October 2024 Greater Seattle Real Estate Report
Northwest MLS Real Estate Report
Is the real estate market, including the greater Seattle real estate market, slowing down? The number of sales and the prices remain strong while inventory creeps up. Interest rates were on the way down into the low 6%’s at the end of September but rose by the end of October to 6.72%. Nevertheless, the lower rates, at least at the beginning of the month, seemed to spur activity (closing often take 30 days) in October with sales up 22.5% year over year. In addition, median price was up nearly 8% from the previous year ($650,000 this October vs. $602,000 in October 2023). Meanwhile, inventory did creep up from last year by 29.8%.
Seattle Real Estate Market
Following is a more detail look at homes, condos, luxury real estate, and waterfront homes in Seattle for the past month.
Seattle Homes
The residential market influences the overall real estate market across the NWMLS since this is a majority of transactions. Thus, the trends above are consistent with the sale of single family homes. For example, there were 5,671 closed home sales this October versus 4,571 last year. In addition, median prices are up too: $671,500 this October compared to $625,000 last year.
The Seattle residential market has similar trends, but with prices greater than the overall NWMLS. The number of Seattle home sales transactions increased in October. There were 652 homes sold this February compared to 476 in 2023. In addition, the average home price in Seattle increased in October 2024 to $1,113,489 from $1,024,307.
Condo Market in Seattle
Across the NWMLS, the condo market is very strong. There were 808 closed condo sales this October versus 720 last year. In addition, median prices are up too: $500,000 this October compared to $474,944 last year.
In Seattle specifically, 159 one-level Seattle condos sold up from 127 in 2023. On the other hand, the median price soften in October 2024: $609,932 compared to $634,617 in 2023. Despite a strong amount of sales, the prices were down around 3.9%. Not a huge drop, but a drop nonetheless.
With Ewing and Clark’s headquarters located just north of Pike Place market, we are uniquely equipped to assist with Downtown/Belltown condos.
Note: Condos across the NWMLS include townhomes and other homes that are “condo-ized” while the one-level condos are generally the condos that most people think of when thinking of a condo high-rise or smaller condo complex.
Greater Seattle Luxury Real Estate Market
The NWMLS luxury real estate market was active as well. There were 285 sales of $2,000,000+ this October while only 166 last October.
The overall Seattle luxury real estate market had its highest sale in Magnolia this October. The Seattle home that sits above a Magnolia bluff with views of the Puget Sound sold for $6.35 million.
The Eastside generally dominates the local luxury real estate market. This October, the NWMLS’s two most expensive sales (and 4 out of the top 6) were on Mercer Island. The most expensive being 10,030 sq ft Mercer Island waterfront home on over an acre of land. That luxury home sold for $28.5 million.
The Bellevue area including Clyde Hill, Medina, Evergreen Point, Hunts Point, and Yarrow Point had a ton of huge sales including 6 of the 14 sales of $5 million and greater. The Eastside, especially anywhere close to Lake Washington, is truly a luxury market.
Kirkland was the only other area that broke the top ten in high-price sales in October. The Kirkland waterfront home sold off-market for $6.3 million.
Luxury Condos
Furthermore, of the 285 luxury real estate sales this October, 10 sales were listed as one-level condos. Last October there were only 5 in that price range. Two of the top three condo sales this October were in the new Avenue Estate project in Downtown Bellevue. The other sale in the top three was a condo in the Spire in Downtown Seattle. The top three transactions ranged between between $3.227 million and $3.1256 million.
Is Greater Seattle Real Estate Slowing Down?
As seen throughout blog, the Greater Seattle real estate market has higher inventory but also higher sale prices and more sales.
Every real estate market is different. To navigate the current issues, contact one of Ewing and Clark’s real estate brokers. Ewing and Clark has provided exceptional real estate service to Greater Seattle since 1900. Whether you are looking for a Belltown condo, a luxury home in Windermere, or your first Seattle home, please contact us.
For this blog the information and statistics were derived from the Northwest Multiple Listing Service.
