the seattle rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, AND PRICING TRENDS FOR KING COUNTY
published January 2025
table of contents
02 INTRO
03 WHAT YOU NEED TO KNOW
MARKET AREA PROFILES
Each month, we release the rennie review, a detailed look at the real estate marketplace in King County. This report examines our take on the latest NWMLS data, overarching market conditions, and detailed sub-market stats.
04 King County 07 Ballard/Green Lake 10 Bellevue East of 405 13 Bellevue West of 405 15 Belltown/Downtown Seattle 16 Burien/Normandy Park 19 Capitol Hill/Central Seattle 22 Des Moines 25 Eastside South 28 Kent 31 Kirkland 34 Lake Forest Park 35 Mercer Island 36 North Seattle 39 Queen Anne/Magnolia 42 Renton 45 Richmond Beach/Shoreline 46 SODO/Beacon Hill 48 Southeast Seattle 50 West Seattle 53 Snohomish County 56 Pierce County
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
59 AREA MAPS
61 GLOSSARY
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 2025 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of January 13, 2025. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E.
2
the more things change, the more they stay the same In 2024, King County’s total sales count was the second-fewest in 12 years despite a lot of positive developments on the economic front. Even with inflation under control and the Fed cutting interest rates, mortgage rates actually finished the year higher than where they started.
in 2024 were still 25% below the prior 10-year average of 33,156 sales. One reason that might explain the dichotomy between economic trends and real estate activity is that mortgage rates haven’t really budged. According to research by Freddie Mac, both 15-year and 30-year fixed mortgage rates actually finished the year higher than where they began at 6.00% and 6.85%, respectively. Rates have moved even higher to start the new year, with the 30-year rate eclipsing 7% as of January 16th. Although inflation is under control and the Fed has begun easing monetary policy, U.S. Treasury yields, a key input to fixed mortgage rates, have not come down. In the December rennie review we discussed in detail the factors preventing a more meaningful decline in Treasury yields and mortgage rates. Ultimately, the threat of trade wars, mass deportations, and deep cuts to regulations and taxes are inflationary, and higher Treasury yields are a reflection of that. So while much progress has been made on turning the page on inflation, it appears that the next chapter could bring more of the same.
The U.S. economy made considerable progress toward a much-desired “soft landing” in 2024. Although it took some tough medicine to get there—more than two years of rapidly rising and then elevated interest rates—inflation held below 3% for the entirety of the year and continued to move toward its 2% target. With PCE inflation at 2.4% in November (most recently available data), there is still some work to be done. But the Federal Reserve is well within reach of achieving its inflation mandate and restoring price stability. The other key ingredient of a soft landing— avoiding an economic recession—was also realized in 2024. Most recently, GDP grew at an annualized rate of 3.1% in Q3, buoyed by strong household consumption and elevated government spending. Following some softness in the first two quarters of 2022, the American economy has grown at above a 3% annualized pace in five of the past nine quarters, and above 2% in eight of the past nine.
Meanwhile, the labor market also proved quite resilient. Though the unemployment rate finished the year higher than where it started (at 4.1% versus a near-record low of 3.7%), overall labor market conditions remained quite strong. All things considered, the Federal Reserve felt comfortable to begin easing interest rates in September. Through the remainder of the year, it cut a cumulative 100 basis points from its key policy rate, stepping it down from a more than two-decade high of 5.25-5.50% to 4.25-4.50%. While broader economic developments leaned positive in 2024, this did not translate to a meaningful recovery in housing market activity in King County. In fact, at 24,895 closed MLS sales, this was the second-fewest going back 12 years and the continuation of what has been two years of exceptionally slow activity. Relative to 2023, sales were up 10%, but this was more a function of even weaker activity in that year than a market recovery. All told, sales
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 2025 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of January 13, 2025. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E.
