Is Southwest, 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, Southwest has remained a Seller's Market.
Key Takeaway
Southwest is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Southwest, WA
How much do homes in Southwest, WA cost?
Median Sold Price
$894,590
$564/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Southwest have sold for 3.4% more than they did a year ago.
Summary: The median home sold price in Southwest was $894,590 in May 2024, up 3.4% from last year, and the median price per square foot was $564.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $425K | $450K | +5.9% |
| 2 Bedrooms | $662.5K | $715K | +7.9% |
| 3 Bedrooms | $889.9K | $936.3K | +5.2% |
| 4 Bedrooms | $1.2M | $1.3M | +8.0% |
| 5+ Bedrooms | $1.3M | $1.4M | +12.4% |
Summary: Southwest housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.9%, 2 bedroom homes increased by 7.9%, 3 bedroom homes increased by 5.2%, 4 bedroom homes increased by 8%, and 5+ bedroom homes increased by 12.4%.
Housing Supply in Southwest, WA
How many homes are available in Southwest, WA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 244 | 303 | +24.2% |
Summary: The Southwest real estate market had 303 homes for sale in May 2024, a 24.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 11 | 22 | +100.0% |
| 2 Bedrooms | 82 | 106 | +29.3% |
| 3 Bedrooms | 90 | 107 | +18.9% |
| 4 Bedrooms | 48 | 51 | +6.3% |
| 5+ Bedrooms | 13 | 17 | +30.8% |
Summary: The Southwest housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 29.3%, 3 bedroom homes increased by 18.9%, 4 bedroom homes increased by 6.3%, and 5+ bedroom homes increased by 30.8%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 80 | 90 | +12.5% |
Asking Price vs. Sold Price
14 Homes Were Sold
Under Asking
36 Homes Were Sold
At Asking
40 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Southwest, you could pay more than the asking price. 44.4% of homes here sold above asking price last month.
Summary: A total of 90 homes were sold or pending in Southwest in May 2024, up by 12.5% month-over-month. Of the 90 sold homes, 16% were sold under asking, 40% were sold at asking, and 44% were sold over asking.
Days on Market for Southwest, WA
How long does it take to sell a home in Southwest, WA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 19 Days | 12 Days | -36.5% |
Summary: Homes in Southwest had an average of 12 days on market in May 2024, down by 36.5% compared to last year.
Breakdown of Home Sale Times
82 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Southwest are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 90 homes were sold in Southwest; 91% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 1% 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.