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 20% 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 4 Days Ago

Newest Listings in 98611, WA

Nearby Markets to 98611, WA