Market Recap

The seasonal slowdown of the real estate market has begun, as evidenced by the month-over-month decrease of active listings by 15.1% from 14,795 active listings in October 2024 to 12,558 active listings in November 2024. However, the market still shows signs of improvement year-over-year, with a 23.4% increase in active listings and an increase of 24.7% in closed sales (5,446) compared to November 2023 (10,177 and 4,367 respectively). The missing piece of the equation for potential buyers continues to be affordability, with the median sales price increasing 7% to $645,000, compared to $601,342 in November 2023.

Steven Bourassa, director of the Washington Center for Real Estate Research (WCRER) at the University of Washington, sees reasons for optimism in the recent developments in the Washington Legislature intended to promote the production of more housing and thereby lower prices. Among some of the new laws coming into effect in the next couple of years will be an increase to density in residential areas and the promotion of accessory dwelling units (ADUs). “It will take time for these new laws to actually produce new housing,” said Bourassa, “but the expectation is that they will help in an important way to moderate the cost of homeownership.”

Key Takeaways

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.

Closed Sales

• There were 5,446 closed sales of residential homes and condominium units, an increase of 24.7% when compared to November 2023 (4,367).

 Median Sales Price

• Although the median price slightly decreased by .77% from $650,000 in October 2024 to $645,000 in November 2024, prices increased year-over-year by 7.3% when 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).

Source: NWMLS 12/4/2024