SNOHOMISH COUNTY HOUSING MARKET FORECAST

Home Prices, Market Trends, Graphs Video and Infographics

SNOHOMISH COUNTY HOUSING MARKET AT A GLANCE

snohomish county housing market report

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TABLE OF CONTENTS

3 KEY INDICATORS
Snohomish County Housing Market

  1. SALES ACTIVITY INTENSITY:
    • 53.8% (VERY STRONG)
  2. INTEREST RATE:
    • 6.99% (MANAGEABLE)
  3. INVENTORY LEVEL:
    • 1.3 Month (SHORTAGE)

THE BIG DEAL
Recovery Mode Engaged; The Snohomishg County housing market is officially on the upswing, marking a year-over-year recovery for the first time since 2021. January is showing signs of increased market activity, with buyers jumping back in after the holiday slowdown and sales volume climbing. This recovery aligns with the natural rhythm of the 10-year housing cycle, signaling opportunities ahead for those ready to act.

Enjoy The Snohomish County Market Report Video

Snohomish County Housing Market Report for December 2024: Navigating a Competitive Winter Market

"The median sale price in Snohomish County has climbed to $734,995 in 2025, up from $655,000 in 2023—a nearly 12% increase since last year.

The Snohomish County housing market kicks off 2025 with notable momentum. The median sale price has reached $734,995, reflecting a steady rise in home values and underscoring the resilience of the market. With just 1.3 months of inventory, demand continues to outpace supply, making it a competitive landscape for buyers while offering strong opportunities for sellers.

Homes are moving quickly, averaging only 35 days on the market, and with more than 53% of homes going pending within 30 days, this winter market shows no signs of cooling down.

Let’s dive into the key indicators shaping Snohomish County’s housing market this January.

Detailed Explanation of the 3 Key Indicators

  1. Sales Activity Intensity:

    • Definition: This metric reflects the percentage of homes that go under contract within the first 30 days of listing. It's a direct indicator of the market's temperature, showing how quickly homes are moving from listing to pending status.
    • Scale:
          • <25%: Buyer's market – low demand, homes take longer to sell.
          • 25%: Healthy market – balanced demand and supply.
          • 35%: Strong market – increasing demand, sellers have a slight advantage.
          • 45%: Very strong market – high demand, multiple offers are common.
          • 55%: Surge – very high demand, significantly more buyers than available homes.
          • 65%: Frenzy – extreme demand, homes sell extremely quickly, often well above asking price.
          • 75%+: Extreme frenzy – unprecedented demand, highly competitive conditions.

    2. Monthly Inventory Levels:

      • Definition: This measures the number of months it would take to sell all current listings at the current sales pace without any new listings being added. It's a critical indicator of market balance.
      • Scale:
        • 0-1 month: Severe shortage – extremely low inventory, seller's market.
        • 1-2 months: Shortage – low inventory, strong seller's advantage.
        • 2-3 months: Low – less inventory, leaning towards sellers.
        • 3-4 months: Healthy – balanced between buyers and sellers.
        • 4-5 months: Selectability – more options for buyers, slight buyer's advantage.
        • 5+ months: Buyer's market – high inventory, buyers have leverage.

    3. Interest Rates:

      • Definition: This refers to the average mortgage rate available to homebuyers. Interest rates are a significant factor affecting affordability and buyer demand.
      • Scale (not a fixed scale but commonly accepted ranges):
        • 3-4%: Excellent – very favorable for buyers.
        • 5-6%: Good – relatively affordable for most buyers.
        • 7-8%: Uncomfortable – can slow down buyer activity as financing becomes more expensive.
        • 9-10%: Challenging – high rates can lead to decreased demand and slower market activity.

    Each of these indicators plays a crucial role in interpreting the dynamics of the Seattle housing market. By analyzing trends within these metrics, we can better understand the forces at play, predict future movements, and strategize accordingly. Whether you're looking to buy a home, sell one, or simply keep an eye on market developments, these indicators provide the insights needed to navigate the complexities of Seattle's real estate landscape.