3
king county SINGLE-FAMILY HOME - DECEMBER 2 0 2 4
MONTHS OF INVENTORY 1.0 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 9% VS 2023
▲ 6% VS 2023
▲ 1.0% VS 2023
▲ 14% VS 2023
There were 1,054 single-family home listings in King County in December, 33% below November and 1.0% higher than December 2023. December single-family home sales decreased by 20% month-over-month, to 1,038, and were 14% above December 2023. The months of inventory for single-family home in King County, at 1.0, re&ected a sellers' market. The single-family home median price in December was $950,000, a 5% decrease from November and 6% above December 2023. The average sold price was $1,270,352, 0.2% below last month and up 9% to December 2023.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
1,038 1,054
$1,168,549 $899,999 1.2 907 1,044
9% 6% -12% 14% 1%
1,296 1,566
-0.2% -5% -16% -20% -33%
$1,270,352 $950,000 1.0
$1,272,307 $996,500 1.2
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
2,538
2,516
54
2,175
51
2,360
1,961
2,151
1,756
1,732
1,604
1,914
1,596
1,566
43
1,727
1,307
1,239
1,044
1,035
1,054 1,038
1,330
1,325
1,296
1,172
907
973
690
$1.06M $1.05M $1.10M $1.02M
$1.02M $1.05M $1.05M $1.04M $1.01M
$997K
$950K
$900K
$890K
Dec-23
Nov-24
Dec-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
600
5.4
5.0
500
400
300
1.9
1.5
200
1.3
1.3
1.0
0.9
0.9
0.9
100
0
<$1M
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M
$6.0M+
MOI INVENTORY SALES
552 495 0.9
127 122 1.0
120 112 0.9
105 92 0.9
41 53 1.3
37 48 1.3
36 54 1.5
8 15 1.9
4 20 5.0
8 43 5.4
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 2025 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of January 13, 2025. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 4 ●
king county TOWNHOME - DECEMBER 2 0 2 4
MONTHS OF INVENTORY 2.1 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 3% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 7% VS 2023
▲ 1.5% VS 2023
▲ 48% VS 2023
▲ 41% VS 2023
There were 687 townhome listings in King County in December, 21% below November and 48% higher than December 2023. December townhome sales increased by 6% month-over-month, to 332, and were 41% above December 2023. The months of inventory for townhomes in King County, at 2.1, re&ected a sellers' market. The townhome median price in December was $750,000, a 0.3% decrease from November and 1.5% above December 2023. The average sold price was $822,970, 5% below last month; the average PSF sale price was $530, down 4% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 235 463
% Change
No. 314 873
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
332 687
3% 7% 1.5% 5% 41% 48%
-4% -5% -0.3% -26% 6% -21%
$530 $822,970 $750,000 2.1
$515 $766,388 $739,000 2.0
$554 $864,979 $752,450 2.8
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,078
64
62
960
1,051
873
999
860
725
53
559
687
529
505
479
463
373
367
335
466
439
421
332
357
338
325
314
235
222
$800K
$798K
$785K
$782K
$784K
$773K
$761K
$750K
$752K
$750K
$739K
$739K
$730K
Dec-23
Nov-24
Dec-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
10.3
42
200
4+ bdrms
124
150
148
3 bdrms
246
100
3.6
136
50
2 bdrms
2.0
1.8
1.7
1.7
1.6
289
0
6
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+ MOI INVENTORY SALES 85 144 1.7 107 219 2.0 62 107 1.7 40 71 1.8 17 61 3.6 18 29 1.6 3 31 10.3 0 25 n/a
<2 bdrms
28
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 2025 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of January 13, 2025. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 5 ●
king county CONDO - DECEMBER 2 0 2 4
MONTHS OF INVENTORY 2.3 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 13% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 21% VS 2023
▲ 29% VS 2023
▼ 11% VS 2023
▼ 3% VS 2023
There were 578 condo listings in King County in December, 28% below November and 21% higher than December 2023. December condo sales increased by 4% month-over-month, to 246, and were 29% above December 2023. The months of inventory for condos in King County, at 2.3, re&ected a sellers' market. The condo median price in December was $454,000, a 4% decrease from November and 3% below December 2023. The average sold price was $576,222, 5% below last month; the average PSF sale price was $573, down 8% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 191 479
% Change
No. 237 807
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
