Realogics Sotheby’s International Realty has released the 2024 Waterfront Report, breaking down the distinct waterfront markets within the region. For those who are called to the water, understanding the unique trends within these 16 unique communities will better inform your journey in purchasing your very own property on a prime piece of scenic shoreline or strategically listing your waterfront treasure. Explore year-over-year comparisons for vital insights into median sales prices, average days on market, average price per square foot, and more. As always, the best way to ensure success in your real estate journey is to enlist the assistance of a trusted RSIR Global Real Estate Advisor.
Seattle: Ballard/Magnolia
In examining the year-over-year changes in the trendy waterfront communities of Ballard and Magnolia in Seattle, it is apparent that the slowdown experienced by the region’s general residential market was similarly felt within the waterfront market. There was a notable decrease in the median sales price, which was down 28.57% from $3,500,000 in 2022 to $2,500,000 in 2023.
Seattle: Northwest Lake Washington
Despite the limited availability of one of these addresses, there was a major decrease in the median sales price last year during the chilly market, with the median diving 46.51% from $4,300,000 to $2,300,000 in 2023. The price range of this market is wide, with the highest sale of 2023 at $16,200,000 and the second highest sale at $2,900,000.
Seattle: West Seattle
The West Seattle waterfront home market did not see the price growth that other waterfront communities in the region did, but with just a 10.12% decrease from $2,470,000 to $2,220,000, the percentage of change was more minimal than it was in other nearby areas, like Ballard and Magnolia or farther east in Kirkland.
Bainbridge Island
This market proved stable even during a challenging year in the real estate market. The median sales price dropped 8.12% year over year to $2,500,000, but the average price per square foot saw a slight growth of 4.51% from $903 in 2022 to $944 in 2023.
Bellevue
The Bellevue waterfront market is a prime example of how even a popular market can be affected by industry obstacles like low demand and high interest rates. With listings sitting on the market for an average of 90 days, it appears that potential Bellevue buyers either put their home-buying plans on hold during the chilly market conditions.
Camano Island
The median sales price on Camano Island stayed relatively the same year over year, with a mere 1.36% increase to $1,115,000. However, the average price per square foot decreased slightly by 5.8% from $609 in 2022 to $574 in 2023.
Four Points
The Four Points community, which encompasses the elegant enclaves of Medina, Hunts Point, Yarrow Point, and Clyde Hill, presents some of the highest sales prices of our reporting, including the second highest top sale at $20,000,000. It boasts the highest median sales price at $11,880,000, up 3.38% from $11,491,250 in 2022.
Gig Harbor and Fox Island
The waterfront market in these Pierce County communities makes up a notable portion of the market, with approximately 10 percent of the total residential sales from 2023. With 81 sales, it also ranks second on our list of communities for the number of waterfront sales.
Kirkland
The waterfront community in Kirkland, situated on the beautiful shores of Lake Washington, is smaller than most of the other communities in our Waterfront Report, with just eight sales in 2023, which accounted for approximately 1 percent of the total sales in this Eastside city.
Kitsap County (Excluding Bainbridge Island)
Price growth remained relatively flat year over year, with a 1.59% increase in median sales price from $942,500 in 2022 to $957,000 in 2023. The average price per square foot decreased slightly from $451 to $429.
Mercer Island
Homes listed on Mercer Island last year sat on the market longer than in previous years, with average days on market at 76 days. This is to be expected for properties with a higher sales price and a smaller pool of interested buyers.
Poulsbo
With the lowest average days on market of all the communities examined in our report at 29 days, Poulsbo had more activity, relative to the size of its waterfront market, than many other regions in 2023 affected by the downturn in the market.
Sammamish and Issaquah
There was slight price growth in these two cities last year, with the median sales price increasing from $2,998,000 in 2022 by 6.32% to $3,187,500 in 2023. There was also a year-over-year increase in the average price per square foot, growing from $1,026 to $1,110.
San Juan County
One of the largest appeals of purchasing on one of the islands is the sheer amount of waterfront land you can own, with an average of 430 linear feet in 2023. The waterfront market is a large portion of the total market in this county, making up 21.24% of total sales.
Sequim
There was minimal year-over-year decrease in the average price per square foot, declining 5.7% from 554 to $523, but the real change from 2022 to 2023 is seen within the median sales price with a sizable 44.02% decrease from 2022’s median of $1,270,000 to 2023’s median of $711,000.
Seattle Floating Homes
This market saw major price growth in 2023 with the largest increase in median sales prices out of all the communities analyzed in our reporting, increasing 60.94% from $742,500 in 2022 to $1,195,000 in 2023. There was price growth in the average price per square foot but not nearly as much, increasing from $1,140 to $1,245.
To read the full Waterfront Report, follow this link.