Seattle's housing market ranks 5th most expensive in US, report finds
SEATTLE - The Seattle-area has solidified its position as one of the nation's most expensive housing markets, with a median sales price of $734,700 in November 2024, according to the latest RE/MAX National Housing report. This represents a 5.7% increase compared to the same period last year.
Seattle’s housing market remains highly competitive, driven by limited supply. According to the report, the city has the lowest housing inventory in the U.S., with just a 1.1-month supply available. By comparison, a six-month supply is considered a balanced market, highlighting the challenges for potential homebuyers.
Keep reading to learn more about the report and what buyers and sellers can expect in the new year.
Home sales climbing despite challenges
Despite tight inventory, the Seattle area saw a 21.7% increase in home sales year-over-year, ranking fourth in the nation for sales growth. In November 2024, 3,500 homes closed compared to 2,875 during the same month last year.
Nationwide trends also indicate that Seattle homes are selling more slowly than a year ago, taking an average of 61 days on the market — four days longer than November 2023.
Seattle is among the nation's most expensive housing markets
In the report, Seattle ranks fifth in the U.S. for the highest median home price, trailing major metro areas like San Francisco ($1,160,000), Los Angeles ($925,000), San Diego ($875,000) and Bozeman, Montana ($737,250).
What is the outlook for the 2025 Seattle-area housing market?
"Following typical seasonality, November sales are down significantly from October, but they remain much higher than November 2023," said John Manning, Managing Broker of RE/MAX Gateway in Seattle. "While buyer activity remains high, a significant lack of available homes continues to shape the market. We expect things to remain quiet through the holidays, with momentum picking up in late January or early February."
New real estate rules start this week
A new set of real estate rules went into effect this week, affecting both buyers and sellers.
As Seattle's housing market continues to present challenges for buyers, with limited inventory, rising prices and extended sale timelines, there's hope that supply will begin to recover in the coming year.
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