With some isolated exceptions, the equestrian home market in the Puget Sound region has been sluggish since mortgage interest rates rose in 2022.
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Market Update
The number of equestrian homes sold in any given county in the first quarter of this year was so low that it’s difficult to identify county-specific trends. What I can say is that the equestrian home market as a whole remains sluggish in the Puget Sound region. First quarter sales activity was flat year over year, and median home prices were down. The equestrian home market seems to be strongest in Thurston County, which has historically represented one of the more affordable options for horse properties in the region
88 equestrian homes were sold in Pierce, King, Kitsap and Thurston counties in the first quarter of this year, which is similar to what we saw in the first quarter of 2024.
The median sale price for an equestrian home in the Puget Sound region in the first quarter of this year was $834,000 – about 3% lower than it was 12 months ago.
Equestrian homes in Pierce, King, Kitsap and Thurston counties haven’t been selling as quickly as they once did. Time from “active” to “pending” is 8-10 weeks on average.
Though inventory levels are up in King County, it’s technically still a seller’s market throughout the Puget Sound region.
Current Market Conditions
- According to recent data from Zillow, the typical monthly mortgage payment has nearly doubled since 2020 because of rising home prices and increased mortgage interest rates.
- 30-year fixed mortgage interest rates are hovering around 6.75% with significant volatility from week to week.
- In the face of rising concerns about a recession in 2025, it’s important to note that home values don’t typically drop during a recession, but mortgage interest rates do.
- U.S. News and World Report’s latest annual Homebuyer Sentiment Survey revealed that 63% of potential homebuyers take climate risks into account when considering where to live. This helps to explain increasing interest in the Pacific Northwest.
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 Commencement Bay Brokers, specializing in equestrian property sales in King, Pierce, Kitsap and Thurston counties.
Jeff Williams