Realogics Sotheby’s International Realty is pleased to share key insights from the Market Trends From Around the Sound report, focusing on the third quarter of this year. The data reveals notable gains in seller activity across 16 diverse communities in the region, resulting in significant increases in inventory compared to Q3-2023. This has granted buyers more options to consider, allowing for greater flexibility in their real estate decisions.

For sellers, the trend of rising prices in most areas has reinforced the benefits of listing their homes, leading to successful transactions. As you strategize your real estate objectives for the remainder of the year or prepare to launch into 2025 with a robust plan, possessing a solid grasp of the current market dynamics is essential for achieving success.

We encourage you to examine our year-over-year comparisons, which include critical metrics such as median sales price, average days on market, and inventory levels. Our dedicated Global Real Estate Advisors are here to support you every step of the way in your real estate journey. Reach out to one of our experts today to turn your aspirations into actionable plans.

See how your neighborhood performed.

Bainbridge Island   |   Single-Family Home

It was a seller’s market with 2.4 months of inventory, but a 53.57% year-over-year increase in listings meant that buyers had much more variety to choose from as they embarked on their home searches. Beckoning homebuyers from all over the state and country, Bainbridge Island stands as more than just a scenic location; it is a vibrant community that offers the perfect blend of tranquility and urban accessibility. The latest market data confirms that Q3 of 2024 has upheld this trend remarkably.

With a mere 2.4 months of inventory, it was a classic seller's market, highlighting the demand for the unique waterfront and forested living experience that Bainbridge Island provides. However, the nearly 54% increase in listings year-over-year invigorated the market, granting buyers a broader selection as they began their search for their dream home.

The number of closed sales reflects a robust market dynamic, with a significant 36.25% uptick to a total of 109 sales in Q3. This surge in transactions further emphasizes the appeal of the island’s properties, driving sellers to capitalize on the healthy demand.

Sellers benefited from a notable 15% increase in median sales price, climbing from $1,300,000 in Q3 2023 to $1,495,000 in Q3 2024. This growth indicates not only the desirability of properties on Bainbridge Island but also suggests continued investment and confidence in the area's real estate market. As we look ahead, the distinctive charm of Bainbridge Island will likely continue to attract both local and international buyers in search of an unparalleled lifestyle.

Seattle   |   Single-Family Homes

In Q3 2024, Seattle’s single-family home market favored sellers, with 2.6 months of inventory. This provided some choice for buyers, unlike many other areas with tighter inventory. While buyers enjoyed a broader selection, well-priced homes still sold quickly due to strong demand. The increased inventory created a healthier market, boosting buyer interest and steady price growth without the intense bidding seen in earlier quarters.

Eastside   |   Single-Family Homes

Over the last three years, the median sales price in the Q3 market has demonstrated a consistent upward trajectory, reflecting a notable growth of 8.64% year over year. As of the third quarter of 2024, the median sales price reached an impressive $1,521,000. This remarkable increase underscores the resilience and dynamism of the real estate market.

Furthermore, the average price per square foot has mirrored this upward trend, rising from $580 in Q3-2023 to $630 in Q3-2024. This significant jump not only highlights the increasing value of properties in the area but also indicates a robust demand for real estate. As these numbers suggest, the market remains strong, suggesting healthy activity and confidence from both buyers and sellers alike.

Seattle   |   Condominiums

There was price growth, with a 10.2% increase in median sales price, bringing it from $490,000 to $540,000. There was little change (less than one percent) in the average price per square foot.

When you are ready to make a change in real estate in 2024 or have inquiries, reach out to me, your knowledgeable luxury real estate broker at Realogics Sotheby's International Realty. Together, we can develop a tailored strategy to meet your real estate goals in this dynamic environment. Selecting a professional broker who excels in marketing, property presentation, and negotiation is crucial in today's market. My expertise as a luxury real estate broker enables me to guide you through the complexities of the evolving landscape, ensuring you make informed decisions that align with your investment aspirations, lifestyle, and dream home.

Whether selling or buying, I'd love to guide you through your next real estate journey. Reach out today!