Kitsap County is a seller’s market.
Easier for Buyers
Easier for Sellers
Kitsap County has had a dramatic drop in the inventory of homes for sale. Rising interest rates have reduced the borrowing power of potential buyers, sometimes pricing buyers out of the market completely. This caused real estate activity to slow down quite a bit compared to last year. While home values aren’t dropping significantly, sellers can’t expect the top sale prices we saw in 2022. Americans still face a lot of economic uncertainty, and buyers in this market are increasingly hesitant.
Kitsap County Housing Market Trends
Last Updated: September 2023
Residential Homes (excluding land/condos)
Kitsap Home Values & Current Inventory
- The median sale price is $572,475 (up 4.1% compared to August 2022). Homes typically sell for 100.0% of the original list price (similar/flat compared to last year).
- There were 324 homes sold in August (down -28.2% compared to last year). 396 new listings came on the market (down -14.7% compared to last year).
- New listings are typically on the market for 10 days before an offer is accepted, compared to 12 days last year. Sellers might expect to have around 9 buyer showings before going under contract (down -10.0% compared to last year).
- There were 536 active listings in August (inventory was down -22.3% compared to last year). Kitsap County has 1.8 months supply of inventory (similar/flat compared to last year).
A balanced market has 4-6 Months Supply of Inventory (MSI). If no new listings entered the Kitsap real estate market, we’d absorb the current inventory in just 1.8 months. That means sellers have more negotiating power than buyers.
Kitsap Housing Inventory
|Price Range||Months Supply||Year Over Year||Market Type|
|Under $400K||0.8 Months||-11.1%||Extreme Sellers Market|
|$400K – $600K||1.4 Months||-6.7%||Hot Sellers Market|
|$600K – $800K||2.3 Months||4.5%||Sellers Market|
|$800K – $1M||3.2 Months||14.3%||Slight Seller Advantage|
|$1M – $1.5M||3.3 Months||-15.4%||Slight Seller Advantage|
|$1.5M Plus||4.3 Months||16.2%||Balanced Market|
Housing Market Report
Kitsap CountyDownload the Full Report
Estimated Mortgage Interest Rates for Kitsap County
*Disclaimer: The calculations derived from this mortgage rate widget are for illustrative purposes only. Actual loan interest rates and payments are based on many factors including market conditions, points, loan amount, loan-to-value, borrower’s credit, property type and location and occupancy, the loan-to-value ratio, etc. There are no assurances that a purchaser will qualify for any loan or financing. Forecasts, projections and other predictive statements should never be relied upon as financial or legal advice.
Kitsap Housing Market Predictions
The market has cooled down a bit compared to recent months. The U.S. housing market peaked a while ago. As mortgage interest rates rise, buyers are suddenly realizing that their money doesn’t go as far now. New listings haven’t been getting as many offers. And there’s been more listings with price reductions lately. While prices are still high, sellers should not expect their houses to sell for far more than they are worth.
Will the housing market crash?
Industry experts are not predicting a housing market crash. We have a real housing shortage, and it will take a few years for new construction to catch up to the demand.
In 2008, the market was doomed because of excessive borrowing (too much debt). But today’s mortgage standards are much stricter as a result. Most buyers are well-qualified and most homeowners have equity in their homes. So the risk of foreclosure is far less for most people. And the cost of rent keeps going up nationwide, making a fixed mortgage more and more attractive.
A shift is happening (as predicted!).
Rising interest rates, inflation, and an economic recession will help bring about a slowdown, or “market correction.” We are seeing a shift back toward a more balanced market. That means buyers will have more inventory to choose from, and homes may take weeks or months to sell. Home values in Kitsap County may flatten out or even decrease, but are unlikely to crash. In fact, during many previous economic recessions, home values still appreciated.
Real estate continues to be an excellent investment, especially if you are prepared to keep a home for at least a few years (and ride out any potential dips).
Kitsap County Area Guides
- Bainbridge Island
- Port Orchard
Kitsap Housing Market Reports
Real Estate Trends & Statistics
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