Curious about the latest trends in the Seattle housing market? In this October 2024 Market Update, we dive into key stats, trends, and what they mean for buyers and sellers. Let’s explore whether housing prices went up or down and the factors influencing the market.

Key Highlights for October 2024

Did Prices Go Up or Down?

  • Average Home Price: Decreased to $1,115,000, down from $1,144,000 in September.

  • Peak Pricing: July 2024 saw the highest average at $1,156,000.

New Listings and Inventory Trends

New Listings

  • October 2024: 1,221 new listings, a decline from September's 1,500.

  • Yearly Trends:

    • Peaks typically occur in March-June and September.

    • Declines follow into December-January.

Months of Supply

  • October: 3.4 months, down from 3.8 months in September.

    • Buyer's Market: A higher number favors buyers, while a lower number favors sellers.

    • The current range (3–6 months) indicates a balanced market.

Buyer Activity: Pending Sales and Showings

Pending Sales

  • October: 874 homes went under contract, up from under 800 in September.

  • Yearly High: April 2024 saw 928 homes pending.

Showings per Home

  • October Average: 14 showings per home, slightly down from 15 in September.

Seller Insights: Days on Market and Price Per Square Foot

Days on Market

  • October 2024: Homes stayed an average of 30 days on the market, consistent with September.

  • Yearly High: January saw the longest average at 45 days.

Price Per Square Foot

  • October: $563/sq ft, down from $577 in September.

  • Peak: March 2024 at $662/sq ft.

Mortgage Rate Updates

Recent Rate Trends

  • Earlier in 2024, mortgage rates dropped to 6% and even 5.75% with negotiated seller credits.

  • Rates have since risen back to nearly 7%.

The Fed’s Impact

  • The Fed cut interest rates by 0.25% in early November, likely influencing mortgage rates to decrease in the coming weeks.

  • Inflation is currently at 2.1%, close to the Fed’s target of 2%, which may prompt further rate cuts.

Key Takeaways for Buyers and Sellers

For Buyers:

  • Inventory is decreasing, making fall and winter a great time to find motivated sellers.

  • Interest rates may drop further, offering more favorable financing options.

For Sellers:

  • Homes are taking longer to sell, so setting the right price is crucial.

  • Consider listing early in the new year to take advantage of the spring inventory surge.