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Transactions are valued at nearly $54 billion
Northwest MLS, the source for the most current, accurate market listing data in Washington state, today released its Annual Report on sales and listing activity for 2024. The activity in the report reflects the work of its more than 32,000 brokers in over 2,400 member offices across 26 counties.
Sales Recap
Northwest MLS members reported 67,788 sales of residential homes and condominiums during 2024. The total closings were valued at more than $54 billion, with residential homes accounting for nearly 87% of the total sales. Condominiums made up the approximate remaining 13%. Compared to 2023, there were 3,580 more sales in 2024, an increase of 5.58%. This was a slight uptick in comparison to 2023, with the total number of closings at 64,208 and the value of sales at just under $48 billion.
The median price for last year’s completed transactions was $640,000, an increase of 6.67% from 2023’s figure of $600,000. For comparison, the median price ten years ago in 2014 was $285,000. Both residential home and condominium median prices increased year-over-year, with residential homes increasing 5.60% from 2023, and condominiums increasing 7.52%.
The increase in sales volume in 2024 indicated that buyers and sellers were navigating the market as interest rates – though consistently high – dipped periodically throughout the year. “Northwestern markets are finally showing signs of thawing,” said Selma Hepp, chief economist for CoreLogic, back in April 2024. “With new listings picking up the pace from 2023 lows, potential home buyers have more options to choose from.”
Brokers also reported that single family home sales during 2024 had closing prices at 100.2% of the list price. The sale-to-list price ratio is the final sale price divided by the last list price, with the resulting value expressed as a percentage; if the ratio is above 100%, the home sold for more than its list price. This indicates that sellers still maintain confidence in the value of their homes in the face of the high mortgage rates confronting buyers – high mortgage rates which may be here to stay. The relatively low supply of homes on the market was also a factor.
“The 30-year mortgage interest rate was actually higher at the end of 2024 (6.85%) than at the end of 2023 (6.61%),” said Steven Bourassa, director of the Washington Center for Real Estate Research (WCRER) at the University of Washington, in December 2024. “We may well be experiencing the pains of adjusting to a new normal, with persistent interest rates of 6% or higher.”
Listing Activity
Brokers added 93,077 new listings during 2024, up from the previous year’s volume of 81,612. This represented an increase of 14.05% (compared to 2023’s decrease of 26.01%). Activity for new listings, including single family homes and condominiums, peaked in May with 11,572 listings added. When reviewing the overall inventory of all active listings, on average there were 11,910 active listings in the NWMLS database each month in 2024, a 24.33% increase from 2023’s average of 9,579.
Inventory as measured by months of supply averaged 2.11 months overall for 2024, improving on 2023’s average of 1.79, but still well below the balanced market range of 4 to 6 months. At year-end, there was about 2 months of available supply. 2024 inventory started off with approximately 2.11 months of supply but dropped in March to about six weeks’ worth of supply (1.57 months). Inventory made big strides moving into spring and summer and peaked in September at 2.70 months of supply.
Snapshot of Prices
Prices remained high in 2024 as interest rates made periodic dips. The residential median home price of $660,000 was $35,000 more than the 2023 median price of $625,000, a 5.60% increase; condominium median prices increased by 7.52% from $465,000 in 2023 to $499,950 in 2024.
23 of 26 counties in the NWMLS service area reported year-over-year price increases in 2024. San Juan County experienced a decrease of 4.76% in median price from 2023’s $892,500 to 2024’s $850,000. Douglas County recorded the largest increase in median price of $505,000, up 12.22% from 2023’s $450,000.
Price range statistics revealed a bell curve with 16.46% of buyers paying between $450,000 and $550,000 for their homes. In total, 31.51% of buyers paid less than $500,000 for their home in 2024, down from 35.69% in 2023. Homes selling for $1 million or more increased in 2024, registering 22.87% of sales compared to 18.3% in 2023. 15,508 properties were sold at $1 million or higher, including 1,714 that sold for over $2.5 million, a 29.2% increase from 2023’s 1,709. The highest-priced residential home sale was recorded in Mercer Island at $28.5 million.
When reviewing the highest home prices by school district, about half of the 14 most expensive districts were in King County. Mercer Island school district in King County showed the highest median sales price of $2,436,500, followed by Bellevue, Lake Washington, Issaquah, Northshore and Snoqualmie Valley school districts recording median sales prices over $1.1 million. Outside of King County, Bainbridge Island School District in Kitsap County showed the highest median sales price of $1.35 million, followed by Orcas Island ($1.055 million) in San Juan County and Conway in Skagit County ($1.02 million).
Prices for 3-bedroom homes varied widely across the MLS market area, topped by San Juan County where the median sales price was $1,050,000. At the other end of the spectrum, the typical 3-bedroom home in Ferry County had a median price of $269,000. King County recorded the highest number of 3-bedroom home sales in 2024, with 7,501 units sold.
Snapshot of Condominiums
Condominiums accounted for 13.3% of all sales during 2024 (9,037 units), with 59% of them in King County. 18.55% of condominiums sold were in Snohomish County.
The median price for 2024’s condominium sales area-wide was $499,950, a 7.52% increase from 2023’s sales. Condominiums in King County had the highest median sales price of $549,950, up 8.05% from the previous 2023’s median of $509,000. Grant County contained the lowest median sales price of $249,000, up 4.18% from its previous median of $239,000.
NWMLS members recorded sales of 4,685 condominiums priced at $500,000 and higher, with 1,031 condominiums selling for over $1 million. The highest-priced condominium sale was recorded in Bellevue at $8,796,000.
Snapshot of New Construction
There were 9,600 newly constructed units sold by NWMLS members in 2024, both residential homes and condominiums, accounting for about 14.2% of sales during 2024. The median price for all new construction was $739,950, up 5.71% from 2023’s figure of $700,000. The median price of new construction residential homes was $724,990; for new construction condominiums it was $837,995.
2024 Statistical Review & Highlight Report
View the comprehensive 2024 Statistical Review & Highlights Report for more information.
2024 County Statistical Reports
Download the individual PDF county reports
Market Trends & Statistics
View Historical Real Estate Statistics.
Get granular on real estate statistics with interactive charts encompassing the length of active, new, and additional metrics.
About Northwest Multiple Listing Service
As the leading resource for the region’s residential real estate industry, NWMLS provides valuable products and services, superior member support, and the most trusted, current residential property and listing information for real estate professionals. NWMLS is a member-owned, not-for-profit organization with more than 2,500 member offices and 30,000+ real estate brokers throughout Washington state. With extensive knowledge of the region, NWMLS operates 18 service centers and serves more than 26 counties, providing dedicated support to its members and fostering a robust, cooperative brokerage environment.
NWMLS now offers a home listing search and comprehensive broker database at https://www.nwmls.com.