EducationMarket UpdateNWMLS Press Release March 6, 2024

March 2024 Seattle Housing Market Update

NWMLS Northwest Multiple Listing Service

Cautious market optimism as seasonal changes take shape

Here are my bullet points from the newest press release from the Northwest Multiple Listing Service (data is from the full month of February):

  • Interest rates ticked back up by about a quarter of a percent to 6.94%. This continues to limit buyer purchasing power and sellers’ desire to sell and give up their own low mortgage rates.
  • New listings in King County increased about 34% compared to February of 2023. This is good news for buyers competing for limited inventory.
  • Despite the increase in new listings, the number of pending sales in King County didn’t change much, up only about 4% compared to last year, and closed sales saw no change.
  • The median price for residential homes and condominiums in King County was up almost 13% year-over-year to $820,000.
  • Condos continue to show strong growth in sales, with an area-wide year-over-year increase of more than 9% for units sold. The median sale price of condos increased more than 15% compared to last year.
  • Of all the residential homes and condos that closed in King County in February, 34% sold above the list price, indicating multiple offers. About 20% sold at list price, 18% sold below list price, and 28% had a price change before selling.

To read the full press release, click here.