246 578
-13% -11% -3% -6% 29% 21%
-8% -5% -4% -31% 4% -28%
$573 $576,222 $454,000 2.3
$659 $644,346 $470,000 2.5
$620 $604,464 $475,000 3.4
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,099
68
1,033
1,001
955
874
994
807
54
52
559
692
591
578
479
494
347
325
308
306
294
255
326
246
311
191
237
237
190
$512K
$514K
$505K
$496K
$493K
$492K
$486K
$490K
$478K
$475K
$470K
$465K
$454K
Dec-23
Nov-24
Dec-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
6.3
400
6.0
5.7
4+ bdrms
300
3.9
14
3 bdrms
3.0
36
200
2.3
1.9
135
1.0
2 bdrms
100
299
0
97
<2 bdrms
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+ MOI INVENTORY SALES 179 410 2.3 37 70 1.9 8 31 3.9 10 10 1.0 3 17 5.7 3 19 6.3 1 6 6.0 5 15 3.0
243
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 2025 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of January 13, 2025. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 6 ●
ballard/greenlake SINGLE-FAMILY HOME - DECEMBER 2 0 2 4
MONTHS OF INVENTORY 0.7 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 17% VS 2023
▲ 12% VS 2023
▲ 1.8% VS 2023
▲ 53% VS 2023
There were 56 single-family home listings in Ballard/Greenlake in December, 39% below November and 1.8% higher than December 2023. December single-family home sales decreased by 7% month-over-month, to 84, and were 53% above December 2023. The months of inventory for single-family home in Ballard/Greenlake, at 0.7, re*ected a sellers' market. The single-family home median price in December was $1,056,000, a 6% increase from November and 12% above December 2023. The average sold price was $1,224,459, 9% above last month and up 17% to December 2023.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
84 56
55 55
17% 12% -33% 53% 1.8%
90 92
9% 6% -35% -7% -39%
$1,224,459 $1,056,000 0.7
$1,119,037 $997,475 1.0
$1,042,845 $945,000 1.0
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
145
137
137
50
123
140
133
110
44
122
103
99
104
102
84
92
92
69
84
61
33
55
73
66
55
56
41
$1.16M
$1.08M
$1.07M $1.00M
$1.02M
$995K
$986K $1.04M
$997K $1.06M
$975K
$945K
$905K
Dec-23
Nov-24
Dec-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
40
1.3
1.0
0.8
30
0.7
0.6
0.5
20
10
0
<$1M
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M
$6.0M+
MOI INVENTORY SALES
39 23 0.6
12 10 0.8
13 7 0.5
12 8 0.7
4 5 1.3
3 3 1.0
1 0 n/a
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 2025 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of January 13, 2025. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 7 ●
ballard/greenlake TOWNHOME - DECEMBER 2 0 2 4
MONTHS OF INVENTORY 2.4 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 0.9% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 4% VS 2023
▲ 1.0% VS 2023
▲ 37% VS 2023
▼ 6% VS 2023
There were 119 townhome listings in Ballard/Greenlake in December, 25% below November and 37% higher than December 2023. December townhome sales increased by 2% month-over-month, to 49, and were 6% below December 2023. The months of inventory for townhomes in Ballard/Greenlake, at 2.4, re*ected a sellers' market. The townhome median price in December was $770,000, a 5% decrease from November and 1.0% above December 2023. The average sold price was $829,578, 0.5% above last month; the average PSF sale price was $569, down 6% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$569 $829,578 $770,000 2.4 49 119
52 87
-0.9% 4% 1% 45% -6% 37%
$604 $825,519 $812,500 3.3 48 158
-6% 0.5% -5% -26% 2% -25%
$573 $797,546 $762,500 1.7
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
183
63
171
62
158
155
169
162
48
119
119
89
82
87
96
74
67
63
57 84
84
79
73
71
52
63
49
48
46
$840K
$827K
$825K
$805K
$812K
$813K
$799K
$800K
$780K
$777K
$770K
$770K
$763K
Dec-23
Nov-24
Dec-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
60
3.4
7
4+ bdrms
15
50
2.4
2.4
2.0
40
21
3 bdrms
38
30
1.1
1.0
20
19
2 bdrms
64
10
0
2 2
<2 bdrms
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+ MOI INVENTORY SALES 9 10 1.1 18 61 3.4 12 29 2.4 5 12 2.4 3 3 1.0 2 4 2.0
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 2025 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of January 13, 2025. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 8 ●
ballard/greenlake CONDO - DECEMBER 2 0 2 4
MONTHS OF INVENTORY 2.6 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 11% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 100% VS 2023
▲ 14% VS 2023
▼ 18% VS 2023
