Home prices climb across the Seattle metro except in Kitsap County
Median sale prices for single-family homes in three of the Seattle metro's four counties increased 9% to 11% annually in October, with Kitsap seeing a dip of nearly 1%.
"There's a tremendous amount of housing construction in Kitsap," says Frank Leach, the broker-owner of Re/Max Platinum Services in Silverdale. This has caused homebuilders to compete with price reductions in the last five or so months. Leach said over that period, asking prices for new houses have gone from the mid- to high $700,000s to the high-$500,000s to low-$600,000s.
This downward pressure doesn't exist in King, where new homes are under construction but not at the rate in Kitsap. Through the first seven months of the year, Kitsap saw on 25% more construction on a per capita basis than King, per Washington Center for Real Estate Research data.
Kitsap's October median sale price was $556,000, according to the Northwest Multiple Service report that was issued on Wednesday. By contrast, King's median sale price rose 8.7% to $960,000, while Pierce and Snohomish counties, respectively, saw increases of 9.4% to $588,000 and just under 11% to $810,000.
https://www.bizjournals.com/seattle/news/2024/11/07/seattle-region-home-prices-climb-save-kitsap.html