The Puget Sound equestrian home market continues to underperform, particularly in Pierce County.
Second Quarter Equestrian
Home
Market Update
Horse properties are still selling relatively quickly in the Puget Sound region, and home prices are holding steady. That said, sales activity is down overall, and inventory levels seem to be increasing, particularly in Pierce and Kitsap counties. It’s hard to say whether this uptick in inventory levels is a temporary blip or a sustained trend. We should know more as we move through the summer and fall.
112 equestrian homes were sold in Pierce, King, Kitsap and Thurston counties in the first quarter of this year – a 13% drop in activity when compared to the second quarter of 2024.
The median sale price for an equestrian home in the Puget Sound region in the second quarter of this year was $880,000 – about 4% higher than it was 12 months ago.
Equestrian homes in King, Kitsap and Thurston counties sold fairly quickly in the 2nd quarter of this year. Time from “active” to “pending” was 4-6 weeks on average. The market has been moving more slowly in Pierce County.
Inventory levels are increasing, particularly in Pierce and Kitsap counties. In a balanced market, where buyers and sellers are on equal footing, we typically see a 4-6 month supply of homes. If inventory levels continue to rise, we may be entering a buyer’s market.
Current Market Conditions
- Mortgage interest rates are still hovering around 7%, fluctuating from week to week. Cost-sensitive buyers are paying close attention to the rate fluctuations, making them more interested in purchasing when rates drop and less so when they tick up again.
- According to Newsweek, demand for new homes has dropped to its lowest level in nearly three years, prompting home builders to pull back on construction. Affordability issues are largely responsible for weakening demand.
- According to the National Association of Realtors, 17% of all home buyers purchasing from mid-2023 to mid-2024 bought a “multi-generational” home, up from 14% the year before. Housing affordability is likely one of the key forces behind this increase.
Given the unique considerations involved in buying or selling a horse property, relying on a broker 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