▼ 26% VS 2023
There were 42 condo listings in Ballard/Greenlake in December, 30% below November and 100% higher than December 2023. December condo sales remained the same month-over-month, at 16, and were 14% above December 2023. The months of inventory for condos in Ballard/Greenlake, at 2.6, re*ected a sellers' market. The condo median price in December was $335,000, a 26% decrease from November and 26% below December 2023. The average sold price was $376,400, 25% below last month; the average PSF sale price was $495, down 14% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
16 42
14 21
-11% -18% -26% 75% 14% 100%
16 60
-14% -25% -26% -30% 0% -30%
$495 $376,400 $335,000 2.6
$558 $460,032 $450,000 1.5
$573 $499,031 $449,750 3.8
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
68
71
80
77
60
60
51
61
40
49
33
42 25
42
27
26
24
24
40
21
7 27
21 14
16
20
17
17
16
$479K
$465K
$470K
$458K
$450K
$450K
$450K
$450K
$440K
$440K
$430K
$420K
$335K
Dec-23
Nov-24
Dec-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
40
2.3
35
4+ bdrms
30
25
3 bdrms
20
1
15
6
10
2 bdrms
20
5
0
10
<2 bdrms
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+ MOI INVENTORY SALES 0 2 n/a 0 1 n/a 0 2 n/a 16 37 2.3
21
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 2025 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of January 13, 2025. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 9 ●
bellevue east of 405 SINGLE-FAMILY HOME - DECEMBER 2 0 2 4
MONTHS OF INVENTORY 0.8 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 15% VS 2023
▲ 12% VS 2023
▼ 9% VS 2023
▼ 29% VS 2023
There were 21 single-family home listings in Bellevue East of 405 in December, 40% below November and 9% lower than December 2023. December single-family home sales decreased by 39% month-over-month, to 25, and were 29% below December 2023. The months of inventory for single-family home in Bellevue East of 405, at 0.8, re'ected a sellers' market. The single-family home median price in December was $1,675,000, a 11% increase from November and 12% above December 2023. The average sold price was $2,083,392, 21% above last month and up 15% to December 2023.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
25 21
35 23
15% 12% 28% -29% -9%
41 35
21% 11% -1.6% -39% -40%
$2,083,392 $1,675,000 0.8
$1,727,183 $1,510,000 0.9
$1,807,091 $1,500,000 0.7
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
44
70
77
42
74
62
61
57
63
60
58
57
35
43
41
48
37
46
45
35
40
37
35
22
25
23
25
21
16
$1.78M
$1.75M
$1.68M
$1.60M $1.60M $1.55M
$1.60M $1.51M
$1.56M $1.68M $1.62M $1.66M
$1.50M
Dec-23
Nov-24
Dec-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
6
5.0
5
4.0
4
3.0
3
2
1.0
0.5
0.3
0.2
1
0
<$1M
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M
$6.0M+
MOI INVENTORY SALES
1 5 5.0
4 0 n/a
6 2 0.3
5 1 0.2
1 3 3.0
1 4 4.0
6 3 0.5
1 1 1.0
0 2 n/a
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 2025 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of January 13, 2025. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 10 ●
bellevue east of 405 TOWNHOME - DECEMBER 2 0 2 4
MONTHS OF INVENTORY 1.3 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 17% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 41% VS 2023
▲ 33% VS 2023
▲ 122% VS 2023
▲ 150% VS 2023
There were 20 townhome listings in Bellevue East of 405 in December, 17% below November and 122% higher than December 2023. December townhome sales increased by 15% month-over-month, to 15, and were 150% above December 2023. The months of inventory for townhomes in Bellevue East of 405, at 1.3, re'ected a sellers' market. The townhome median price in December was $1,001,000, a 19% increase from November and 33% above December 2023. The average sold price was $981,633, 10% above last month; the average PSF sale price was $572, up 3% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
15 20
6 9
-11% 150% 122%
13 24
3% 10% 19% -28% 15% -17%
$572 $981,633 $1,001,000 1.3
$487 $696,333 $752,500 1.5
$554 $891,148 $840,000 1.8
17% 41% 33%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
40
40
32
31
31
26
33
20
24
19
19
20
20
14
13
15
12
11
14
13
12
9
11
11
9
8
7
6
4
$1.00M
$982K
$920K
$902K
$870K
$870K
$840K
$815K
$820K
$753K
$750K
$703K
$630K
Dec-23
Nov-24
Dec-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
9.0
3
8
4+ bdrms
6.0
6
7 7
3 bdrms
4
5
2 bdrms
2
12
0.5
0.3
0.3
0
<2 bdrms
