T
he Seattle-area housing market wrapped up 2024 with a slow pace, as high costs continued to deter buyers and limit supply. Despite a typical seasonal decline in prices from November to December, the overall trend shows prices rising compared to last year, according to data released by the Northwest Multiple Listing Service. The sluggish market is characterized by high home prices and elevated mortgage rates, making it difficult for many potential buyers to afford homes.

    Buyers are becoming increasingly picky about the properties they choose, with some opting to wait out the current market conditions. Mortgage rates remained steady in December, hovering around 7%, but still pose a significant barrier to entry for first-time buyers. However, local real estate agents report that other buyers and sellers have adapted to the higher rates and are making moves.

    In King County, the median single-family home sold for $875,000 last month, down from November but up 3% from the previous year. The median Seattle home price reached $899,000, a 6% increase from 2023. Condo prices in the area were mixed, with the median Seattle condo selling for $550,000, down 6% from last year, while Eastside condos saw a 10% increase to $695,000.

    Sales volumes declined by over 20% across the region in December, but pending single-family sales climbed 7% year-over-year in King County. Listings were down from November, but up from the previous year's slow December. Despite the slow market, some buyers and sellers are still making deals, with many expecting discounts on homes.

    In the coming year, real estate agents and economists predict an increase in home sales, but mortgage rate relief is unlikely, with most forecasts expecting rates to remain above 6%.