Washington State Housing Forecast for 2024

May 20, 2019
Last updated:
January 10, 2024
In This Article

Home prices are slightly up from last year in Washington State and now sit at $566,052 as of January 2024. Prices increased a bit throughout the year, and they’re expected to continue in 2024. Low inventory is a big driver of rising home prices, which continues to be very tight in many housing centers across the state, especially in King and Pierce Counties.

With mortgage interest rates having more than doubled since the start of 2022, though they are expected to decline this year, affordability remains an issue in 2024. As such, buyers may want to get into the Washington real estate market now before home prices continue to increase even more.

Washington State Housing Forecast for 2024

Median Prices Up

The median sales price for a typical house in Washington State as of January 2024 is $566,052 up 0.1% from last year.

Closed Sales Are Down

The number of closed sales decreased in Washington State by 16.9% from January 2023 to January 2024.

King and Pierce Counties to Remain the State’s Hottest

Real estate experts say low inventory will mean the hottest housing market in years in King and Pierce Counties. Median home sale prices are up 7.0% and 4.5% in King County and Pierce County, respectively, according to RedFin.

Days on the Market

According to RedFin, listings spend an average of 26 days on the market before selling.

30-Year Fixed-Rate Mortgage Rate

Current mortgage rates in WA are currently 6.41% for conforming 30-year mortgages, 5.63% for 15-year mortgages, and 6.65% for 5/1 ARMs. For jumbo loans, the numbers in the state are 6.71% for 30-year mortgages, 6.72% for 15-year mortgages, and 6.96% for 5/1 ARMs.

View WA State Mortgage Rates

Expect Higher Sales in 2024

Homes on the market in Washington State are forecasted to sell a little faster in 2024, as interest rates will continue to decrease.

Seattle Metro Area See Minimal Price Gains

According to Zillow, home values in the Seattle-Tacoma-Bellevue metro area remained relatively the same as lat year, and in some areas prices have dipped:

  • Seattle $824,264
  • Tacoma $462,500
  • Bellevue $1,300,803

Tight Housing Supply in Seattle

Seattle continues to see a shortage of housing inventory, with only a 2.3-month supply of homes available right now.

Homes in Seattle Sell Quickly

In Seattle, homes sell 15 days after hitting the market, down from 22 days last year.

Increase in Homes Sold in Seattle

Seattle saw 547 home sales in November 2023, down from last year 586.

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Need a Home Loan in Washington State?

If you have questions about mortgages in Washington State or are ready to apply for one, we’re happy to help. Sammamish Mortgage is a mortgage firm in Bellevue, Washington, serving the entire state, as well as Colorado, Oregon, California, and Idaho since 1992. Our experts will walk you through our mortgage programs to see which one is best for you. Contact us today with any questions you have about home loans in Washington State.

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