The Puget Sound equestrian home market has been fairly inconsistent since mortgage interest rates rose in early 2022.
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Market Update
With equestrian home sales activity ebbing and flowing from one quarter to the next, it’s been difficult to identify trends across counties for the past few years. That said, the equestrian home market seems to be holding fairly steady at the moment. Year over year sales activity remains largely unchanged and median prices are up about 3%, which is a pretty typical annual rate of appreciation.
144 equestrian homes were sold in Pierce, King, Kitsap and Thurston counties in the third quarter of this year – essentially unchanged from the third quarter of 2024.
The median sale price for an equestrian home in the Puget Sound region in the third quarter of this year was $869,000 – about 3% higher than it was 12 months ago.
Equestrian homes in King, Kitsap and Thurston counties are still selling fairly quickly. Time from “active” to “pending” in the third quarter was 1-2 months on average.
Though there’s variability across counties, inventory levels as a whole seem to be trending down, which is atypical for this time of the year.
Current Market Conditions
- Though higher than desired inflation persists nationwide, weakness in the jobs market may prompt the Fed to make additional rate cuts as we close out 2025 and head into 2026.
- The average 30-year-fixed mortgage rate is currently hovering around 6.5%.
- Economists with the National Association of Realtors predict that approximately 5.5 million additional households will be able to afford a median priced home if and when the average mortgage rate drops to 6%.
- We’ve already seen a slight improvement in housing affordability since the Fed dropped their benchmark rate in September. Owning a home now takes about 31% of the typical home buyer’s income, down from a recent peak of 35% in October of 2023.
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