Seattle Real Estate Soars with 6.5% Value Hike in Early 2024 Despite Slump in Sales Volume

Seattle’s real estate market is seeing increased property values, but decreased sales volume. Surrounding cities like Mercer Island, Medina, Bellevue, Renton, and Kirkland might offer a diverse range of investment opportunities.

authorWritten by Manuel MartinezMay 16, 2024

From February 2024 to April 2024, the average value of homes in Seattle rose from $775,000 to $825,000, reflecting an approximate 6.5% increase within just a couple of months. This sharp rise indicates a robust market, with property values continuing on an upward trajectory.

Additionally, the value fetched per square foot has peaked at $614 in April 2024, a testament to the desirability of Seattle’s real estate for investors and homebuyers. The volume of homes sales dropped from 6,171 in September 2023 to 4,248 in April of this year. This 31% decline suggests the market might be cooling off in terms of sales volume.

Despite the dip in the number of sales, the average sale price has grown, sitting at $865,081 as of April 2024, which is considerably higher than February’s average of $791,276. These figures highlight a market with high demand and consumers’ willingness to pay premium prices for Seattle’s real estate offerings.

Here is how the market has changed in May compared to last year:

May 2023 April 2024 Change
Median Listing Price $834K $865.1K 3.73%
Median Sold Price $811.7K $865.1K 6.57%
Homes For Sale 131 89 -32.06%
Homes Sold 5,187 4,248 -18.10%

Assessing Nearby Cities

Seattle’s neighboring cities present potential investment opportunities that worth looking into. Mercer Island, for example, sale prices decline from March to April 2024, from around $2,328,078 dropping to $2,128,078, despite sustaining high property values. This could suggest a recent buyer’s advantage or adjustments in what the market will bear for these high-end homes.

Medina stands out with its staggering average property values at $14.5 million. Still, there’s a discernible discrepancy when you look at the average sale price of $4,185,156 in April 2024, potentially reflecting the rarity of transactions for the most opulent homes.

Bellevue’s property values remain steady near the $1.5 million mark, yet the average sale price saw a moderate pullback to $1,504,809 in April 2024 from December 2023’s figure of $1,435,932. In contrast, Renton’s market indicates a bourgeoning trend, with both average values and sale prices—$710,000 and $753,500, respectively—seeing uplifts in April 2024.

Lastly, Kirkland showcases fluctuating property values but reaches a significant average sale price of $1,230,179 that same month. These combined metrics across different cities illustrate the array of investment opportunities and market movements in the region.

Seattle and Its Neighbors: A Comparative Analysis

At the time of writing this report, Seattle has 89 properties on the market, with an average value of $825,000 and an average sale price that overshoots that marker, suggesting properties are fetching more than the asking price on average.

Mercer Island has fewer properties on hand, with a count of 8 and an average sale price of $2,328,078, indicating a potentially exclusive market with limited but high-value properties. Medina’s sales stand at a mere 30 properties, yet each carries a lofty average value, hinting at a niche market for ultra-luxury estates.

Bellevue and Renton present more accessible options, with 893 and 758 properties sold, respectively. Bellevue’s figures demonstrate stability, whereas Renton’s show an upward trend in both values and sale prices, reflecting a growing appetite for homes in this area.

Kirkland, with 704 properties sold, shows variability but maintains impressive sale price figures, further cementing the desirability of the area within the real estate market. Across the board, while the average sale prices in most regions are stabilizing or growing—which could signify sustained or growing market confidence—variances in sold count mirror a market that is as diverse as the neighborhoods that make up this Pacific Northwest hub.

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