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The November 2024 stats report underscores the affordability challenge, as evidenced by a 7% increase in median house prices compared to last year. The Federal Reserve reduced the lending rates in September and is expected to do so again this month. However, that reduction did little to nothing to alleviate the pressure on the mortgage lending rates. Economists and analysts are constantly under pressure to spin the news positively. My commitment is to provide the most accurate assessment. I have projected that home prices will only stabilize for almost a year once mortgage lending rates settle in the 5.5 to 5.75 percent range. That is not likely to happen for another twelve to eighteen months. Recent political developments may cause things to get much worse before getting better. We will get a clearer picture of that in the next six months or so. Keep an eye out for an article I will soon publish here about the housing market in Western Washington.
November 2024 Highlights:
Active Listings:
- The number of homes for sale increased year-over-year throughout the NWMLS coverage area, with 23 out of 26 counties seeing a double-digit increase compared to November 2023.
- There were 5,446 closed sales of residential homes and condominium units, an increase of 24.7% compared to November 2023 (4,367).
- The total dollar value of closed sales in November 2024 for residential homes was $3,883,768,625 and was $428,244,300 for condominiums ($4,312,012,924 in total), an increase of 31.7% compared to November 2023.
Median Sales Price:
- The median price decreased by .77%, from $650,000 in October 2024 to $645,000 in November 2024. Year-over-year prices slightly increased by 7.3% compared to November 2023 ($601,342).
- The three counties with the highest median sale prices were San Juan ($857,500), King ($837,350), and Snohomish ($760,000), and the three counties with the lowest median sale prices were Ferry ($209,900), Columbia ($262,000) and Adams ($309,150).
I continue to believe that current homeowners who are aptly not eager to sell their homes because they have mortgages well under 4%, some even less than 3%, will remain a significant factor in the inventory shortage for some time. Mortgage lending rates will need to settle in the 5% to 5.5% range for any meaningful developments to occur.
Nevertheless, we see some indications that things may be easing up a little. We have started to see listings in the $500,000 price range. Many listings on the market are adjusting their prices downwards, indicating that any significant price increase remains unrealistic. We are not anywhere near a balanced market. While we may get a more balanced real estate market in the next two to three years due to mortgage lending rates remaining much higher than in recent years, home prices will likely continue to slide in the foreseeable future.
A monthly market snapshot by NWMLS helps you stay better informed. Whether buying or considering putting your home on the market, the most important tool is current, accurate, and relevant information. You will find that information 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.
Monthly market snapshot by NWMLS.
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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