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Home values across Western Washington are generally on the rise for 2024, but the increase varies by community. Meanwhile, many office spaces and condos are experiencing a decline in value.
“After dramatic fluctuations in the residential market during the COVID years, values have returned to a steady level of increase,” stated King County Assessor John Wilson. “The volatility now is in the commercial sector and among condominiums.”
Property owners in Western Washington will soon receive notices detailing how much their property values have changed over the past year. These updates are crucial for determining next year’s taxes, as 2024 property values will influence 2025 tax bills. King County alone has over 720,000 property owners who will be receiving these notices.
Pierce County Assessor-Treasurer Mike Lonergan emphasized that a rise in property values doesn’t automatically mean higher property taxes next year. State law restricts taxing districts to a 1% increase annually unless voters decide otherwise.
“Your property tax in 2025 will be based on the new 2024 value multiplied by the combined tax rates of your school district, city, fire district, and other local districts, plus the statewide school levy that everyone pays,” Lonergan explained. “So, a lot depends on public votes such as levy lid lifts and bond issues.”
King County Property Values
In King County, most residential areas can expect an average value increase of about 10%. However, condos have seen a decline in value due to fewer sales in 2023. Commercial property values are mixed, especially in downtown Seattle, where they have dropped significantly.
Key points from the King County Assessor’s Office:
- Seattle home values increased mostly in the single digits.
- Some east King County areas saw residential values increase by about 20%.
- Countywide condo values have declined by single digits, with downtown Seattle condos seeing the largest drop.
- Industrial property values are up 10%.
- Larger office spaces are down 30-35%, with many long-term leases renewing for shorter periods and less space.
- Commercial values in downtown Seattle, Pioneer Square, and Lake Union are down 35-40%.
Pierce County Property Values
Home values in Pierce County have increased by an average of 6.2% this year, bringing the average residential property value from $521,300 to $535,500. This follows a 3% drop in value last year.
“The largest home value increases are around 7% in Orting, Eatonville, and Lakewood, Tacoma, Puyallup, and Sumner,” Lonergan noted. “The smallest increases were under 1% in Fircrest and 3% in Milton.”
The Pierce County Assessor-Treasurer Office reported mixed results for other property types. Warehouses and mobile home parks saw substantial increases, while commercial properties had a moderate 3% value increase. Retail property values were fairly flat, and office spaces lost value.
Snohomish County Property Values
According to the Snohomish County Assessor’s Office, the 2023 market showed steady appreciation in residential sale prices, while the commercial property market remained relatively flat. The 2024 assessed valuations for 2025 taxes saw an overall increase of 4.49% countywide, with residential properties averaging a 5.36% increase and commercial properties a 1.34% increase.
Stay tuned for more updates and insights into the real estate market trends in Western Washington!
Original article by KUOW STAFF can be found at KUOW – Most of western Washington will see a rise in 2024 property values, but not everywhere
