Is Redmond, 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, Redmond has remained a Seller's Market.
Key Takeaway
Redmond is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Redmond, WA
How much do homes in Redmond, WA cost?
Median Sold Price
$1,274,505
$615/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Redmond have sold for 7.2% more than they did a year ago.
Summary: The median home sold price in Redmond was $1,274,505 in May 2024, up 7.2% from last year, and the median price per square foot was $615.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $390K | $375K | -3.8% |
| 2 Bedrooms | $635K | $825K | +29.9% |
| 3 Bedrooms | $1.0M | $1.1M | +7.2% |
| 4 Bedrooms | $1.6M | $1.6M | +3.8% |
| 5+ Bedrooms | $1.8M | $2.0M | +10.9% |
Summary: Redmond housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 3.8%, 2 bedroom homes increased by 29.9%, 3 bedroom homes increased by 7.2%, 4 bedroom homes increased by 3.8%, and 5+ bedroom homes increased by 10.9%.
Median Sold Price Compared To Nearby Cities
| Seattle East | $1.0M | $1.2M | +12.2% |
| Bellevue | $1.3M | $1.4M | +10.8% |
| Redmond | $1.1M | $1.2M | +7.2% |
| Sammamish | $1.5M | $1.6M | +7.2% |
Housing Supply in Redmond, WA
How many homes are available in Redmond, WA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 241 | 287 | +19.1% |
Summary: The Redmond real estate market had 287 homes for sale in May 2024, a 19.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 8 | 11 | +37.5% |
| 2 Bedrooms | 69 | 73 | +5.8% |
| 3 Bedrooms | 74 | 86 | +16.2% |
| 4 Bedrooms | 63 | 88 | +39.7% |
| 5+ Bedrooms | 27 | 29 | +7.4% |
Summary: The Redmond housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 37.5%, 2 bedroom homes increased by 5.8%, 3 bedroom homes increased by 16.2%, 4 bedroom homes increased by 39.7%, and 5+ bedroom homes increased by 7.4%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 94 | 108 | +14.9% |
Asking Price vs. Sold Price
19 Homes Were Sold
Under Asking
18 Homes Were Sold
At Asking
71 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Redmond, you could pay more than the asking price. 65.7% of homes here sold above asking price last month.
Summary: A total of 108 homes were sold or pending in Redmond in May 2024, up by 14.9% month-over-month. Of the 108 sold homes, 18% were sold under asking, 17% were sold at asking, and 66% were sold over asking.
Days on Market for Redmond, WA
How long does it take to sell a home in Redmond, WA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 13 Days | 7 Days | -45.9% |
Summary: Homes in Redmond had an average of 7 days on market in May 2024, down by 45.9% compared to last year.
Breakdown of Home Sale Times
104 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Redmond are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 108 homes were sold in Redmond; 96% of homes were sold within 30 days, 4% of homes were sold within 30 to 90 days, and 0% 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.