Imagine waking up each morning to the serene beauty of Washington’s shoreline, where the gentle lapping of waves greets you and panoramic vistas of the Puget Sound or Lake Washington stretch out before you. Owning a waterfront home in Washington is a rare and coveted opportunity, offering a unique lifestyle defined by natural beauty, tranquility, and endless recreational possibilities.
At Realogics Sotheby’s International Realty, we understand the unparalleled allure of waterfront living. Our dedicated team of brokers are true experts in this specialized market, with a deep understanding of the unique nuances and complexities involved in waterfront transactions. Whether you’re looking to sell your current waterfront property or find the perfect shoreline retreat, our advisors are equipped with decades of experience, data-backed insights, and an intimate knowledge of the local communities that grace our spectacular shorelines.
Washington’s waterfront real estate is not just about owning a piece of land; it’s about embracing a lifestyle shaped by our region’s stunning waterways. From the bustling marine life of Puget Sound to the serene lakes perfect for kayaking and sailing, each waterfront property offers a gateway to a world of natural wonder and adventure. The Puget Sound is an estuary where freshwater and saltwater merge, creating one of the most productive environments for life to flourish. With over 2,500 miles of shoreline, stretching from the Strait of Juan de Fuca to Hood Canal, the region offers stunning views and an incredible diversity of recreational opportunities.
Waterfront properties are exceptionally rare, representing only 4% of all single-family homes sold in 2023 in Washington State. These properties command a significant premium, with median sold prices 43% higher than their non-waterfront counterparts. Interestingly, 57% of these waterfront sales were for under $1 million, while 15% exceeded $2 million, highlighting the diverse range of opportunities available in this exclusive market. Out of the 12 counties researched, King County accounted for the highest proportion of waterfront sales, at 17% of the total sales in Washington State.
Collectively, Realogics Sotheby’s International Realty brokers’ transaction median sales price exceeded the Washington State median sales price for waterfront properties by an impressive 136% for 2023. Additionally, Realogics Sotheby’s International Realty represented buyers in the highest recorded sales for waterfront properties in 2023. This demonstrates our brokerage’s exceptional value and premium service to the waterfront real estate market. Our brokers are here to guide you through every step, ensuring a seamless and successful transaction that captures the essence of waterfront living.
Realogics Sotheby’s International Realty proudly presents the 6th annual 2024 Waterfront Report, an essential compilation of market data, year-over-year analysis, and research-backed insights into the distinct waterfront communities within the Puget Sound region. Dive into a breakdown of the total sales and new listings month by month in 12 counties over the past five years to examine seasonal trends. Explore yearly comparisons of insightful figures like median sales price, average days on market, average price per square foot, and more for 16 communities. This data was compiled to give buyers and sellers a better picture of the unique waterfront market trends found within our region, pulling stats from sales of everything from island getaways to luxury lakefront estates to unique floating homes.
Similar to RSIR’s Forecast Report, the charts, graphs, and examination into these key data points are carefully curated to provide a clearer picture of this unique market’s behavior last year. Some communities saw price growth with year-over-year median sales price increases, whereas others felt the effects of the slow market conditions caused by high interest rates and lower demand. However, owning a piece of coveted PNW shoreline remains a highly desirable goal for homeowners regardless of market conditions. The region saw sales prices as high as $24,375,000 on Mercer Island and price growth as high as 61% in the Seattle floating home market and 42% in San Juan County.
Explore the full report here to uncover more illuminating figures that can better prepare you to make your own successful waterfront purchase or sale. As always, our RSIR global real estate advisors would be honored to assist you in your real estate journey, so connect with one today to experience the best of the Northwest.
References
- Washington Department of Fish and Wildlife. Your Marine Waterfront: Enjoy the beach. Protect your home. Improve shoreline habitat. Retrieved from Washington Department of Fish and Wildlife Publications.
- Washington Department of Fish and Wildlife. (2016). Marine Shoreline Design Guidelines. Retrieved from Washington Department of Fish and Wildlife.