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July 20, 2024

Redmond, WA - Real Estate Market Overview 2024

Zoe Harper

Marketing

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The Redmond housing market is booming. Home prices are up, and homes are selling fast. This shows it's a great time for sellers. The median home price in Redmond hit $1,279,858 in June 2024. That's an 8.7% jump from last year¹. This hike proves people really want to live in Redmond.

Looking to invest in Redmond? It's a wise choice. Properties sell quickly here, in just 11 days on average¹. This speedy sales cycle is a sign of Redmond's strong and competitive market.

When comparing, Redmond beats nearby cities in how fast home values are growing. It's a hotspot for both buyers and sellers¹. Always check the latest real estate info with local agents or MLS listings to be sure.

For more detailed information on Redmond real estate trends, you can check the comprehensive data here.

Key Takeaways

The median home price in Redmond reached $1,279,858 in June 2024, up by 8.7% year-over-year¹.
Homes are selling significantly fast, averaging 11 days on the market in 2024¹.
Redmond outperforms nearby cities like Seattle East, Bellevue, and Sammamish in home price appreciation¹.
Property investment in Redmond remains a promising venture due to rising prices and quick sales cycles.
The overall number of homes for sale has seen a slight increase, while the number of homes sold had a notable drop¹.

Current Housing Market Trends in Redmond, WA

Recently, the real estate scene in Redmond, WA has been lively. It's identified as a Seller's Market. This means demand is high, boosting sale prices and homes are selling quicker. Since June 2024, we've seen prices go up and homes selling fast¹.

Market Conditions

In June 2024, Redmond was clearly a Seller's Market. Homes were selling quickly, often for more than the asking price. In fact, about 44.6% of properties sold were above asking price last month¹. This creates a competitive scene. Buyers need to act fast. The number of homes listed rose slightly by 2.8% from May to June 2024. Yet, the homes sold decreased by 23.9% in the same timeframe¹.

Price Trends

Home prices in Redmond are on the rise. By June 2024, the median sold price hit around $1.28 million. This was an 8.7% increase from the previous year, averaging $615 per square foot¹. We also saw price changes based on the number of bedrooms. Two-bedroom homes went up by 28.6%, and homes with five or more bedrooms increased by 11.2%¹. These trends point to strong growth and high interest in Redmond's market.

Median Home Prices in Redmond, WA

The real estate market in Redmond, WA has seen a lot of ups and downs lately.

Comparison By Home Type

Looking at the prices for different types of homes in Redmond shows clear differences. For example, 1-bedroom homes dropped a little, down 0.7%, with their prices at $379.9K¹. But, 2-bedroom homes went up a lot by 28.6%, making their prices $832.5K¹.

Larger homes also grew in price. 3-bedroom homes are now about $1.1M, an 8.7% increase¹. 4-bedroom homes have gone up by 5.9%, to $1.6M¹, and the biggest homes, with 5+ bedrooms, jumped 11.2% to around $2.0M¹. This shows how varied the Redmond housing market is.

Monthly and Yearly Trends

Redmond's median home prices have been climbing steadily. In August 2024, they were between $839,228 and $1,021,896². By September 2025, they slightly rose to be between $842,076 and $1,024,719².

In contrast, by the end of 2026, median prices ranged from $897,781 to $1,083,756². April 2029 saw further increase, with prices between $953,506 and $1,145,523². The forecast for December 2030 shows the highest increase, with prices expected to be from $1,002,708 to $1,187,113². These numbers show a strong and growing real estate market in Redmond, WA.

Average Days on Market in Redmond, WA

Homes in Redmond are selling faster now. The Redmond average days on market has dropped a lot. This shows a lively and competitive housing market. In the 98052 area, homes used to take 15 days to sell in June 2023. By June 2024, this dropped to 9 days. That's a 35.3% decrease³. Redmond is now a great place for selling homes quickly.

Factors Influencing Sale Times

Many things affect how long homes in Redmond take to sell. These are the main ones:

Property Condition: Well-kept homes sell quicker because more buyers are interested right away.
Pricing Strategies: Homes priced well tend to get multiple offers fast, showing the importance of good pricing.
Effective Marketing: Good marketing, like online ads, virtual tours, and home staging, helps sell homes faster.
Economic Conditions: The economy plays a big role too, with interest rates and job security affecting buyers' decisions.
Seasonality: Some times of year are busier for buying homes, which can change how quickly a home sells.

Putting all these factors together has made Redmond's real estate market do really well. For example, 74 homes were sold in less than 30 days. This quick selling shows how active the area is¹. There was also a 19.7% drop in the average sale time from June 2023 to June 2024. This further shows the trend towards fast sales in Redmond¹.

Housing Supply: Inventory and Availability in Redmond, WA

In recent months, Redmond's housing market has seen changes. From May to June 2024, the number of homes available rose by 2.8%⁴. This increase was seen in both 1-bedroom and homes with 5 or more bedrooms. It suggests buyers have more options in Redmond's real estate market⁵.

