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December 2024: Kent Washington Housing Market
Overall, the Kent Washington housing market is doing well; home prices are increasing in the double digits, even with the high-interest rate environment we are experiencing.
28% of Homes Going Under Contract in the 1st Week
Approximately 28.17% of homes in Kent went pending within the first week of being listed. This demonstrates that nearly 1 in 3 homes are moving quickly, often because they are priced right and prepared well for the market. Learn more about How to Sell My House for Top Dollar: Spring 2025 Home Selling Guide.
Home Sales in Surge 73% Year Over Year in December 2024
71 homes sold for the month of December 2024, and the number of homes sold last year in December was 41 homes. 30 more homes sold this year vs. last year, which is a huge jump in the number of home sales. This shows a great amount of buyer demand.
Median Home Price Increase in the Double Digits
In December, the median home price is almost up to $700,000, compared to $628,000 last December. Kent home prices are up almost 11% from a year prior.
Average Home Stays on the Market for 36 Days
On average it takes a seller 36 days to sell list a home and receives an offer and the home goes pending inspection or pending without an inspection.
November 2024: Kent Washington Housing Market
Market Summary Report
Kent housing market report from Trendgraphix
More Homes for Sale in November 2024 Compared to Last Year
In terms of inventory, the Kent Washington housing market had 90 homes available in November 2024. That’s a 30% drop from last month but a 28% increase compared to November last year. Looking ahead, we’re starting December with more inventory than we had at this time last year.
Understanding Buyer Demand in the Kent Housing Market
Now, let’s talk about sales to better understand the demand. In November 2024, 60 homes were sold. That’s down 31% compared to October, but this dip is typical as we head into the winter months. However, when we compare it to last year, we actually saw an 11% increase in homes sold, which points to a more active market this season compared to last year.
How Long Does It Take to Sell a Home in Kent WA?
The average days on market for homes in November 2024 was 45 days, showing that properties are staying on the market longer. This is a significant increase—up 95% from last month and 50% higher than November 2023. This slowdown could be attributed to several factors, including the recent election and rising interest rates, along with the typical cooling that happens in the winter months.
Overall, while homes are taking longer to sell, the Kent Washington housing market remains more active than it was a year ago. Whether you’re buying or selling, staying informed on these trends can help you make the best decisions in today’s market.
October 2024: Kent Washington Housing Market
Strong Buyer Demand: 44% Homes Went Pending in the First Week
Looking at homes that went pending in the first week shows buyer demand. 44% homes went pending within the first week, making up about 52.38% of all sales. This indicates that more than half of the homes sold were quickly taken off the market, showing strong buyer interest in well-prepared listings.
Median Home Price Climbs to $675,000 in October 2024
The median for October 2024 was $675,000, which is up from $650,000 in October 2023. Prices are moving up steadily. In the years prior, during COVID, home prices were appreciating in double digits. Compared to October 2022, the median is up about $75,000, which is almost 12.5%.
Home Sales Rise Year-Over-Year in
In October 2024, Kent had 86 homes sold, which is up from 69 homes in October 2023. So we had more sales happening this year compared to last year. A drop in interest rates during this period could be a factor in home sales happening.
