First Hill Housing Market Report December 2024•King County, Washington

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Housing Prices in First Hill, WA

How much do homes in First Hill, WA cost?

Housing Market Conditions

Is First Hill, WA a buyer’s or seller’s market?

Housing Market Conditions

This is the supply and demand for houses in an area based on home prices and trends.

Buyer’s Market

A buyer’s market occurs when the number of available properties for sale exceeds the number of buyers looking to purchase. In a buyer’s market, the supply exceeds the demand.

Neutral Market

A neutral market occurs when the number of buyers looking to purchase properties meets the number of available properties for sale. In a balanced market, there are enough homes to meet the demand.

Seller’s Market

A seller’s market occurs when there are more buyers looking to purchase properties than there are available homes on the market. In a seller’s market, the demand exceeds the supply.

Seller'sMarket

Buyer'sMarket

First Hill is a Seller's Market

Difference Since December 2023

Since last year, First Hill has remained a Seller's Market.

Insight

First Hill is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Median Sold Price

Median Sold Price
This is the middle price for which all homes in the area were sold. Half of all the homes sold were below this price, and half were above.
$492,500$722/SqFt
+$32,500
+7.1%

Based on all homes sold in the last 12 months

Insight

Homes in First Hill have sold for 7.1% more than they did a year ago.

Summary: The median home sold price in First Hill was $492,500 in December 2024, up 7.1% from last year, and the median price per square foot was $722.

Median Sold Price By City

Median Sold Price By City
This is the middle price for which all homes in the area were sold compared to surrounding cities. Half of all the homes sold were below this price, and half were above.
CityChange YoY
Minor
+7.2%
First Hill
+7.1%
Central
+4.5%
Broadway
-1.9%

Median Sold Price By Bedrooms

Median Sold Price By Bedrooms
This is the middle price for all homes actively listed in an area broken out by the number of bedrooms. Half of the homes are listed below this price, and half are above.
BedsDec 2023Dec 2024Change YoY
1$379.5K$435K
+14.6%
2$670K$712.5K
+6.3%
3$1.1M$1.9M
+60.6%
4--
N/A
5--
N/A

Summary: First Hill housing price by bedroom type for December 2024, compared to the previous year. The home price for 1 bedroom homes increased by +14.6%. The home price for 2 bedroom homes increased by +6.3%. The home price for 3 bedroom homes increased by +60.6%. The home price for 4 bedroom homes did not change. The home price for 5 bedroom homes did not change.

Housing supply in First Hill, WA

How many homes are available in First Hill, WA?

Number of Homes For Sale

Number of Homes For Sale
This is the total number of homes actively listed in an area.
Last Month2 months agoChange MoM
69Last MonthDec 2024
712 months agoNov 2024
-2.8 %
Change MoMNov – Dec

Summary: The First Hill real estate market had 69 homes for sale in Dec 2024, a 2.8 % decrease compared to Nov 2024.

Number of Homes Sold

Number of Homes Sold
This is the total number of both homes sold and pending in an area.
Last Month2 months agoChange MoM
16Last MonthDec 2024
102 months agoNov 2024
+60.0 %
Change MoMNov – Dec

Homes For Sale By Bedroom Count

Homes For Sale By Bedroom Count
This is the total number of homes actively listed in an area by number of bedrooms.
BedsNov 2024Dec 2024Change MoM
13938
-2.6%
22826
-7.1%
345
+25.0%
400
0.0%
500
0.0%

Summary: First Hill housing inventory by bedroom type for December 2024, compared to the previous month. The inventory for 1 bedroom homes decreased by -2.6%. The inventory for 2 bedroom homes decreased by -7.1%. The inventory for 3 bedroom homes increased by +25.0%. The inventory for 4 bedroom homes remained the same. The inventory for 5 bedroom homes remained the same.

Asking Price vs. Sold Price

How much do homes in First Hill, WA cost?

Asking Price vs. Sold Price

The asking price is how much a home is listed for. The selling price is how much the home actually sold for.

Under Asking

Homes that sold for less than the asking price

At Asking

Homes that sold at their asking price

Over Asking

Homes that sold above the asking price

Over Asking Price1 Home

At Asking Price8 Homes

Under Asking Price7 Homes

Insight

If you're buying a home in First Hill, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.

Summary: A total of 16 homes were sold or pending in First Hill in December 2024, up by 60.0% month-over-month. Of the 16 sold homes, 44% were sold under asking, 50% were sold at asking, and and 6% were sold over asking.

Days on Market for First Hill, WA

How long does it take to sell a home in First Hill, WA?

Breakdown of Home Sale Times

Under 30 Days9 Homes

30 – 90 Days3 Homes

Over 90 Days4 Homes

Insight

Many homes in First Hill are selling fast, if you're buying plan to act quickly.

Summary: During December 2024, 16 homes were sold in First Hill; 56% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.

Average Sale Time

Average Sale Time
This is the average number of days homes take to sell in an area.
This Year1 year agoChange YoY
61 DaysThis YearDec 2024
14 Days1 year agoDec 2023
+336.6 %
Change YoYDec 2023 – Dec 2024

Summary: Homes in First Hill had an average listing age of 61 days in Dec 2024, up by 336.6% compared to the previous year.

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Newest Listings in First Hill, WA

What homes are available in First Hill, WA?

New listings aren’t available for First Hill, WA

Nearby markets

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