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+ MOI INVENTORY SALES
1
1 9 9.0
4 2 0.5
1 6 6.0
6 2 0.3
3 1 0.3
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 2025 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of January 13, 2025. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 11 ●
bellevue east of 405 CONDO - DECEMBER 2 0 2 4
MONTHS OF INVENTORY 2.3 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 9% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 67% VS 2023
▲ 267% VS 2023
▼ 38% VS 2023
▼ 26% VS 2023
There were 25 condo listings in Bellevue East of 405 in December, 36% below November and 67% higher than December 2023. December condo sales increased by 22% month-over-month, to 11, and were 267% above December 2023. The months of inventory for condos in Bellevue East of 405, at 2.3, re'ected a sellers' market. The condo median price in December was $415,000, a 27% decrease from November and 26% below December 2023. The average sold price was $426,309, 27% below last month; the average PSF sale price was $465, down 19% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
11 25
$513 $690,000 $560,000 5.0 3 15
-9% -38% -26% -55% 267% 67%
$577 $587,778 $565,000 4.3 9 39
-19% -27% -27% -48% 22% -36%
$465 $426,309 $415,000 2.3
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
77
39
43
43
34
24
28 18
55
26
25
18
17
15
19
19
15
17
17
15
11
8
13
36
9
9
8
7
3
$580K
$565K
$560K
$560K
$550K
$550K
$535K
$540K
$530K
$491K
$488K
$475K
$415K
Dec-23
Nov-24
Dec-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
4.0
8
4+ bdrms
6
2.3
3 bdrms
1
1.3
4
8
2 bdrms
2
16
0
3
<2 bdrms
<$300K $300K-399K $400K-499K $500K-599K $600K-699K $700K-799K $800K-899K $900K-999K $1M+ MOI INVENTORY SALES
8
1 0 n/a
4 5 1.3
4 9 2.3
2 8 4.0
0 3 n/a
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 2025 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of January 13, 2025. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 12 ●
bellevue west of 405 SINGLE-FAMILY HOME - DECEMBER 2 0 2 4
MONTHS OF INVENTORY 1.5 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 19% VS 2023
▲ 50% VS 2023
▼ 7% VS 2023
▼ 8% VS 2023
There were 37 single-family home listings in Bellevue West of 405 in December, 26% below November and 19% higher than December 2023. December single-family home sales increased by 20% month-over-month, to 24, and were 50% above December 2023. The months of inventory for single-family home in Bellevue West of 405, at 1.5, re(ected a sellers' market. The single-family home median price in December was $3,450,000, a 1.8% increase from November and 8% below December 2023. The average sold price was $4,282,083, 8% above last month and down 7% to December 2023.
PREVIOUS YEAR
No.
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
24 37
16 31
-7% -8% -20% 50% 19%
20 50
8% 1.8% -38% 20% -26%
$4,282,083 $3,450,000 1.5
$3,948,344 $3,390,000 2.5
$4,590,300 $3,767,500 1.9
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
81
82
71
67
75
58
54
58
50
49
44
55
31
37
27
37
31
26
24
26
25
24
23
42
16
21
20
18
12
$4.05M
$3.95M $3.85M $3.90M
$3.77M
$3.78M $3.99M
$3.61M $3.45M $3.39M $3.45M
$3.55M
$3.26M
Dec-23
Nov-24
Dec-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
4.4
20
3.0
15
10
0.7
0.6
0.3
5
0
<$1M
$1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M-2.99M $3.0M-3.99M $4.0M-4.99M $5.0M-5.99M
$6.0M+
MOI INVENTORY SALES
0 1 n/a
0 1 n/a
3 1 0.3
4 0 n/a
7 4 0.6
3 2 0.7
2 6 3.0
5 22 4.4
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 2025 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of January 13, 2025. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 13 ●
bellevue west of 405 CONDO - DECEMBER 2 0 2 4
MONTHS OF INVENTORY 2.6 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 29% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▼ 10% VS 2023
▼ 27% VS 2023
▼ 36% VS 2023
▼ 56% VS 2023
There were 29 condo listings in Bellevue West of 405 in December, 26% below November and 36% lower than December 2023. December condo sales decreased by 39% month-over-month, to 11, and were 56% below December 2023. The months of inventory for condos in Bellevue West of 405, at 2.6, re(ected a sellers' market. The condo median price in December was $762,000, a 12% decrease from November and 27% below December 2023. The average sold price was $1,000,636, 11% below last month; the average PSF sale price was $829, down 12% to last month.
