Median equestrian home prices in King, Kitsap and Thurston counties were significantly higher in the first quarter of 2022 than they were in the first quarter of 2021.

First Quarter Equestrian Home
Market Update

We assumed that rising mortgage interest rates would diminish buyer demand for equestrian homes in the Puget Sound region, leading to a drop in year over year price gains.  Though sales activity was down in the first quarter of 2022 compared to 2021, year over year median home prices jumped significantly in King, Kitsap and Thurston counties.

Q1 2022 Equestrian Median

Because the number of equestrian homes sold during the winter months is typically lower than at other times of the year, first quarter sales data can often be skewed.  The median price gains reported here may not accurately reflect the actual gain in value for a specific property.

Q1 2022 Equestrian Inventory

Inventory levels have ticked up a bit, but it’s still a very favorable market for sellers.  Until buyer demand weakens, inventory levels are likely to remain relatively low and prices are likely to continue rising.

Q1 2022 Equestrian Sold

Only 60 equestrian properties were sold in the first quarter of 2022 in Pierce, King, Kitsap and Thurston counties – a 13% decrease in sales activity compared to the first quarter of 2021.  The bulk of that decline was in King County, where housing prices are historically highest.  It’s possible that increasing mortgage rates are making neighboring counties with lower priced housing even more attractive to potential buyers.

Q1 2022 Equestrian DOM

Horse properties have continued to sell quickly – in a month or less on average, depending on location.

Current Market Conditions

    • Mortgage interest rates have risen by a percent and a half since the middle of last year, with the better part of that increase occurring in just the past 3-4 months.  Current rates are hovering in the mid to high 4% range and will likely crest 5% by summer.


    • Home prices have continued to rise in spite of rising interest rates, fueled by limited inventory and strong demand from buyers eager to get homes purchased before interest rates rise higher.


    • With interest rates and home prices rising simultaneously, affordability is becoming increasingly problematic.  According to a senior economist for the National Association of Realtors, nearly 6.3 million households have now been priced out of the market.


  • Though the market still feels hot, a decline in online searches, home tours and mortgage applications suggest that things could finally be cooling off.
Custom two stall show barn built in 2019
Large paddock with all-weather footing
12' covered aisle and two 12' x 12' rubber matted stalls
Year round pond at the back of one pasture

Because of 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

Jeff Williams has been riding and showing American Quarter Horses since childhood and is a top-producing Realtor with Windermere Chambers Bay, specializing in equestrian property sales in King, Pierce, Kitsap and Thurston counties.

Jeff Williams: (253) 303-1135

Contact Jeff Williams

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