Is Northwest, WA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Northwest has remained a Seller's Market.
Key Takeaway
Northwest is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Northwest, WA
How much do homes in Northwest, WA cost?
Median Sold Price
$800,000
$550/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Northwest have sold for 0.9% less than they did a year ago.
Summary: The median home sold price in Northwest was $800,000 in May 2024, down 0.9% from last year, and the median price per square foot was $550.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $364.3K | $360K | -1.2% |
| 2 Bedrooms | $635K | $668K | +5.2% |
| 3 Bedrooms | $865K | $862K | -0.3% |
| 4 Bedrooms | $1.1M | $1.1M | +5.3% |
| 5+ Bedrooms | $1.3M | $1.3M | -1.5% |
Summary: Northwest housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.2%, 2 bedroom homes increased by 5.2%, 3 bedroom homes decreased by 0.3%, 4 bedroom homes increased by 5.3%, and 5+ bedroom homes decreased by 1.5%.
Median Sold Price Compared To Nearby Neighborhoods
| North Park | $665K | $660K | -0.8% |
| Northwest | $807.5K | $800K | -0.9% |
Housing Supply in Northwest, WA
How many homes are available in Northwest, WA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 269 | 310 | +15.2% |
Summary: The Northwest real estate market had 310 homes for sale in May 2024, a 15.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 23 | 23 | 0.0% |
| 2 Bedrooms | 98 | 100 | +2.0% |
| 3 Bedrooms | 89 | 104 | +16.9% |
| 4 Bedrooms | 43 | 59 | +37.2% |
| 5+ Bedrooms | 16 | 24 | +50.0% |
Summary: The Northwest housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 2%, 3 bedroom homes increased by 16.9%, 4 bedroom homes increased by 37.2%, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 88 | 100 | +13.6% |
Asking Price vs. Sold Price
17 Homes Were Sold
Under Asking
32 Homes Were Sold
At Asking
51 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Northwest, you could pay more than the asking price. 51% of homes here sold above asking price last month.
Summary: A total of 100 homes were sold or pending in Northwest in May 2024, up by 13.6% month-over-month. Of the 100 sold homes, 17% were sold under asking, 32% were sold at asking, and 51% were sold over asking.
Days on Market for Northwest, WA
How long does it take to sell a home in Northwest, WA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 31 Days | 14 Days | -52.4% |
Summary: Homes in Northwest had an average of 14 days on market in May 2024, down by 52.4% compared to last year.
Breakdown of Home Sale Times
85 Homes Were Sold
Under 30 Days
13 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Northwest are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 100 homes were sold in Northwest; 85% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.
Listings courtesy of Northwest Multiple Listing Service as distributed by MLS GRID.
The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of Northwest MLS IDX. Real estate listings held by other brokerage firms are marked with the green "three trees" logo and includes the name of the listing broker(s). Copyright © 2024 Northwest MLS. All rights reserved.