King County housing market sees inventory surge, price gains

The King County housing market has seen a remarkable inventory surge of 62. 6% year-over-year in January, offering buyers more choices as the number of active listings reached 2,994. New listings surged by 35%, adding 2,533 properties to the market compared to the same time last year. Despite this increase in supply, demand remains strong, as evidenced by a 14. 3% rise in closed sales, totaling 1,181 transactions.

Median home prices have also climbed, reaching $799,000 in King County, with the Eastside averaging $1. 27 million. This upward trend in prices raises concerns about housing affordability, especially as buyers spent an average of 54. 1% of their income on housing costs in 2024. The Northwest Multiple Listing Service highlights that, while the increased inventory may offer some respite for buyers, the market remains a seller's market with only 2.

54 months of inventory available. The ongoing price growth in high-demand areas underscores the challenges many buyers face. For more insights, readers can access the full report on the NWMLS website.