December 2024
As for the Renton Housing Market, 20% of homes went pending within the first week of being on the market. Also, 20% of homes sold above their listing price, just when we thought the real estate market was slowing down. In Renton, Washington, the market still had multiple offers happening in the month of December.
Price Trends
- Average Sold Price: Increased by 10.3% year-over-year to $870,000, and rose by 4.4% from the previous month.
- Median Sold Price: Up 12.9% year-over-year to $787,000 but decreased by 3.1% month-over-month.
- Average Price per Square Foot: Up 5.3% year-over-year to $378 but declined by 3.8% from the prior month.
Market Overview
- Seller’s Market: The market strongly favored sellers with low inventory levels and high absorption rates.
- Inventory: The number of listings for sale decreased by 23.4% year-over-year and dropped by 52% compared to the previous month.
- Sold Listings: Sales increased by 35.7% year-over-year but fell by 11.6% from the prior month.
- Under Contract Listings: Contracts were down 6.9% month-over-month but up 45.7% compared to last year.
October 2024
Let’s dive into the Renton housing market for October 2024. Whether you’re looking to buy, sell, or just keep tabs on the local real estate scene, I’ve got all the latest updates for you. We’ll cover home prices, inventory levels, how fast homes are selling, and much more. Let’s unpack the numbers and what they mean for you.
Median Home Prices in Renton: Trending Up
The median home price in Renton is sitting at $780,000 for October 2024. That’s a 1.6% increase from September’s $768,000 but a bit lower than August’s $840,000. Compared to last year, when the median price was $764,000, we’re up by 2.1%.
So, what does this mean? While prices have climbed compared to last year, the pace isn’t as aggressive as it was during the pandemic years. This slower growth, coupled with more inventory on the market, is easing some of the pressure on buyers.
Inventory Levels: More Options for Buyers
Here’s where things get interesting. Right now, Renton has 141 homes for sale. That’s a 42% jump from October 2023, when there were only 99 homes on the market. However, inventory is down 16% from September, when 168 homes were available.
If we look at the year so far, here’s how inventory has trended:
- January: 47 homes
- March: 61 homes
- May: 99 homes
- August: 139 homes
- September: 168 homes
This increase in homes on the market gives buyers more choices, which is great news if you’ve been struggling to find your dream home. However, high-interest rates are still making affordability a challenge for many buyers.
Homes Selling Above List Price
Despite the slower pace of price increases, competition is still alive and well. Out of 128 homes sold in October, 44 sold above their listing price. On average, those homes went for $29,300 over asking. This shows that well-priced, desirable homes are still drawing multiple offers.
How Long Are Homes Staying on the Market?
In October, homes in Renton are spending an average of 20 days on the market before receiving an offer. That’s a big jump compared to the spring market in May, when homes were snatched up in just 7 days.
Here’s how the numbers stack up over time:
- January 2024: 44 days on the market
- May 2024: 7 days
- October 2024: 20 days
To give some historical perspective: back in the pandemic frenzy, homes were flying off the market. In May 2022, homes averaged just 6 days on the market.
Showings Before Pending: Buyers Are Taking Their Time
It now takes an average of 19 showings for a home to go pending in Renton. That’s up from 14 showings in September. Earlier this year, in May and July, homes were pending after just 14 showings.
For some historical context, during the peak of buyer activity in March 2020, homes were going pending after only 3 showings.
Year-to-Date Sales: Renton is Outpacing National Trends
Despite national reports of lower home sales, Renton is defying the odds. So far this year, 962 homes have sold, up 14% from last year’s 842 homes.
Pending sales are also up. Year-to-date, 976 homes have gone under contract, compared to 815 last year—a 19% increase. Pending sales are a great leading indicator, showing strong demand and activity in the market.
What’s Driving These Trends?
A few factors are shaping the Renton housing market:
- Increased Inventory: More homes on the market are giving buyers options, slowing down price increases.
- Slower Sales Pace: Homes are staying on the market longer compared to the pandemic years, giving buyers more breathing room.
- Interest Rates: High mortgage rates are cooling some of the demand, but serious buyers are still finding ways to make it work.
What This Means for Buyers and Sellers
- For Buyers: Now might be a great time to jump into the market. With more inventory and homes staying on the market longer, you’ll have more negotiating power. Just keep an eye on those interest rates and consider locking in a rate sooner rather than later.
- For Sellers: Pricing your home correctly is key. Homes are still selling above list price, but buyers are taking their time and being more selective. A well-prepared home priced competitively will attract the most attention.
For Sale, Sold, Pended
Home For Sale is 18% higher than last year, which is not that much higher in terms of inventory, 86 homes versus 102 homes.
Homes Sold is quite impressive 102% more homes sold this November. Last year 42 homes sold this year 85 homes sold. That shows a lot of demand.
Current Vs. Previous YTD
Current year to date versus last year YTD, we have more sales this year. In 2023, YTD was 873 compared to 2024’s 1,003 homes sold YTD, so about 15% more homes sold.
Absorption Ratio
| Date | Absorption Rate (Closed Sales) % | Sold/List Diff. % |
|---|---|---|
| 9/23 | 83.2 | 99 |
| 10/23 | 80.8 | 99 |
| 11/23 | 48.8 | 99 |
| 12/23 | 87.5 | 98 |
| 1/24 | 108.5 | 100 |
| 2/24 | 137.8 | 101 |
| 3/24 | 127.9 | 103 |
| 4/24 | 135.9 | 104 |
| 5/24 | 116.2 | 103 |
| 6/24 | 76.5 | 103 |
| 7/24 | 72.3 | 103 |
| 8/24 | 71.2 | 100 |
| 9/24 | 55.4 | 99 |
| 10/24 | 85.8 | 100 |
| 11/24 | 83.3 | 100 |
In the Renton housing market, the best times to sell in 2024 were notably February, March, April, May, June, and July, each of which presented unique opportunities for sellers. During these months, the demand for housing typically surged, driven by seasonal trends and an influx of buyers eager to settle before the year-end.
Home sellers were consistently getting 3% to 4% over the list price, a testament to the competitive nature of the market during this peak selling season. This desirable trend not only underscored the strength of the Renton real estate market but also indicated that strategically timing the sale could yield significant financial benefits for homeowners looking to maximize their investment.
