As we move through fall, Seattle’s housing market is showing some interesting changes. Here’s a closer look at recent trends in inventory, sales activity, and pricing, offering insight for both buyers and sellers as we head toward the year’s end
Inventory Trends: Fewer Homes Month-to-Month, But More Year-Over-Year
October 2024 saw a 13% drop in inventory compared to September, a typical seasonal decrease as the market cools into fall. However, when we compare October 2024 to October 2023, inventory is actually up 22.5%. Last year, Seattle had 2,250 homes for sale, whereas this October, that number has climbed to 2,756 homes. This year-over-year increase provides more choices for buyers, potentially easing some of the competition seen in recent years.
Sales Activity and Pending Sales: Demand Remains Strong
Buyer demand has been robust this past month. Homes sales—a key measure of demand—rose 27.7% since September 2024, and are up 35% compared to October 2023. This upward trend in homes sold and closed reflects a market where buyers are actively pursuing available inventory, often due to favorable rate adjustments in September that allowed buyers to lock in lower rates. Since then interest rates have gone back up.
Additionally, homes going under contract increased 5.5% month-over-month and surged 44% year-over-year. This substantial increase from last October signals heightened buyer confidence, likely boosted by the recent rate adjustments.
Days on Market: Homes Sitting Slightly Longer
Homes in Seattle are spending a bit more time on the market this October. The average days on market rose 12% month-over-month and are up 7.7% year-over-year. For context, last October, homes averaged 26 days on the market, while this year, that’s ticked up by about two days. Although homes are sitting slightly longer, this trend aligns with seasonal expectations.
Sold-to-List Price Ratio: Holding Steady
In terms of sold prices relative to listing prices, homes are selling for about 99% of their list price on average, up from 98% last year. This means sellers are generally getting close to their listing price—a sign of balanced market conditions despite seasonal changes.
Median Home Price: Significant Year-Over-Year Growth
October 2024’s median price for single-family homes in King County (excluding condos and new construction) is $955,000. This marks a 0.2% increase since September and a notable 8.4% rise compared to October 2023’s median of $881,000. This strong year-over-year price growth highlights sustained value in the Seattle market, providing reassurance for sellers and indicating solid demand.
Broker Activity: Viewing Levels Remain High
Broker activity in October 2024, measured by key box accesses, indicates how often homes are being viewed. In Washington State, key boxes were accessed about 146,000 times in October—a 7% drop from September, which is typical as we enter the slower fall season. However, compared to October 2023, broker activity is up 16%. This jump in year-over-year activity signals continued buyer interest despite the seasonal slowdown.
Active Listings in Historical Context
Looking at inventory levels over the past few years, October 2024’s numbers remain below pre-pandemic levels. In 2022, Seattle had about 3,200 homes for sale in October, while this year’s October inventory is closer to 2,900 homes. In October 2020, there were 2,200 homes for sale, and October 2021 had an ultra-low 1,200 homes available. This year’s inventory is still lower than 2022, meaning we’re not seeing an oversupply that might push prices down dramatically.
Key Takeaways for Buyers and Sellers
The Seattle housing market remains active, with buyer demand and an increase in inventory compared to last year. While homes are taking slightly longer to sell, sellers are still receiving close to their list prices, and year-over-year price growth is solid. For buyers, the increase in inventory offers a bit more flexibility, though it’s still essential to act quickly on desirable properties. Sellers can take confidence in the sustained demand and solid pricing trends as the year wraps up.
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