We can already tell that Seattle’s real estate market is heating up!
January 2024 market stats are out now (find the stats at the very end of this post!), and in addition to analyzing the available data, we’ve been boots on the ground. Oftentimes the market stats that are available show a picture in time that doesn’t properly reflect what’s happening NOW. But because we’ve been helping several buyer clients over these winter months, and are revving up to get our seller’s homes on the market (only when the moment is just right!), we have first-hand experience as to how everyone is presently feeling about things.
We are here to give you the lowdown on what’s happening right now based on the numbers + our recent real life experiences with buyers and sellers.
Here are 4 key takeaways you need to know about if you want to buy a home this year:
1. You can expect some multiple offer situations, but it’s not *too* crazy out there yet.
If you’re concerned about the real estate market getting too competitive like it was a couple of years ago, don’t worry: Things are not that crazy quite yet. It’s important to know that highly desirable homes are still selling quickly with multiple offers. There are more active buyers right now, and inventory (aka how many homes are listed for sale at any given time) is still low, so yes, you may still have some competition.
How competitive it will be to win a home varies a lot case by case, though. There are still homes in Seattle you can offer on where you can still leave in contingencies and protections for yourself.
2. If you want to buy a home with highly desired features, it’s going to be more competitive.
Highly desirable properties are just that: Highly desired! Many buyers are looking for single-family homes with 3 bedrooms, parking, and some outdoor space. And for townhomes, buyers want the home to have something unique about it, as well as a good floor plan (not every townhouse has a good layout!). If you’ve got the same features on your must-have checklist, be prepared to get a bit more competitive.
3. Seattle currently has a soft condo market, which is great for buyers!
A soft condo market right now means that there’s more inventory, less (or no) competition, and room to negotiate on price/terms/concessions. There’s tons of opportunity and choice for condo buyers right now!
4. Don’t sleep on townhomes!
One of the great things about townhomes is that people can get the lifestyle they want at a more affordable price point. If you want to avoid condo living (and potentially high HOA dues) but want a home you can still grow into, the right townhome can be the sweet spot.
Townhomes are appreciating well, and they have the added benefit of usually being in convenient locations. And with the effects of the pandemic wearing off, being in a prime location is starting to matter again. Many people are needing to return to office, and want to be close to the action.
If you can afford a nice large townhouse in Seattle proper, this type of real estate is going to appreciate much better than a smaller home in the suburbs that needs upgrading, for example. You could spend $1 million on a stunning livable townhouse (with 3 bedrooms, an amazing layout, parking/a garage, some amount of outdoor space) OR you can spend $1 million on a single-family house (and at this price point, it will very likely need updates… as in six figures worth of updates).
Many home buyers right now have this “forever home” mentality that’s driving the desire for single-family homes, but we encourage you to weigh your options and maybe check out a few townhomes!
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Time for some real estate stats!
Here are some stats about Seattle and King County’s real estate market right now. Do keep in mind that these stats aren’t necessarily representative of what we’re actually experiencing right now. January stats reflect deals that happened in December 2023.
Seattle Market Stats for January 2024
- In January 2023, Seattle’s median was $850k
- In January 2024, Seattle’s median was $870k
- Seattle’s median is up 2.3% YOY
King County Market Stats for January 2024
- In January 2023, King County’s Median was $800k
- In January 2024, King County’s Median was $850k
- King County’s median is up 6.3%
King County Market Stats for Single-Family Homes vs. Condos in January 2024
- King County Median Residential (Single-Family Homes + Townhomes) Sale Price = $885k
- King County Median (Condos) Sale Price =$510k
If you have a question about buying or selling this year, it’s never too early to make a plan. Feel free to reach out; we’re happy to chat!