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High Prices Continue to Challenge Market Affordability

In November 2024, the median price of single-family homes and condos reached $837,350 in King County and $760,000 in Snohomish County. Single-family homes alone saw a 4% increase in King County, rising from $885,500 to $925,000, and an 8% increase in Snohomish County, climbing from $725,000 to $784,975.

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By MBAKS Senior Policy Analyst Allison Butcher

The housing and economic indicators featured in this month’s Builders Bulletin reflect the state of the market just prior to the start of the COVID-19 crisis in the Puget Sound region. It shows housing inventories still very low in our two counties, with 1.17 months’ supply in King County and 0.93 months’ supply in Snohomish County. Data from the Northwest Multiple Listing Services also show median home prices holding steady in February—$615,000 in King County and $494,263 in Snohomish County. The February unemployment rate was a near record-low 2.6% for Seattle/Bellevue/Everett and statewide construction employment was 225,200.

The Builder's Bulletin is intended to provide a convenient way to track housing in our market and includes information from the Northwest Multiple Listing Service, State of the Cities Data Systems, Office of Financial Management and the Washington State Employment Security Department.

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The first in a new series, Shannon's 60! Shot at the 2016 REX/T-REX Awards at the fabulous W Hotel in Seattle.

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