    Sales Activity Intensity™

    Current Effect:
    The Sales Activity Intensity™ in Snohomish County remains high, with 53.8% of homes selling within the first 30 days of listing. This reflects a "very strong" market, where homes are spending an average of 35 days on the market and requiring 15 showings before going pending. Buyer activity remains robust, even during the slower winter season.

    What This Means:

    • For Buyers: You’re stepping into a highly competitive market. With homes moving quickly, having pre-approval is a must. Be prepared to act decisively when the right property comes along.

    • For Sellers: This high-intensity environment is favorable, but as new inventory comes online, it’s essential to stay competitive. Strategic pricing and excellent home presentation will help you attract offers quickly.

    Monthly Inventory Levels

    Current Effect:
    Snohomish County inventory is holding at 1.3 months, signaling a severe shortage. Despite 486 new listings entering the market and 1,031 homes available this month, demand continues to outstrip supply, leading to rapid sales.

    What This Means:

    • For Buyers: Limited inventory means competition is fierce, especially for homes in the $500k–$800k range, where demand is strongest. Be ready to act fast and make competitive offers.

    • For Sellers: Low inventory keeps the advantage in your court. Listing now can help you capitalize on motivated buyers while conditions remain favorable.

    Interest Rates

    Current Effect:
    Interest rates remain steady at 6.99%, holding firm from last month. While these rates are higher than in recent years, the market continues to adjust. Buyers are finding ways to navigate affordability challenges, indicating that demand is resilient.

    What This Means:

    • For Buyers: Higher rates can strain monthly budgets. Explore creative financing options like rate buy-downs, adjustable-rate mortgages, or negotiating seller concessions to ease affordability concerns.

    • For Sellers: Offering rate concessions or incentives such as closing cost assistance can make your property more attractive to rate-sensitive buyers.

    Overall Market Trends

    Snohomish County’s housing market remains vibrant, driven by strong demand and tight inventory. Homes are selling at 99.3% of their list price, demonstrating that competitive pricing continues to attract buyers. While interest rates remain elevated, motivated buyers are stepping up, particularly in the $400k–$800k price range, which continues to be the most active segment.

    Key Takeaways

    For Sellers:

    • Stage and Price Wisely: Even with high demand, presenting your home in the best possible light and pricing it strategically are key to securing strong offers.
    • List Now to Capture Demand: The low inventory and steady buyer interest make this an excellent time to sell, even during the winter season.

    For Buyers:

    • Get Pre-Approved: Pre-approval is critical to competing in this fast-paced market. Have your financing ready to make strong offers.
    • Negotiate Where Possible: With new listings coming online, look for opportunities to secure concessions such as seller-paid closing costs or rate buy-downs.

    Residential Resale, Condos & New Construction

    Resale Residential Homes:
    The average sale price for Snohomish County homes is $808,788, with a 99.3% list-to-sales price ratio. Homes are selling quickly, spending an average of 35 days on the market.

    Condominiums:
    Condos remain a solid entry point for buyers, with an average price of $408 per square foot. However, prospective buyers should carefully consider HOA fees, which can significantly impact monthly costs.

    New Construction:
    New builds remain attractive for buyers looking for modern designs and energy-efficient features. Builders offering incentives such as rate buy-downs or upgrade packages are finding success in this rate-sensitive market.

    The Fed’s Influence

    The Federal Reserve’s current rate policies continue to influence mortgage rates, now at 6.99%. While rates have stabilized, any future adjustments could further impact affordability. Buyers should act promptly to lock in current rates before potential increases, while sellers may consider offering concessions to attract rate-sensitive buyers.

    Seasonality

    Snohomish County is firmly in the Winter Market phase, which typically sees fewer new listings and lower buyer activity. However, demand remains strong, with motivated buyers acting decisively on well-priced and move-in-ready homes. For sellers, this means less competition in the market, while buyers may find opportunities with sellers eager to close before spring.

