The equestrian home market isn’t as robust as it was during the pandemic, but it is holding steady.
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Market Update
The median sale price for an equestrian home in the Puget Sound region is about 3% lower now than it was 12 months ago, but sales activity is up 7% year over year. Demand is still outpacing supply in spite of high interest rates, and listings are moving from “active” to “pending” in 4-6 weeks on average. I expect the equestrian home market to remain fairly steady in the near term, picking up speed when mortgage interest rates begin to drop.
129 equestrian homes were sold in Pierce, King, Kitsap and Thurston counties in the second quarter of this year – a 7% increase in sales activity when compared to the second quarter of 2023.
The median sale price for an equestrian home in the Puget Sound region is $850,000, about 3% lower than it was 12 months ago. Since mortgage interest rates rose in 2022, the median sale price has dropped most significantly in King County. Values appear to be trending up again in more affordable Pierce County.
Equestrian homes in Pierce, King, Kitsap and Thurston counties are selling relatively quickly, particularly if they’re well-priced. Time from “active” to “pending” is 4-6 weeks on average.
Inventory levels are holding steady in King and Kitsap counties but have been more variable from quarter to quarter in Pierce and Thurston.
Current Market Conditions
- Low inventory levels continue to apply modest but sustained upward pressure on home prices. As a result, industry experts are predicting a 3% rise in home values nationwide this year.  
- Lawrence Yun, Chief Economist for the National Association of Realtors, predicts 5.2M home sales in 2024, which would represent an 8% increase in sales volume compared to 2023.  
- The Fed is expected to begin cutting their benchmark rate in the second half of this year, and mortgage interest rates should begin dropping in response. The Mortgage Bankers Association and National Association of Realtors are both expecting mortgage rates in the 6.5% to 6.75% range by year’s end. Rates are currently hovering around 7%.  
- Because interest rates are still high and home prices are continuing to rise, housing affordability continues to worsen. First American’s Real House Price Index report for May cites a 9% year over year drop in housing affordability.
Given the unique considerations involved in buying or selling a horse property, relying on a Realtor with real world equestrian experience makes good sense. If you’re thinking about buying or selling a horse property in the Puget Sound area, please give me a call to discuss how I can put my knowledge and experience to work for you.
Jeff Williams has been riding and showing American Quarter Horses since childhood and is a top-producing Realtor with Engel & Völkers Chambers Bay, specializing in equestrian property sales in King, Pierce, Kitsap and Thurston counties.
Jeff Williams
(253) 303-1135
[email protected]