As of January 2024, the real estate market in King County, Washington, is showing signs of both growth and complexity. Despite the challenges posed by weather and economic conditions, the market is slowly warming up, offering new opportunities for both buyers and sellers.

In King County, the median sold price for residential properties has seen an increase from the previous year, reaching $849,950 in the latest reports. Condominium prices have also risen notably, with a 15% increase from the previous year, bringing the median price to $537,000. This price growth is accompanied by a reduction in the supply of available single-family homes. The inventory level at the end of the last month was reported at 1.3 months, a decrease from 1.6 months at the end of November and significantly lower than 2.0 months from the year before. This reduced inventory level has brought quite a competitive market for buyers.

Specific areas within King County are experiencing varied dynamics. For instance, Seattle has witnessed a decrease in both inventory and home prices, with the median residential sold price dropping slightly from the previous month. However, condo prices in Seattle increased year-over-year. The Eastside of King County, on the other hand, saw an 11% increase in the median residential sold price compared to the previous year, and a significant reduction in residential inventory. In contrast, Snohomish County, part of the broader King County market, experienced a slight decrease in median residential sold prices, despite a dramatic drop in inventory.

The overall market in King County, including Seattle, is currently positioned as a seller's market. This is characterized by a demand for homes that surpasses the available inventory. The median listing home price in Seattle, as of November 2023, stood at $798,000, showing stability without significant fluctuations. The sale-to-list price ratio in Seattle is at 100%, indicating that homes are selling for approximately the asking price, which reflects a balanced relationship between sellers and buyers.

Despite these positive indicators, challenges such as high-interest rates and a shortage of housing inventory are influencing the market. These factors, combined with the seasonal slowdown typical of the fall and winter months, are contributing to a complex market environment.