Make the right decisions and avoid costly mistakes!
Housing markets are localized––not just the counties or cities, but also specific neighborhoods. Having accurate data is a crucial starting point. You then have to figure out how best to use that data to your advantage. The median price of a house is well above a million dollars in most desirable neighborhoods. Buying or selling a home may appear to be a simple process, but it is relatively complex. That’s why more than 98% of residential real estate transactions involve licensed professionals.
If you are a home buyer, you must find the right house at the right price and in your desired neighborhood. Once you have accomplished this cumbersome task, you must manage the maze of financial, legal, procedural, and related matters that involve five entities in each real estate transaction. Of course, you also must be able to comprehend and fully control each aspect throughout. When you find the right home, you must act decisively.
As a home seller, you must determine exactly what steps to take to obtain the best price. Pricing your home just right remains crucial. Knowing how to choose the best offer and handle complex negotiations during the offer and acceptance phase is also critical. The buyer’s home inspection follows this and frequently involves even more vital renegotiations. Then come the appraisal issues and other escrow-related matters.
There are many pitfalls in each of these phases––every error can be very costly.
This article is intended to assist both buyers and sellers. It is crucial to know precisely what is going on in the housing market. The information herein is updated monthly and based on NWMLS’s stats, which are based on the activity in the 26 counties in Western Washington that NWNLS covers. Please contact us if you want to know what is happening in your neighborhood.
Annualized Stats for 2024 Year-End
Northwest MLS, the source for Washington state’s most current, accurate market listing data, compiles these stats monthly and at the end of every year. The activity in the report reflects the work of 2,400 member offices across 26 counties that NWMLS represents.
Northwest MLS members reported 67,788 sales of residential homes and condominiums during 2024. The total closings were valued at more than $54 billion. Residential homes account for nearly 87% of the total sales. Condominiums made up the approximate remaining 13%. Compared to 2023, there were 3,580 more sales in 2024, an increase of 5.58%. This was a slight uptick compared to 2023, with the total number of closings at 64,208 and the value of sales at just under $48 billion.
The median price for last year’s completed transactions was $640,000, an increase of 6.67% from 2023’s figure of $600,000. For comparison, the median price ten years ago, in 2014, was $285,000. Both residential home and condominium median prices increased year-over-year, with residential homes rising 5.60% from 2023 and condominiums increasing 7.52%.
Here are some of the stats. Please contact us if you’d like to have the report in its entirety.
December 2024 Highlights:
Active Listings
- 21 out of 26 counties experienced a double-digit increase compared to December 2023. The number of homes for sale increased by 25%
- The highest increases in active inventory for sale were Snohomish (+46.1%), Douglas (+43.3%), Cowlitz (40.8%), Grant (+39.9%) and Skagit (+38.2%).
Closed Sales
- There was an increase of 19.8% in closed sales when compared to December 2023. A total of 4,812 residential homes and condominium unit transactions took place
- The total value of closed sales in December 2024 for residential homes was $3,284,574,394 and $409,740,278 for condominiums, an increase of 24.8% compared to December 2023.
Median Sales Price
- The median price for residential homes and condominiums increased by 4.3% from $597,975 in December 2023 to $623,500 in December 2024. However, prices decreased by 3.33% month over month compared to November 2024 ($645,000).
- The three counties with the highest median sale prices were San Juan ($849,500), King ($800,000), and Snohomish ($744,995). The three counties with the lowest median sale prices were Ferry ($125,000), Adams ($292,300) and Pacific ($320,000).
NWMLS’s monthly market snapshot helps you stay better informed. Whether you’re buying or considering putting your home on the market, the most essential tool is current, accurate, and relevant information, which you can find in most current real estate stats. If you need specific information about your neighborhood or the one you may be considering living in and don’t see it here, reach out, and we will get it for you.
You can look at all the stats for December 2024 here.
Annual Statistical Report for 2024
November 2024
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October 2024
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September 2024
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August 2024
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July 2024
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June 2024
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May 2024
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April 2024
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March 2024
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February 2024
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January 2024
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Annual Statistical Report for 2023
December 2023
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November 2023
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October 2023
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September 2023
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August 2023
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July 2023
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June 2023
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May 2023
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April 2023
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March 2023
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February 2023
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January 2023
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Annual Statistical Report for 2022
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December 2022
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November 2022
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October 2022
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September 2022
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August 2022
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July 2022
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June 2022
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May 2022
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April 2022
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February 2022
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January 2022
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Annual StatsFor Year-End 2021
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marketsnapshot – December 2021
December 2021
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marketsnapshot – December 2021
November 2021
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marketsnapshot – November 2021
October 2021
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September 2021
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marketsnapshot – September 2021
August 2021
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July 2021
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June 2021
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May 2021
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April 2021
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March 2021
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February 2021
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marketsnapshot – February 2021
January 2021
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