In most parts of Western Washington, real estate values will rise in 2024, but not everywhere

July 2, 2024

Real estate prices in Western Washington are generally rising in 2024, but how much depends on the community. At the same time, many office spaces and condos are seeing a decline in value.

“After dramatic fluctuations in the residential real estate market during the Covid years, values have returned to stable levels,” King County Assessor John Wilson said in a statement. “The volatility is now in the commercial sector and condominiums.”

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Property owners in Western Washington will soon learn how much their property values have increased or decreased over the past year when county assessors begin sending out notices. This updated information is sent out every summer to determine upcoming taxes—2024 property values will be used for 2025 tax bills (there are more than 720,000 property owners in King County alone).

As Pierce County Tax Assessor and Treasurer Mike Lonergan noted in a statement, an increase in value does not necessarily lead to higher property taxes next year. He pointed out that state law limits tax districts to a 1% increase annually (unless voters say otherwise).

“Your property tax in 2025 will be the new 2024 value multiplied by the combined tax rates of your school district, city, fire district and other local districts, plus the countywide school levy that everyone pays,” Lonergan said. “So a lot depends on public votes, like tax cap increases and bond issues.”

Real Estate Values in King County

In King County, most residential neighborhoods can expect an average increase in value of about 10%. However, condos stand out as they are losing value overall due to lower sales in 2023. Commercial real estate is a mixed bag, particularly in downtown Seattle, where values have dropped most dramatically.

According to the assessor’s office:

Real estate prices in Seattle mostly rose only in the single digits.
In some areas of eastern King County, residential real estate prices rose by about 20%.
Condo values have fallen by single-digit percentages across the county following fewer sales in 2023. Condos in downtown Seattle saw the largest drop in value.
Industrial real estate values have increased by 10%.
For larger offices, the decline is 30-35%. The Assessor’s Office noted that many long-term leases have expired and offices are renewing their leases for shorter periods and for less space. In addition, the vacancy rate for offices has increased.
Business values in Downtown Seattle, Pioneer Square and Lake Union have fallen by 35 to 40 percent.

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Real Estate Values in Pierce County

Home prices across Pierce County have increased by an average of 6.2% this year. That means the average value of a residential property has increased from about $521,300 to the current $535,500. This comes after a decline last year when residential property values fell by 3%.

“The largest home value increases are about 7% in Orting, Eatonville and Lakewood, Tacoma, Puyallup and Sumner,” Lonergan said. “The smallest increases were less than 1% in Fircrest and 3% in Milton.”

The Assessor-Treasurer’s Office reported that the numbers for other types of property varied a bit. Warehouses and mobile home parks “increased significantly.” Commercial properties “showed a modest 3% increase in overall value compared to last year,” retail property values remained “fairly flat,” and office space declined in value.

Real Estate Values in Snohomish County

According to the Snohomish County Assessor’s Office, “The market has turned again in 2023, showing a steady increase in residential sales prices while the commercial property market has remained relatively stable. 2024 assessed values for the 2025 tax year saw an overall increase of 4.49% for their January 1 assessment countywide, with the average increase for residential properties countywide being 5.36% and for commercial properties being 1.34%.”