Seattle's 2024 Market Recap: Higher Prices, More Listings, and Ensemble's Year of Growth

In 1976, the disco smash hit "More, More, More" took the US and the world by storm. Little did its creators know that nearly 50 years later, their lyrics would perfectly describe Seattle's 2024 real estate market!

Yet here we are, reflecting on a market that weathered immense downward pressure and still delivered solid performance for the average King County homeowner. Nearly every key metric was higher than in 2023:

Sales price – more! The median sales price rose over 8% for both single-family homes and condos. Notably, much of this growth came from the Eastside, where, as mentioned earlier this year, the median sales price in Bellevue is now double that of Seattle.

New listings – more! An additional 30,000 active units hit the market, with most going under contract within a month of listing.

Interest rates – more! Rates ended the year slightly higher than last December but, encouragingly, were down from the 20-year highs we saw in May.

Closer to home, Ensemble wrapped up our first full year as a brokerage. Staying true to the theme of "More," we welcomed eleven new brokers to the team, donated to more local charities, and assisted more than 180 households buy or sell a home.

We also launched an exciting new program: Ensemble Amplify. This pay-when-you-sell initiative allows sellers to upgrade their homes before listing with minimal friction. Learn more about Ensemble Amplify in the flyer below!

This month’s featured local business is Fast Penny Spirits in North Queen Anne. A valued friend of Ensemble since day one, this women-owned, sustainably focused Amaro distillery offers delectable cocktail sets, personalized facility tours, and events year-round. We’ve loved collaborating with Jamie and her team on projects like their summer concert series and our equitable homeownership presentation last November.

If you’re looking for a fun way to spend an afternoon or evening this winter, you might want to take a cooking class at Hot Stove Society in Belltown. Our Ensemble New Year party was hosted here, and to say we had a nice time would be an understatement. We were overjoyed with our experience! You can capture a taste of our evening on our Instagram reel.

Also this month: for so many of our sellers, transitioning to senior living involves more than just finding the right community—it’s about navigating all the steps that come with such a significant life change. TeamUp Seattle is proud to highlight our colleagues at Concierge Care Advisors – please see below for more information regarding this amazing company and the resources they provide.

Happy New Year!

Melissa, Christopher, Cait and Michael