    Strategic Insights for Buyers and Sellers

    For Sellers:

    • Stage & Price Competitively: Homes that are well-presented and strategically priced continue to attract the most interest.
    • Act Now: With limited inventory and strong buyer interest, listing your home this winter could lead to a successful sale ahead of the busier spring market.

    For Buyers:

    • Pre-Approval is Essential: Knowing your budget and having financing ready allows you to compete effectively in this high-intensity market.
    • Explore Seller Concessions: Look for opportunities to negotiate rate buy-downs or closing cost assistance to make your purchase more affordable.

    The Rent vs. Buy Conversation

    In Snohomish County, the average rent for a 3-bedroom house is approximately $3,100 per month.

    Comparatively, purchasing a home with a mortgage can offer a more stable monthly payment and the opportunity to build equity over time.

    For instance, with the current average interest rate of 6.99%, a 30-year fixed-rate mortgage on a home priced at $500,000 with a 20% down payment would result in a monthly principal and interest payment of around $2,661.

    When you add estimated property taxes and homeowners insurance, the total monthly payment would be approximately $3,100, aligning closely with the average rent for a 3-bedroom house.

    This comparison highlights that, despite higher interest rates, homeownership in Snohomish County can be a financially viable option, offering the benefits of equity growth and potential appreciation over time.

    Welcome 2025! New Year Kickoff

    Another year of the housing market is here! We anticipate a pattern of more resale listings in 2025 than in 2024. However, as buyers re-enter the market post-holiday celebrations, we will start to see higher Sales Activity Intensity™ for available inventory.J Lennox Scott

    LENNOX SCOTT

    CEO of John L. Scott Real Estate

    lennox scott ceo of john l scott
    Snohomish County Real Estate GRAPHS & Data

    SALES ACTIVITY AND INVENTORY

    sales activity

    With just 1.3 months of supply, Snohomish County would run out of homes for sale in approximately 39 days if no new listings were added. This low inventory continues to drive a highly competitive market, requiring buyers to act quickly and decisively.

    If you’re shopping for homes priced over $1.5 million, you’ll find slightly more inventory, with 2.3 months of supply available. However, this segment remains competitive, particularly for properties with standout features or prime locations.

    A total of 754 homes were sold in Snohomish County last month, demonstrating strong buyer activity even during the winter season. Homes priced between $350k and $1M dominate the market, representing the most frequently listed and sold properties and highlighting the sweet spot for demand.

    Why Does Low Inventory Matter?

    • Inventory below 5 months is considered a seller’s market, and Snohomish County’s current level firmly places it in this category.
    • Low supply fuels high demand, which supports steady or rising prices, particularly in popular price ranges like the mid-market segment.

    Key Takeaway:

    • For Buyers: Prepare for strong competition and limited options, especially in the $350k–$1M range, where demand is highest. Quick decision-making and pre-approval are essential.
    • For Sellers: The low inventory provides advantageous conditions, but pricing competitively and presenting your home effectively will ensure maximum interest and the best offers.
    DAYS ON MARKET
    Image

    In Snohomish County, 54.2% of homes are selling within the first 30 days of listing, reflecting a highly competitive market compared to the typical 30% in a balanced market. This trend is particularly noticeable in the $500,000 to $700,000 price range, where 53% of homes go pending within the first month. The limited inventory and sustained buyer interest continue to drive quick sales across the county.

    Key Takeaways:

    • For Buyers: Be prepared to act quickly, especially in the mid-market price ranges where demand is strongest. Securing pre-approval and having a clear offer strategy will give you a competitive edge.
    • For Sellers: The current market conditions favor prompt sales, but strategic pricing and effective home presentation remain essential to attract the highest-quality offers.

    Staying ahead of these trends will help you navigate Snohomish County’s fast-moving real estate market with confidence.