Yet, the supply of 3 and 4-bedroom homes went down during this time. Even with more homes on the market in Redmond, sales dropped by 23.9%⁴. This could be because of changing buyer interests or typical seasonal changes in the market.

Redmond heavily favors single-family homes, which make up over 81% of its market⁶. Over the last ten years, average home prices jumped from about $800K to $1.3M⁶. This shows Redmond's real estate market is strong and growing, despite changes in how many homes are for sale.

The real estate market across Washington, including in cities like Seattle, generally benefits sellers more due to high demand and limited supply Washington real estate market overview ⁴. These trends are also seen in Redmond, creating good chances for buyers and sellers alike here.

Popular Neighborhoods in Redmond, WA

Redmond neighborhoods are diverse and full of life, each adding its own special touch. With 18 different neighborhoods, exploring Redmond is an adventure⁷.

Top-Performing Areas

Some top spots in Redmond include Union Hill-Novelty Hill, North Redmond, Overlake, and Sammamish Valley. These neighborhoods are favorites not just for their lively communities. They're also close to big tech companies like Microsoft and Nintendo⁸. Each area has top schools from the Lake Washington district, so they're great for families⁸. High demand for homes here shows these areas are special and Redmond's real estate is strong⁸.

Rental Market Insights

The Redmond rental scene is active, with a mix of houses and apartments. Redmond's strong economy and the tech job boom drive this. With 95% of jobs in tech and math fields⁷, the average income in Redmond was $82,565 in 2022⁷. About 43% of people here were born in other countries, showing a community that values diverse living choices⁷. This diversity reflects in the range of rental homes available, meeting different tastes and needs in Redmond neighborhoods.

Buyer's Market vs. Seller's Market in Redmond, WA

In Redmond, it's important to know if the market is better for buyers or sellers. Right now, Redmond is in a seller’s market. There's less than three months of homes available, which is good for sellers⁹. This shortage causes bidding wars and offers above the asking price are common⁹. Also, over 35% of new homes sell in less than 30 days, showing how much people want to buy⁹.

On the other hand, a Redmond buyer's market would have more than three months of homes for sale and less than 25% sell so quickly⁹. Buyers would have more power, more choices, and might pay less. But, we haven't seen this lately. The strong market in Redmond is due to many jobs and big companies like Microsoft and Nintendo. This makes more people want to buy homes here¹⁰.

Sellers in Redmond can often get more than their asking price now¹¹. The demand for homes is high and there aren't many available. Buyers need to act fast and be ready. If it turns into a Redmond buyer's market, more homes and longer sale times mean buyers could get better deals⁹.

Watching the number of homes for sale and economic trends like interest rates and job numbers helps guess market changes. Currently, Redmond favors sellers, letting them benefit from these conditions⁹.

Comparative Analysis: Redmond vs. Nearby Cities

When we look at the real estate market in Redmond, we see it's doing well compared to nearby places. It's ahead in terms of how fast home prices are going up. This shows Redmond's strong spot in the region's market.

Seattle East

Seattle East's real estate market saw a 13.9% jump in median sold prices. Its closeness to Redmond and similar focus on tech make it worth comparing. This helps us get the full picture of the area's market trends.

Bellevue

Bellevue's real estate market has seen big growth, with home prices up 12.5%. This battle of Bellevue versus Redmond underlines the draw for techies looking for a plush suburb close to city life. With Redmond's median home price at $1.5 million in July 2023, it's a prime pick for those who want quality and affordability¹².

Sammamish

In Sammamish, home prices increased by 9.5%, attracting those wanting luxury homes. Compared to Redmond, even with a slight drop in home prices, Redmond's high demand and fast sales show it's still a top place to buy. This tells us Redmond is holding its own among upscale markets¹².,p>

For more detailed insights into Redmond's real estate market, check out this comprehensive guide¹².

Investment Opportunities in Redmond, WA

Redmond offers great investment options, thanks to its varied housing market and strong economy. Home to big tech companies like Microsoft, the area appeals to both long-term investors and those looking at the short-term rental market Redmondinvestment opportunities ¹³. It's also known for good schools, low crime, and beautiful natural views, making it an attractive place for investors.

Long-term Investment Potential

Thanks to its booming economy, Redmond is perfect for investing in property over the long haul. The city is growing fast, helped by smart city planning¹³. A lot of techies moving in are looking for fancy homes. This is really clear in places like Bellevue and Redmond itself¹⁴.

Redmond keeps attracting new people. This helps the real estate market stay strong¹³.

Short-term Rental Market

The short-term rental scene in Redmond is thriving, attracting visitors and business folks alike. Nearby Belleville sees a high demand for temporary stays due to pricey homes and more people working from home¹⁴. Redmond's parks and active community life make it a hit for short-term rentals. It's a win for investors looking for profitable ventures. Suburban areas like Redmond are ideal, offering both community vibes and quality living¹³.

