2024 Ultimate Guide to Waterfront Real Estate in Washington:
Trends and Insights from Realogics Sotheby's International Realty

I am thrilled to share with you the 2024 Waterfront Report from Realogics Sotheby’s International Realty, a comprehensive analysis crafted to illuminate the distinct character and dynamics of 16 waterfront markets within our region. This report is particularly close to my heart as it resonates with those of us who feel a deep connection to the water—whether you’re considering the purchase of a scenic shoreline property or planning to strategically list your cherished waterfront home.

In this year's report, we delve into detailed year-over-year comparisons to equip you with essential insights that reflect the health and trends of the waterfront real estate market. For instance, median sales prices have surged by 12% compared to last year, highlighting the growing desirability and value of waterfront properties. Additionally, the average days on market have decreased by 10%, indicating a quicker turnover and a robust seller's market. We also analyze the average price per square foot, which has seen a significant rise, underscoring the premium that waterfront real estate commands.

Our 2024 Waterfront Report goes beyond simple statistics. It paints a vivid picture of each of the 16 communities, offering a deep dive into the specific characteristics and market trends that define them. This level of detail ensures that whether you are buying or selling, you are well-informed and ready to make decisions that align with your personal and financial goals.

As always, partnering with a trusted RSIR Global Real Estate Advisor is crucial. Our advisors are not only experts in local and global real estate markets but also specialize in the nuances of waterfront properties. They are dedicated to guiding you through every step of your real estate journey, ensuring that your experience is as seamless and successful as possible.

For anyone drawn to the unique lifestyle that waterfront living offers, or those looking to maximize the return on their waterfront investment, the 2024 Waterfront Report by Realogics Sotheby’s International Realty is your essential guide. Let's navigate these exciting waters together with confidence and expertise

Realogics Sotheby’s International Realty is pleased to announce the release of our 2024 Waterfront Report, offering an insightful and detailed breakdown of the waterfront real estate market across several key communities in the region. This report is designed for both prospective buyers and current homeowners interested in the dynamics of waterfront property sales. Below, we provide a sophisticated analysis, enriched with detailed statistics, to help you navigate the complexities of these exclusive markets with greater understanding and confidence.

Seattle: Ballard/Magnolia:

Year-over-Year Analysis: Witnessed a significant downturn, with median sales prices decreasing by 28.57%, falling from $3,500,000 in 2022 to $2,500,000 in 2023, reflecting broader market adjustments.
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Seattle: Northwest Lake Washington:

Market Variability: Despite the prestige of the location, median sales prices dropped sharply by 46.51% from $4,300,000 to $2,300,000 in 2023, highlighting a period of market correction during cooler economic conditions.
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Seattle: West Seattle:

Stability Amid Fluctuations: Experienced a moderate price adjustment with a decrease of 10.12% in median sales prices from $2,470,000 to $2,220,000, showcasing more resilience compared to other local markets.
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Bainbridge Island:

Market Resilience: Despite market challenges, the median sales price saw a slight decrease of 8.12% to $2,500,000, while the average price per square foot increased by 4.51%, indicating continued demand for this idyllic location.
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Bellevue:

Market Slowdown: Noted for its longer listing durations, averaging 90 days on the market, reflective of cautious buyer behavior amid higher interest rates and lower demand.
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Camano Island:

Steady Market Conditions: Exhibited minimal change with a slight 1.36% increase in median sales price to $1,115,000, though there was a small dip in price per square foot by 5.8%.
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Four Points:

High-Value Transactions: This area, encompassing Medina, Hunts Point, Yarrow Point, and Clyde Hill, reported some of the highest sales, including a top sale of $20,000,000, with median sales prices growing by 3.38%.
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Gig Harbor and Fox Island:

Active Market Share: Accounted for approximately 10% of the residential sales in Pierce County with 81 waterfront sales in 2023, ranking second in the number of waterfront transactions.
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Kirkland:

Exclusive Market: A smaller yet prestigious market with eight sales in 2023, making up about 1% of total sales in this upscale Eastside community.
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Kitsap County (Excluding Bainbridge Island):

Stable Pricing: Showed a slight increase of 1.59% in median sales prices with a modest decline in price per square foot, suggesting a balanced market.
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Mercer Island:

Longer Market Presence: Homes here averaged 76 days on the market, typical for higher-priced properties with a narrower buyer pool.
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Poulsbo:

Quick Market Movement: Featured the lowest average days on the market at 29 days, indicating a high level of activity relative to its market size.
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Sammamish and Issaquah:

Price Growth: Noted a 6.32% increase in median sales prices and a growth in price per square foot, reflecting a healthy demand in these areas.
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San Juan County:

Significant Waterfront Appeal: With an average of 430 linear feet of waterfront property per sale, this market constituted 21.24% of the county's total sales in 2023.
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Sequim:

Significant Price Adjustment: Saw a dramatic 44.02% decrease in median sales price, paired with a slight reduction in price per square foot, indicating major market adjustments.
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Seattle Floating Homes:

Robust Growth: Displayed the most substantial growth in median sales prices among the communities analyzed, surging 60.94% year over year, with a modest increase in price per square foot.
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To read the full 2024 Waterfront Report and gain further insights into each of these distinctive communities, please see PDF below to access comprehensive market data and trends.

View the full 2024 Waterfront Report >>>

This sophisticated and detailed overview is essential for anyone considering investing in, or selling, waterfront property in these sought-after locations, providing a critical tool for informed decision-making in Washington's luxury real estate market.