JULY 2024
REAL ESTATE MARKET UPDATE
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Key Points for June 2024
Home Prices:
Home Prices:
- The median home price was $650,000, up 4% from $625,000 in June 2023.
- Highest median prices: San Juan ($950,000), King ($875,000), Snohomish ($789,497).
- Lowest median prices: Columbia ($274,000), Adams ($236,000), Ferry ($175,000).
- There was a 35.7% increase in homes listed for sale, with 14,393 active listings at the end of June 2024, up from 10,607 in June 2023.
- 22 out of 26 counties saw double-digit increases in listings.
- The highest increases were in Douglas (+77.2%), Pierce (+48%), Clark (+46.9%), Snohomish (+46.2%), Lewis (+45.2%), and King (+43.3%).
- Closed sales dropped by 3.1% compared to June 2023, reversing the positive trends seen in April and May 2024.
- A balanced market usually has 4 to 6 months of inventory. Currently, it would take a little over two months (2.17) to sell all active homes.
- The counties with the lowest inventory were Snohomish (1.37 months), Thurston (1.55), Kitsap (1.60), King (1.94), and Pierce (2.00).
- The housing market in the Pacific Northwest is slowly returning to normal.
- Increased home inventory is giving buyers more choices, but high mortgage rates are affecting affordability.
- Home prices in the Seattle area have risen again, making it one of the strongest markets in the country. However, more inventory will eventually ease price increases.
NWMLS Market Snapshot - JUNE 2024
George Moorhead of Bentley Properties talks about Inflations Causing Rates To Go Up and Is The Real Estate Market Crashing? Plus, Top 5 Things You Need To Look For When Getting Mortgage Rates