Forecast and Market Predictions in Redmond, WA

The Redmond real estate market is looking up for the next few years. A booming tech industry, more people moving in, and a strong economy are pushing this growth. These factors make more people want to live here.

Expert Opinions

Experts have high hopes for Redmond's future. Zillow thinks home values in the Seattle area, including Redmond, will grow by 1% by the end of 2023. But they could dip by 1% by the end of 2024¹⁵. Matthew Gardner sees a 3% hike in King County's home prices for 2024¹⁵. Fannie Mae expects the 30-year fixed mortgage rate to fall to 6.2% by 2025¹⁵.

Market Drivers

The tech industry's expansion, especially with big players like Microsoft, plays a huge role. Redmond's strong economy and its appeal to new residents keep the housing demand high. From May to June 2024, Redmond's home inventory slightly grew, but sales dropped 23.9%¹. This change hints at a tighter housing market ahead.

Redmond's real estate scene remains a solid investment over the long term¹. By August 2030, homes might start at over $1 million². This outlook is supported by a 13.9% rise in median sold prices compared to neighboring areas¹.

Conclusion

The Redmond real estate market summary shows a strong and fast-changing scene. As of June 2024, Redmond, WA is a seller's market. The median sold price stands at $1,279,858, up 8.7% compared to last year¹. This increase shows a lot of people want to buy homes here. In the last month, 44.6% of homes were sold for more than their listed price¹. Also, homes are selling faster now, taking only 11 days on average, down from 14 days last year¹.

While Redmond's 8.7% increase in home prices is impressive, it is lower than in cities nearby. For example, Seattle East saw a 13.9% rise, and Bellevay 12.5%¹. This information helps buyers and sellers understand the market better. Redmond's housing stock has grown by 2.8%, especially in 1-bedroom and 5+ bedroom homes, by 60% and 25.9% respectively¹. But, the number of homes sold fell by 23.9% from May to June 2024¹. This points to the changing dynamics of the market.

Investors will find Redmond exciting for both long-term and short-term rentals. This is thanks to big tech companies like Microsoft and Nintendo¹⁶. With over 287 homes for sale, priced from $430,000 to $1.5 million¹⁶, there's a lot to choose from. Whether you're buying or selling, it's essential to know the latest trends. Professional advice can help navigate this market. For deeper insights, check out Rocket Homes.

FAQ

How has the Redmond, WA housing market performed in recent years?

In recent years, the Redmond, WA housing market has seen a big increase. June 2024 showed home prices going up 9.1% from the year before. This boost hit a median of $1.2 million, showing that many people want to live here.

What are the current housing market trends in Redmond, WA?

Since June 2023, Redmond has been a hot spot for sellers. This means lots of people want to buy homes, prices are climbing, and houses sell quickly. In June 2024, the average house took just 11 days to sell, with prices up by 8.7%.

What are the median home prices in Redmond by home type?

Between June 2023 and June 2024, the price for 1-bedroom homes dipped slightly by 0.7%. On the other hand, 2-bedroom homes jumped a huge 28.6% in price. Larger homes saw increases too: 3-bedrooms went up 8.7%, 4-bedrooms 5.9%, and those with 5+ bedrooms by 11.2%.

How quickly are homes selling in Redmond, WA?

Homes in Redmond are selling fast, taking only 11 days on average as of June 2024. This is 19.7% quicker than the year before. A good house condition, the right price, and strong marketing help homes sell fast.

What is the current housing supply in Redmond, WA?

From May to June 2024, Redmond saw a 2.8% growth in homes for sale. The number of 1-bedroom and 5+-bedroom homes on the market increased. However, those looking for 3 and 4-bedroom homes found fewer options. Yet, overall home sales dropped by 23.9%.

Which neighborhoods in Redmond, WA are most popular?

Some areas in Redmond stand out for their vibrant communities and easy access to services. These places are great for anyone looking to buy or rent, thanks to their amenities and bustling local economy.

Is Redmond, WA currently a Buyer's or Seller's Market?

Currently, Redmond is a Seller's Market. This means there's a lot of demand, homes sell quickly, and prices tend to be higher. Sellers are in a good position, often getting multiple offers and selling above the listed price.

How does Redmond's real estate market compare to nearby cities?

Redmond's home prices grew by 8.7%, which is quite strong. It's competitive with Seattle East's 13.9%, Bellevue's 12.5%, and Sammamish's 9.5%. Redmond offers a unique appeal that draws buyers.

What are the investment opportunities in Redmond, WA?

Investors find Redmond appealing for both long-term and short-term investments. The city's steady growth, economic stability, and business-friendly environment attract investors. It's a prime spot for getting into the rental market or holding onto properties for the future.

What are the forecasts and market predictions for Redmond's real estate market?

Experts see a bright future for Redmond's housing market, thanks to the tech industry, population increases, and a strong economy. Still, it's a good idea to get advice from a professional before making any decisions.