PREVIOUS YEAR
No.
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
11 29
25 45
-29% -10% -27% 46% -56% -36%
18 39
-12% -11% -12% 22% -39% -26%
$829 $1,000,636 $762,000 2.6
$1,175 $1,112,790 $1,041,000 1.8
$937 $1,123,694 $862,000 2.2
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
68
55
62
61
53
58
46
45
47
44
44
42
51
32
39
29
29
25
20
18
25
24
23
19
17
16
15
11
$2.11M
$1.50M
$1.35M $1.31M
$1.04M $1.07M $1.10M $1.10M $1.12M
$1.00M
$875K
$862K
$762K
0
Dec-23
Nov-24
Dec-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
8
8.0
4+ bdrms
6
5.0
3 bdrms
3
4
3.0
3.0
7
2 bdrms
2
1.0
11
0.5
0
4
<2 bdrms
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+ MOI INVENTORY SALES 0 1 n/a 1 5 5.0 0 3 n/a 1 3 3.0 5 5 1.0 1 8 8.0 1 3 3.0 2 1 0.5
15
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 2025 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of January 13, 2025. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 14 ●
belltown/downtown seattle CONDO - DECEMBER 2 0 2 4
MONTHS OF INVENTORY 2.7 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 11% VS 2023
MEDIAN PRICE
TOTAL INVENTORY
SALES
▲ 44% VS 2023
▼ 27% VS 2023
▼ 31% VS 2023
▼ 13% VS 2023
There were 107 condo listings in Belltown/Downtown Seattle in December, 28% below November and 13% lower than December 2023. December condo sales increased by 3% month-over-month, to 39, and were 44% above December 2023. The months of inventory for condos in Belltown/Downtown Seattle, at 2.7, re'ected a sellers' market. The condo median price in December was $620,000, a 1.4% increase from November and 31% below December 2023. The average sold price was $852,830, 33% above last month; the average PSF sale price was $826, up 16% to last month.
PREVIOUS YEAR
No.
No.
% Change
No.
% Change
TOTAL INVENTORY TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$826 $852,830 $620,000 2.7 39 107
$927 $1,170,764 $905,000 4.6 27 123
-11% -27% -31% -40% 44% -13%
$712 $639,378 $611,738 3.9 38 149
16% 33% 1.4% -30% 3% -28%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
224
236
78
219
218
72
188
204
183
149
149
63
159
123
133
107
51
49
38
35
29
39
22
17
27
37
35
31
30
$905K
$787K
$719K
$703K
$650K
$650K
$640K
$635K
$610K
$612K
$620K
$599K
$463K
Dec-23
Nov-24
Dec-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <4
BALANCED 4 - 6
BUYERS' MARKET 6+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
6.0
40
4+ bdrms
3.7
30
2
3 bdrms
6
2.5
2.2
2.0
20
15
0.7
2 bdrms
10
42
0
22
<2 bdrms
<$600K $600K-799K $800K-999K $1.0M-1.24M $1.25M-1.49M $1.5M-1.99M $2.0M-2.49M $2.5M+ MOI INVENTORY SALES 0 11 n/a 0 2 n/a 3 6 2.0 18 45 2.5 6 22 3.7 5 11 2.2 6 4 0.7 1 6 6.0
59
Information and statistics derived from Northwest Multiple Listing Service. Copyright © 2025 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of January 13, 2025. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 15 ●
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