The Puget Sound housing market is a wild ride – strong buyer demand meets limited inventory, and prices keep climbing. Here's a quick breakdown for our three main counties, using the latest available data from the Northwest Multiple Listing Service:
King County: King County, encompassing Seattle and Bellevue, remains the priciest of the three counties. Median home prices hit $875,000 in April, which is a 10.7% jump from last year.
Pierce County: Looking for a slightly less intense ride? Pierce County offers a more wallet-friendly option, with a median price of $552,250 in April. That's still a 7.2% increase from last year, but it offers a more affordable entry point (especially for first-time home buyers).
Snohomish County: Another popular alternative to King County, Snohomish County boasts a median home price of $733,763 – a somewhat smoother ride with a 4.3% year-over-year increase.
The main dynamics affecting the market are rising interest rates, changing buyer preferences, and persistently low inventory. The result is fierce competition for properly priced properties and climbing home prices despite the higher interest rates.
So, Are you a Buyer, Seller, or Investor?
Whether you are a buyer battling in this competitive landscape, a seller looking to capitalize on current trends or an investor trying to analyze the data to find the best returns, you can look to us, your trusted advisors, to help it all make sense. We can help you navigate this ever-changing market, craft a winning strategy, and ensure a smooth, stress-free (or at least stress-minimized) transaction. Then, you can focus on the fun parts, like picking out paint colors or planning your next move after selling your home.
Stay tuned for future updates!
We'll continue to monitor the Puget Sound housing market and provide you with the latest in future newsletters. In the meantime, if you have any questions or just want to discuss the real estate market in general, please do not hesitate to reach out to us. We are here as always to guide you through the process and ensure that you have the latest information on the market.