    PRICE

    • Current Average Sale Price:

      • Overall: $808,788
      • Single-Family Residential: $884,105
      • Condos: $598,559

      Looking Back 5 Years (January 2020):

      • Overall Average Sale Price: $738,960
      • Single-Family Residential: $790,524
      • Condos: $542,898

      This represents a 9.4% increase in overall home values over the past five years, with single-family homes rising 11.8% and condos climbing 10.2%.

      The list-to-sale price ratio sits at 99.3%, showing that pricing homes appropriately is still critical for attracting serious buyers and closing deals quickly in today’s competitive market.

      Key Takeaway:
      Whether selling a single-family home or a condo, Snohomish County’s upward pricing trend demonstrates steady equity growth for homeowners. The sustained demand, even in a higher interest rate environment, underscores the county’s appeal and long-term investment potential for buyers.

    TIMING
    yearly housing cycles

    According to the John L. Scott 6 Phases of a Yearly Housing Cycle, Snohomish County is currently in the Winter Market, which is traditionally the slowest phase of the year. This period typically sees fewer new listings and a seasonal dip in buyer activity as the market cools following the holidays.

    However, Snohomish County’s market remains anything but dormant. Tight inventory levels and steady buyer demand are keeping homes moving quickly, especially those that are well-priced and presented.

    What This Means:

    • For Buyers: Even in a quieter market phase, competition remains high for desirable properties. Be prepared to act decisively, particularly in price ranges with limited inventory.
    • For Sellers: Reduced competition gives motivated sellers an opportunity to stand out. Homes that are priced strategically and well-prepared for listing can still attract strong offers in this seasonal slowdown.

    Understanding the dynamics of the Winter Market can help both buyers and sellers navigate Snohomish County’s real estate environment with confidence.

    JOB AND POPULATION GROWTH
    unemployement rates

    WA Employment Security Department

    Where Counties are Growing[Source: U.S. Census Bureau]

    Map of Seattle inbound & outbound migration trends

    Snohomish County Housing Market Stats

    STATS PROVIDED BY: INFOSPARK

    • $808,788 was the average sold price for listings in Snohomish County.
    • 486 new listings went on the market this month.
    • 1,031 homes were for sale during the month.
    • 615 homes went pending in Snohomish County.
    • 754 homes sold this month
    • 1.3  months of inventory available in Snohomish County.
    • 35 was the average days on market for a home to sell in Snohomish County.
    • 99.3% was the average listing price vs. sales price percentage
    • $408 was the average price per square foot in Snohomish County.
    • $609,394,886  was the total closed sales volume for Snohomish County.
    • 6.99% was the interest rate
    • 53.8% of homes sold in the first 30 days in Snohomish County.
    • 15 Average showings to go Pending
    • 5 Showings per Listing

    SNOHOMISH COUNTY HOMES FOR SALE

    Image
    SEARCH SNOHOMISH COUNTY

    Snohomish County Housing Market Summary

    As we wrap up January 2025, the Snohomish County housing market remains competitive and resilient. With the average sold price at $808,788 and mortgage rates steady at 6.99%, buyers continue to show strong interest despite affordability challenges. This month, 754 homes sold and 615 went pending, reflecting robust demand even in the slower Winter Market phase.

    Inventory remains tight at 1.3 months, keeping Snohomish County firmly in a seller’s market. Homes are averaging 35 days on market, with 54.2% of listings going pending within the first 30 days—demonstrating a high level of buyer urgency and market intensity.

    Although 486 new listings and 1,031 homes available provide some options, the supply remains insufficient to meet demand. Buyers face fierce competition, particularly in mid-market price ranges, while sellers benefit from favorable conditions. However, strategic pricing and home preparation remain essential for maximizing offers as the market begins to gradually shift.

    Despite higher mortgage rates, Snohomish County’s market fundamentals are strong, with steady buyer activity and limited inventory driving the pace of sales. As we move further into 2025, expect gradual shifts in market dynamics as more listings enter the market. For now, both buyers and sellers should stay prepared to act quickly and capitalize on opportunities in this competitive environment.

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