The real estate market in the greater Seattle area continues to reward sellers and buyers with steady growth and high demand, especially across key communities lining Lake Washington.
Despite fluctuating headlines, record low inventory, higher prices, and federal rate decisions, the data I have compiled tells a clear story: the market rewards confidence and informed decisions.
Let's take a closer look in my areas of interest - all stats are rolling from 2022, except 2024 which ended December 20th.
SEATTLE
Seattle experienced a robust recovery in 2024, with average home prices rising 6.6% to $1,002,770. New listings increased by 18.1%, and homes sold at a rapid pace, averaging just 13 days on the market. The city’s resilience and strong buyer demand have kept the market highly competitive.
In 2023, discerning buyers shifted the mindset of sellers, emphasizing the importance of thoughtful preparation and strategic pricing. Homes that were well-prepared and attractively priced saw swift and successful sales, while under-prepared properties lacking attention to detail and competitive pricing risked extended market times and eventual price reductions.
This dynamic was particularly evident in the luxury market, where preparation and pricing are expected to remain critical trends heading into 2025. Sellers who invest in aesthetics, staging, and strategic pricing will continue to attract motivated buyers and achieve the best results.
WEST BELLEVUE
West Bellevue encompasses the area east of I-405, stretching from I-90 north to include Medina and the Points.
In 2024, new listings increased by 11%, and closed sales surged by 23.5%, reflecting a robust market for both buyers and sellers. While inventory is gradually improving, buyer demand continues to outpace available homes, maintaining strong competition and steady price growth.
Homes across West Bellevue attract significant interest, averaging 12 showings before going pending. Buyers are particularly drawn to properties with exceptional design, privacy, and access to top-tier schools and amenities. The upcoming 2025 light rail opening is set to enhance connectivity to downtown Seattle, further boosting the Eastside’s appeal.
The crown jewel of West Bellevue, Medina, is celebrated for its breathtaking waterfront properties and close proximity to downtown. With an average home price of $5.6M in 2024, Medina remains one of the most desirable neighborhoods in the region—and the nation.
As we head into 2025, West Bellevue shows no signs of slowing down. Limited inventory and sustained demand will continue to drive price growth, solidifying its status as a premier market.
KIRKLAND & BRIDLE TRAILS
Kirkland’s growth is unmatched, with a 17.3% price increase to $1.9M and a 28.4% rise in closed sales. New inventory surged 32.7%, providing more options for buyers, while sellers benefited from high demand and competitive bidding. Homes averaged just 21 days on market with 20 showings before going pending, signaling Kirkland and Bridle Trails as a Spotlight Market.
These communities are attracting a growing and diverse group of buyers, drawn by the area’s ideal location, thriving business district, access to the lake, natural spaces, and increasing property values. It is no doubt this is the rising star of our region.
MERCER ISLAND
Mercer Island experienced a strong rebound from 2022. A top destination for out-of-state buyers looking to relocate. In 2024, Mercer Island saw prices climb 8.6% to $2.73M. Homes sell in just 20 days, reflecting strong demand, while limited inventory (1.7 months) ensures competitive conditions for sellers.
Mercer Island matured since the pandemic, attracting high-end and boutique businesses, which will all be to the benefit of this sought after community in 2025. Mercer Island's blossoming business district has been a long time coming, and I love seeing the Island catching some urban flare.
THINKING ABOUT ENTERING THE MARKET IN 2025? HERE'S WHAT YOU NEED TO KNOW:
Sellers: Rising home prices, limited inventory, and steady demand make this a favorable time to sell.
Strategic preparation and pricing are essential to stand out and maximize your return in a market that remains competitive yet unpredictable. If you’re worried about selling and buying simultaneously, don’t be. Contingent transactions can be successful, and cautious yet qualified buyers looking to enter the market are creating a window of opportunity for sellers.
Real Estate is still trending upward, making it an ideal time to cash in or transition into your dream home. If you’ve previously struggled to sell, let’s reassess your strategy and craft a plan to help you succeed this year.
Buyers: Don’t let media narratives, hearsay, or rate hikes discourage you. Opportunities abound in 2025, and a strategic approach is key.
This dynamic means there’s opportunities at every level. Being prepared, acting decisively, and focusing on value will position you to secure the best deals in any market. Let’s navigate the nuances together and ensure you’re ready to make your move with confidence.
MAKE YOUR REAL ESTATE DREAMS A REALITY IN 2025
Real estate remains one of the most reliable ways to build wealth, regardless of market conditions. The past three years have proven success buying and selling exists even in challenging markets, and 2025 is poised to bring exciting possibilities. As inventory increases and interest rates ease, buyer activity will accelerate—so now is the time to position yourself ahead of the competition.
Whether you’re buying, selling, or simply exploring your options, I’m here to help you make informed, strategic decisions.
Looking for stats for your area? I can provide a full cost assessment of any neighborhood and any home or condo. Just send me an email or call me at 206-992-2596.
