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Thinking of buying a home in our area? It’s important to learn as much as you can about Kitsap County real estate. Our current market remains strong, with a lean toward buyers. However, delving into the numbers and learning from local real estate experts will help you make informed decisions.
It’s a Good Time to Buy
“The balance of power has swung in buyers’ favor this year, thanks to higher inventory,” says Windermere Principal Economist, Jeff Tucker. “But it’s now clear that inventory passed an inflection point [nationally]…Buyers are still favored in many markets, but they can’t count on that pendulum to keep swinging further in their favor, especially because mortgage rates have fallen…I advise everyone to strike while the iron’s hot. If rates do fall further this winter, well, you could always refinance.”
You can view Jeff Tucker’s updates and insights in full in the video below. At the time of writing this, mortgage rates are in the neighborhood of 6.4% for a 30-year fixed.
When looking at Western Washington’s data, Tucker points out that buyers “have more inventory to choose from” with “listings that have lingered on the market, and mortgage rates that have dipped”. He also says, “For people in a position to buy, this fall is shaping up to be a sweet spot.”
Kitsap County Real Estate Data & Insights
Zooming into our local market here in Kitsap County, we’re seeing a shift as well. “The Kitsap County real estate market is moving toward a more balanced state, with stabilizing prices and increasing inventory,” explains Windermere Silverdale’s Branch Manager, Nancy Mackleit. “While some high-demand areas continue to see multiple offers, the overall pace of sales has slowed compared to previous peaks. Homes that are priced competitively and move-in ready are still selling quickly. With more listings available than in recent years, buyers now have a wider range of options and greater opportunity to find the right home.”
Looking at the data, Kitsap County experienced a strong third quarter, with an average sale price of $724,000, representing a 3.4% year-over-year increase. However, it’s important to note that the average sale price for the entire county includes homes with significantly higher price points. Those homes are often in North Kitsap as opposed to many homes in Central and South Kitsap. There were still several listings at a price below that average. As our Branch Manager, Nancy Mackleit, stated, if a home is in a popular area, competitively priced, and move-in ready, don’t be surprised if there are multiple offers to compete with.
Check out a brief snapshot below of the Kitsap County real estate market data for Q3.
Tips for Homebuyers
As the market experiences a seasonal slowdown in the colder months, use that to your advantage. Shop strategically and know that you can often negotiate closing costs or rate buydowns. This is especially true for listings that have been on the market for an extended period and/or need updates. In our third quarter, Kitsap County’s CDOM (Continuous Days On Market) was 38. That’s ten days more compared to the third quarter of 2024. (This is for single-family homes.) While some homes are selling at a slower pace, it’s still best to be prepared to act quickly, especially if you’re looking at newer homes that have been well-maintained and are located near ferries, military bases, downtown hubs, and other desirable areas. Additionally, with these homes, you often won’t have as much room to negotiate and may be competing with other serious buyers. Therefore, it’s best to have your finances in order and discuss your timeline and needs with your trusted local real estate agent beforehand. Have a plan in place and seize opportunities to tour homes as soon as possible. If you’re moving to Kitsap County and need to buy from afar, check out these FAQs for Buying a House Out of State.
If you have any questions, our top-rated Brokers are here to assist.
