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Seattle Real Estate Market Update | January 2025

Introduction:

Are home prices in the Seattle area going up or down? Let’s find out! I’m Gus Montgomery, a local real estate broker helping people buy, sell, and relocate in the Greater Seattle area. In this blog, we’ll dive into the latest trends in median home prices by comparing data from December 2024 to December 2023. Whether you’re considering buying or selling, this analysis of single-family homes and condos across Seattle, King County, and surrounding areas will give you valuable insights into the current market. Let’s explore what’s happening in the Seattle real estate market!

Single-Family Homes Market Analysis

Seattle

• Median price 2023: $850,000

• Median price 2024: $898,000

• Year-over-year change: +6%

Eastside (Bellevue, Kirkland, Redmond, Issaquah, Sammamish)

• Median price 2023: $1,440,000

• Median price 2024: $1,545,000

• Year-over-year change: +8%

North King County (Kenmore, Shoreline, Lake Forest Park)

• Median price 2023: $800,000

• Median price 2024: $861,000

• Year-over-year change: +8%

Southwest King County (Federal Way, Burien, Kent (west) SeaTac, Tukwila, Normandy Park, Des Moines)

• Median price 2023: $648,000

• Median price 2024: $640,000

• Year-over-year change: -1%

Southeast King County (Renton, Maple Valley, Auburn, Kent (east), Black Diamond, Enumclaw)

• Median price 2023: $670,000

• Median price 2024: $730,000

• Year-over-year change: +9%

Condominium Market Analysis

Seattle

• Median price 2023: $585,000

• Median price 2024: $550,000

• Year-over-year change: -6%

Eastside (Bellevue, Kirkland, Redmond, Issaquah, Sammamish)

• Median price 2023: $630,000

• Median price 2024: $695,000

• Year-over-year change: +11%

North King County (Kenmore, Shoreline, Lake Forest Park)

• Median price 2023: $280,000

• Median price 2024: $415,000

• Year-over-year change: +49%

• Notable factor: Increase in sales volume from 3 (2023) to 9 (2024).

Southwest King County (Federal Way, Burien, Kent (west) SeaTac, Tukwila, Normandy Park, Des Moines)

• Median price 2023: $297,500

• Median price 2024: $321,900

• Year-over-year change: +9%

Southeast King County (Renton, Maple Valley, Auburn, Kent (east), Black Diamond, Enumclaw)

• Median price 2023: $355,000

• Median price 2024: $418,000

• Year-over-year change: +18%

Median Home Prices by County (Single-Family Homes)

King County (Seattle, Bellevue, Renton, etc.)

• Median price 2023: $775,000

• Median price 2024: $800,000

• Year-over-year change: +4%

Pierce County (Tacoma, Puyallup, Gig Harbor, etc.)

• Median price 2023: $526,000

• Median price 2024: $550,000

• Year-over-year change: +5%

Snohomish County (Everett, Lynnwood, Edmonds)

• Median price 2023: $675,000

• Median price 2024: $744,900

• Year-over-year change: +11%

Kitsap County (Bremerton, Port Orchard, Silverdale)

• Median price 2023: $540,000

• Median price 2024: $539,000

• Year-over-year change: > 1%

Summary

The Seattle real estate market showed overall positive trends in December 2024 compared to December 2023. For single-family homes, most areas saw year-over-year price increases, with Southeast King County leading at +9%. The only decline was in Southwest King County, where prices dropped by 1%.

The condominium market also performed well, with all areas experiencing price growth except for Seattle, which saw a 6% decrease. North King County stood out with an impressive 49% jump, driven by increased sales volume.

When examining counties, Snohomish County led with an 11% price increase, while Kitsap County remained stable with less than a 1% decline.

Conclusion

In summary, most areas in the Seattle real estate market saw positive trends in December 2024, with single-family homes and condos showing notable growth. While a few regions experienced slight declines, the overall market remains strong.

As a real estate broker in the area, I help many home buyers looking to move into the area. Feel free to reach out to me with any questions about the Seattle area.

Phone: 206-643-7213

Email: gus@dmdrealestate.com

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