King County & Eastside June 2024 Housing Market Report

King County & Eastside Housing Market Report - June 2024 Overview

The housing market in King County experienced notable changes in June 2024 compared to the same period in 2023. Key metrics such as total active listings, pending sales, closed sales, median prices, and months of inventory have shown significant variations.

King County 

In King County, total active listings increased by 43.31%, from 3,013 in June 2023 to 4,318 in June 2024. Pending sales experienced a slight decrease of 0.54%, with 2,596 pending sales in June 2024 compared to 2,610 the previous year. Closed sales also saw a decline, dropping by 7.17% from 2,400 in June 2023 to 2,228 in June 2024. Despite these changes, the median price of homes increased by 5.42%, rising from $830,000 to $875,000. The months of inventory for King County stood at 1.94 in June 2024, indicating the overall housing supply relative to the current sales pace.

Eastside Market Breakdown

The Eastside region of King County also exhibited notable trends in June 2024. Total active listings on the Eastside increased by 33.99%, from 815 in June 2023 to 1,092 in June 2024. Pending sales showed a positive change, growing by 8.66%, with 828 pending sales in June 2024 compared to 762 the previous year. Closed sales in the Eastside experienced a slight decline of 1.21%, from 746 in June 2023 to 737 in June 2024. The median price in the Eastside saw a significant increase of 10.77%, rising from $1,268,444 to $1,405,000. The months of inventory for the Eastside stood at 1.48 in June 2024, reflecting the housing supply relative to sales.

Key Takeaways

1. Inventory Increase: Both King County overall and the Eastside region saw significant increases in the number of active listings, suggesting more homes are available on the market compared to last year.
2. Stable Pending Sales: Pending sales remained relatively stable with a slight increase in the Eastside and a minor decrease county-wide.
3. Closed Sales Decline: There is a decline in closed sales, which may indicate longer closing times or buyer hesitation.
4. Price Growth: Median prices have risen in both the broader King County market and the Eastside, reflecting continued strong demand and possibly higher-end listings driving up the average.
5. Inventory Levels: Months of inventory remain relatively low, particularly in the Eastside, indicating a seller’s market where demand outstrips supply.

These trends highlight the dynamic nature of the King County housing market, with increasing inventory and stable to growing demand leading to higher median prices. The Eastside continues to be a particularly strong sub-market with notable increases in both listings and median prices.

For additional details, see the November raw numbers from the Northwest Multiple Listing Service.

Median Price for Key King County Cities

• Bellevue:  $1,500,000
• Kirkland: $1,280,000
• Redmond:  $1,275,000
• Seattle: $825,000

Also, be sure to check out the national real estate trends at Realtor.com. If you compare the national picture against this month's home sales report, you will see that King County and the Eastside are top performers!

Home Sales in King County

Below are links to homes available for the King County communities of Bellevue, Issaquah, Kirkland, Seattle, Redmond, and Sammamish.  Just click on the link to your neighborhood for the complete breakdown of today's numbers.

I hope you find this home sales report useful. Please share it with your friends. To find out how much your home is worth in today’s market, please click here for a complimentary market analysis of your home. And if you are interested in selling your home for top dollar, in the shortest amount of time, please contact me anytime at 425-200-4093, or click here to send me an e-mail requesting further information.