Market Trends From Around The Sound: Q2-2024
Realogics Sotheby’s International Realty is excited to present our Market Trends From Around the Sound report, examining insightful data from this year’s second quarter. Buyers continue to work through the obstacle of high interest rates, but as we see a shift in the market with both sellers and buyers accepting this new normal and choosing to achieve their goals now rather than later, we see more activity in both listings and purchases.
For those who were concerned about the lack of inventory on the market, our reporting makes it clear that sellers were eager to finally list their homes in Q2. The spring/early summer months of the year always prove to be a more active period in the real estate market, and it was no exception this year. The general price growth and boost in inventory levels should be encouraging news to buyers looking to make a purchase or sellers hoping for a successful sale. The market is recovering and continues to heat up.
Explore our year-to-year comparison of helpful data like median sales price, average days on market, and inventory levels for 16 distinct communities within the Puget Sound region. As always, our trusted Global Real Estate Advisors are ready to guide you through your real estate journey, so contact one today to put your grand plans into action.
Bainbridge Island | Single-Family Homes
As we dive into the data trends of this forested island, we witness steady numbers even amid challenging market periods. The median sales price did see a slight dip, dropping 8% year over year from $1,508,000 in Q2-2023 to $1,375,000 in Q2-2024.
Cle Elum | Single-Family Homes
Cle Elum remains an enticing option for full-time or part-time residences for many Seattleites who desire more land and a reprieve from the hustle and bustle of the city. The year-over-year data reflects a slight jump in sales prices, with Q2-2024’s median sales prices increasing 6.88% from $800,000 in Q2-2023 to $855,000 in Q2-2024.
Eastside | Single-Family Homes
Our Eastside area reporting, covering neighborhoods and cities like Bellevue, Redmond, and Woodinville, indicates that the single-family property market experienced all around growth—with sales prices, demand, and inventory all up from Q2 of last year.
Eastside | Condominiums
Although single-family homes naturally have a higher median sales price in this area, the average price per square foot is more in line, at $604 for condominiums and $659 for single-family homes in Q2-2024.
Gig Harbor | Single-Family Homes
Charming, beautiful, and boasting a small-town feel while just a bridge ride away from Tacoma, it’s not surprising that Gig Harbor remains a desirable city to homebuyers. There was little change in the market’s median sales price, with a year-over-year increase of 2.44% from $820,000 to $840,000.
Island County | Single-Family Homes
As is expected, Island County’s market was more active in the second quarter of this year than it was during the first quarter, when chillier weather causes many people to pause their real estate plans.
King County | Single-Family Homes
The most interesting change between Q2-2023 and Q2-2024 in King County was the increase in both inventory and demand. The average days on market went from 24 days in Q2 of last year to 15 days in Q2 of this year, indicating buyers were more interested in making quick purchases.
Kitsap County | Single-Family Homes
(Excluding Bainbridge Island)
Excluding Bainbridge Island (which was analyzed separately in our reporting), analysis of the year-over-year data for Kitsap County reveals a steady market, largely unchanged and with slight price growth.
Mercer Island | Single-Family Homes
Renowned for its luxury estates, scenic waterfront, and close proximity to Seattle, Mercer Island draws homebuyers from all over the world. The average price point in this area is higher than any of the other areas analyzed in our quarterly reports.
Pierce County | Single-Family Homes
In analyzing the year-over-year changes in this market during the second quarter, we see very little change between 2023 and 2024. The most notable difference between data points is in the homes for sale category, up 49.84% year over year from 1,220 homes in Q2-2023 to 1,828 homes in Q2-2024.
Seattle | Single-Family Homes
The median sales price in this market remained stable, increasing 5.26% year over year from $950,000 in Q2-2023 to $1,000,000 in Q2-2024. There was just a 2.6% change in the average price per square foot from $578 to $593.
Seattle | Condominiums
Prices experienced relatively zero change, with a difference of less than a half percent. The median sales price was $539,000 in Q2-2023 and $540,000 in Q2-2024.
Skagit County | Single-Family Homes
Skagit County was technically considered a seller’s market in the second quarter of 2024, however, with 2.8 months of supply (versus Q2-2023’s 1.7 months of supply), buyers had more inventory to choose from as they embarked on their home searches in this market.
Snohomish County | Single-Family Homes
Similar to many of the other areas analyzed in our quarterly reporting, Snohomish County’s most notable year-over-year data point is the large increase (41.56%) in homes listed for sale during the second quarter of this year compared to last year—1,107 homes and 782 homes, respectively.
Tacoma | Single-Family Homes
The median sales price has witnessed growth, with a year-over-year increase of 6.74% from $460,000 in Q2-2023 to $491,000 in Q2-2024. The average price per square foot also experienced slight growth, climbing 5.41% from $296 to $312.
Whatcom County | Single-Family Homes
Homes spent the same time on the market as they did in the previous year’s second quarter, with an average of 32 days in Q2-2024 and an average of 33 days in Q2-2023. Overall, the market was stable, presenting a very similar picture to last year’s selling season.
