Seattle, WA Inventory Surplus Reaches 16.9% With Over 6,600 Homes for Sale in the Late 2024
December 31, 2024
Seattle, WA, real estate market could witness a continuous decline, with an inventory surplus of 16.9% being recorded in late 2024. According to the data on Reventure App, this surplus reflects a total of 6,613 homes currently available for sale, compared to the long-term average of 5,654 homes in the metro. The increased inventory shows a potential cooling of the market, meaning buyers will have more choices and negotiation opportunities. The graph below highlights the Seattle’s inventory trends over the years:
Seattle, WA’s inventory reached 16.9%, the highest in the last 4 years. Access the above graph here. [Link]
Over the years, Seattle’s real estate market has experienced fluctuations in inventory levels. From a high surplus of 46.6% in 2018, the market shifted to a deficit by 2021, with a significant drop in Home For Sale of 55.6%. However, inventory levels had rebounded since 2022, showing a steady increase. It dropped again in 2023, and the market again recorded a surplus of 16.9% in late 2024, reflecting greater availability of homes for sale.
Snohomish County reported the lowest inventory surplus in the Seattle Metro. Access the above map here. [Link]
In late 2024, Pierce County leads the Seattle metro area with the highest inventory surplus at 27.5%, offering 1,754 homes for sale, well above its long-term average of 1,375. In 2018, the county’s surplus peaked at 40.9%, offering ample housing options. This trend reversed by 2020-2021, with the county recording a sharp deficit of -46.9%, marking limited inventory during those years. However, in 2022, the market experienced a slight surplus of 1.6%, which increased to 27.5% in late 2024.
Moreover, other counties in the Seattle, WA, metro area also showed varied inventory trends. Reventure App’s data highlights that King County reached an inventory surplus of 15.3% and 3,747 homes for sale, exceeding its long-term average of 3,249. Meanwhile, Snohomish County reported the lowest surplus at 7.8%, with 1,112 homes for sale, slightly above its average of 1,031. So, the county’s current situation clearly shows that it is a buyer market. You can also deeply analyze the counties by yourself on Reventure App.
Factors that Contributed to Inventory Surplus/ Deficit
The inventory surplus in Seattle’s declining market stems from multiple factors. For instance, rising mortgage rates have reduced buyer demand, while an influx of new listings has increased available homes. Moreover, the economic uncertainty and affordability challenges have also contributed, causing potential buyers to delay purchases. These factors combined have driven inventory levels above long-term averages, resulting in a slight surplus in Homes For Sale across the metro area.
Predictions for the Seattle, WA’s Housing Market in 2025
Seattle’s housing market is expected to just fall below the score of a stable market throughout 2025. With a Home Price Forecast score of 44/100 in late 2024, the market reflects reduced buyer demand, longer days on the market, and increasing price cuts. The score just slightly falls below the stable range of 45 to 55, indicating increased downward pressure on prices if the current trends holds.
According to the Home Price Forecast score of 2024, Seattle, WA’s market could see a decline in 2025. Access the above graph here. [Link]
So, buyers could expect greater negotiation power and potentially lower home prices in 2025. However, sellers might face challenges with prolonged listing periods and downward pricing pressure that reinforce the trend of a declining market for the Seattle metro area. For a detailed market analysis, access Seattle, WA’s data at a ZIP-code level on Reventure App.
