the seattle rennie advance | January 2025

the seattle rennie advance A SUMMARY OF THE LATEST SALES, LISTINGS, AND MEDIAN PRICES IN KING COUNTY

published January 2025

table of contents

The rennie advance is a summary of the latest sales, listings, and price trends in King County. It is produced at the beginning of each month and it reflects the latest market data. On behalf of the rennie intelligence team, we hope you find it useful and informative.

02 INTRO

03 SALES

04 NEW LISTINGS

05 INVENTORY

Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com

06 MEDIAN PRICES

07 RENNIE INTELLIGENCE

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 6, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.

highlights • Closed M LS salesacros KingCountyweredown 12% m onth-over-m onth in Decem ber,to1,632, which wasgreaterthan thetypicalN ovem ber-to-Decem bersalesdeclineof4% . • Saleswereup 21% relativetoD ecem ber2023 (1,346 sales),m arkingtheninth m onth thisyear thatsaleshaveexceeded prior-yearlevels.A l hom etypessaw activity increaseyear-over-year,led bysingle-fam ilyhom es(+14%,to1,038)and folowed bytownhom es(+41%,to332)and condos (+29%,to246). • Fortheful-year2024,therewere24,895M LS salesin KingCounty,a10% increaseover2023 butstil 25% below thepast-decadeaverageof33,156,and thesecond-lowesttotalsince2013.

KINGCOUNTY THERENNIEADVANCE sales

DECEMBER 2024

3,500

+ 14% vsD ec2023

3,000

2,500

2,000

1,675 10 yrDecAvg

1,500

1,000

SINGLE-FAMILY HOME sales

1,038

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500

- 38% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

+ 41% vsD ec2023

800

600

364 10 yrDecAvg

400

332

TOWNHOME sales

200

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 9% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

800

+ 29% vsD ec2023

600

400

332 10 yrDecAvg

200

CONDO sales

246

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 26% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

Inform ation and statisticsderived from NorthwestM ultipleListingService. Copyright© 2025renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofJanuary6,2025.W hiletheinform ationanddatacontainedhereinhasbe n obtained from sourcesde m ed reliable,ac uracycannotbeguarante d.renniegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacingany relianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim e withoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E. 3 ●

highlights • N ew M LS listingsfel to979 in D ecem ber,a35% decreasem onth-over-m onth thatwasin line with thetypical36% N ovem ber-to-D ecem berdecline. • N ew listingswerehigheron ayear-over-yearbasis(+21%),led bytownhom es(+28%,to357), folowed bysingle-fam ilyhom es(+21%,to562),and condos(+8%,to153).

KINGCOUNTY THERENNIEADVANCE new listings

• Therewere34,345new listingsin KingCountyin 2024.Thiswas24% m orethan in 2023,though stil 12% below thepast-decadeaverageof38,889,and thesecond-lowesttotalsince2013.

DECEMBER 2024

4,000

+ 21% vsD ec2023

3,000

2,000

826 10 yrDecAvg

1,000

SINGLE-FAMILY HOME new listings

562

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 32% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

800

+ 28% vsD ec2023

600

400

220 10 yrDecAvg

200

TOWNHOME new listings

255

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 16% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

800

+ 8% vsD ec2023

600

400

180 10 yrDecAvg

200

CONDO new listings

153

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 15% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

highlights • ActiveM LS listingsin KingCountyfelto2,337,adeclineof29% m onth-over-m onth thatwas slightlym orethan thetypical26% drop. • Activelistingswere7% below theprior10-yearD ecem beraverageof2,512.Thiswasentirely driven by single-fam ily listings,w hich w ere37% below average(at1,052 listings).In contrast, townhom einventory(689 listings)was87% aboveaverageand condoinventory(576)was27% hi. • Theoveral m arketcontinued tofavorselers,with only1.4 m onthsofinventory(M O I)in D ecem ber,which wasdown from 1.8 in N ovem ber.Al hom etypeswerein selers’m arket ter itorywith M O I’sof1.0 forsingle-fam ilyhom es,2.1 fortownhom es,and 2.3 forcondos.

KINGCOUNTY THERENNIEADVANCE inventory

•

DECEMBER 2024

5,000

+ 1% vsD ec2023

4,000

3,000

1,665 10 yrDecAvg

2,000

SINGLE-FAMILY HOME inventory

1,000

1,052

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 37% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

+ 49% vsD ec2023

1,000

800

600

689

368 10 yrDecAvg

400

TOWNHOME inventory

200

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 87% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

+ 20% vsD ec2023

1,200

1,000

800

453 10 yrDecAvg

600

576

400

CONDO inventory

200

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 27% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

highlights • O n am onth-over-m onth basis,King Countysaw adecreaseof3% in m edian sold prices(averaged acros hom etypes).Them edian detached priceforsingle-fam ilyhom eswasdown 5% (to$950K), whiletownhom epriceswereflat(at$750K)and condopricesweredown 5% (to$453K). • Single-fam ilyhom epriceswere6% higherin D ecem berrelativeto thesam em onth lastyear,while townhom epriceswere2% higherand condopriceswere4% lower. •

KINGCOUNTY THERENNIEADVANCE median prices

DECEMBER 2024

$1,200,000

KingCounty

$1,000,000

$950,000

$800,000

$600,000

+ 6% vsD ec2023

$400,000

SINGLE-FAMILY HOME median salesprice

$200,000

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● December

KingCounty

$800,000

$750,000

$600,000

$400,000

+ 1% vsD ec2023

TOWNHOME median salesprice

$200,000

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● December

$600,000

KingCounty

$500,000

$453,000

$400,000

$300,000

- 4% vsD ec2023

$200,000

CONDO median salesprice

$100,000

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● December

the data behind rennie

Our rennie intelligence team comprises our senior economist, market analysts, and business intelligence analysts. Together, they empower individuals, organizations, and institutions with data-driven market insight and analysis. Experts in real estate dynamics, urban land economics, the macroeconomy, shifting demographics, and data science, their industry-leading data acquisition, analytical systems, and strategic research supports a comprehensive advisory service and forms the basis of frequent reports and public presentations, covering the Vancouver, Kelowna, Victoria, and Seattle marketplaces. Their thoughtful and objective approach embodies the core values of rennie.

Reach out to your rennie representative to learn more and to receive these publications on a regular basis, or visit us at intelligence.rennie.com

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