Market Trends From Around The Sound: Q4-2024

As we reflect on the fourth quarter of 2024, the real estate landscape across the Puget Sound region showcased notable trends, particularly in the Eastside, Bainbridge Island, Mercer Island, and Seattle areas. Traditionally, the final quarter experiences a slowdown due to seasonal factors, but this year presented unique dynamics worth exploring.

Eastside | Single-Family Homes

The Eastside market demonstrated significant activity. The number of homes listed for sale increased by 17.38%, rising from 265 in Q4-2023 to 311 in Q4-2024. This uptick in inventory was accompanied by a growth in the median sales price, which climbed from $1,370,000 to $1,485,000 during the same period. These trends suggest a robust demand, with buyers actively engaging in the market despite the increased availability of homes.

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Bainbridge Island | Single-Family Homes

On Bainbridge Island, buyers seized the opportunity to purchase homes at more favorable prices. The median sales price experienced a 9.28% decrease, moving from $1,433,000 in Q4-2023 to $1,300,000 in Q4-2024. This decline indicates a more accessible market for buyers, potentially spurring increased interest in the area.

Mercer Island | Single-Family Homes

Mercer Island witnessed a substantial surge in buyer activity. The number of homes sold in Q4-2024 reached 50, marking a 48.65% increase from the 34 homes sold in Q4-2023. This significant rise underscores a heightened demand and growing buyer confidence in the Mercer Island market.

Seattle | Single-Family Homes

Seattle's real estate market remained resilient during the fourth quarter. Despite broader market challenges throughout 2024, the city maintained stable activity levels, even during a period that is typically slower for real estate transactions. This stability reflects Seattle's enduring appeal and the sustained interest from both buyers and sellers.

In summary, the fourth quarter of 2024 revealed a dynamic real estate environment across these key areas. Increased listings and sales activity, along with shifts in median sales prices, highlight the nuanced market conditions. As always, partnering with a knowledgeable real estate advisor is essential to navigate these trends effectively.

Data sourced from Realogics Sotheby’s International Realty's "Market Trends From Around the Sound: Q4-2024" report.