December 2024 brought 4.24 million in sales, a median sales price of $404,400, and 3.3 months of inventory. The median sales price is up 9.3% year-over-year, and inventory was up 0.2 months from December 2023.
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Source: National Association of Realtors 1/24/25
I’m joining other REALTORS® to help “Build the Future Together” and am preparing to meet with WA Legislators in the 30th and 47th districts Thursday, January 30th.
The 2025 Washington State Legislative Session is expected to be challenging for the real estate industry and the broader business community. With the state facing a significant budget shortfall, Washington REALTORS® will focus on addressing the state’s housing supply and affordability crisis without increasing taxes or imposing additional undue burdens on real estate.
For details about our policies: https://warealtor.org/advocacy-legal/government-affairs/legislation
Despite hopes among potential home buyers and sellers, as well as economists’ predictions, the Federal Reserve Bank’s three interest rate cuts in 2024 have not led to reduced mortgage rates or a significant boost in the housing market. Instead, as of January 2, 2025, mortgage rates have risen to 6.91%, their highest level since July 2024.
“The 30-year mortgage interest rate was actually higher at the end of 2024 (6.85%) than at the end of 2023 (6.61%),” said Steven Bourassa, director of the Washington Center for Real Estate Research (WCRER) at the University of Washington. He anticipates that mortgage rates will continue to frustrate the market. “We may well be experiencing the pains of adjusting to a new normal, with persistent interest rates of 6% or higher.”
Rising rates have been accompanied by a 4.3% increase in home prices over the past year, further exacerbating affordability challenges. However, the market has shown some signs of increased activity. Active listings and sales transactions were up by 25% and 19.8%, respectively, in December 2024 compared to the previous year, suggesting that buyers and sellers may be adjusting to higher borrowing costs.
While affordability remains a significant concern, these trends point to a gradual adaptation to the evolving landscape of the housing market.
Active Listings
Closed Sales
Median Sales Price
Source: NWMLS 1/6/2025
$559,950
3 bedrooms; 1.75 bathrooms; 1,290 square feet
Welcome to this bright & inviting rambler! Enjoy the soaring ceilings, abundant light, open floorplan, double oven & under-cabinet lighting. Situated on a spacious fully fenced corner lot, there’s endless possibilities. The yard includes multiple gates, RV parking & garden beds w/ sprinklers for the green thumb. A charming water feature & powered shed/clubhouse add to the outdoor appeal. Get ready for memorable gatherings on the expansive patio w/ a gas fire pit, patio heater & a table w/ umbrella—all included. The 3-car garage features a workshop, utility sink & a partially finished rm w/ power—perfect for projects or extra storage. Parking accommodates 1 car. Don’t miss this exceptional opportunity to own a home that truly offers it all!
A link to more details, photos, floor plan and the 360 degree Tour on my website…
Sold 2/28/25
Waiting for perfect market conditions often means missing out. Because what you may not realize is, if you’re ready and able to buy, this time of year could actually give you an edge. Here’s why. As the weather cools down, the housing market can too – and that works in your favor.
Homeowners are embracing bold and rich colors for kitchen paint in 2025, moving away from traditional whites and neutrals.
While warm whites and classic neutrals will always be a kitchen staple, this year we’ve seen more colorful kitchens than ever before. It’s almost like homeowners are shunning the strict rules of resale value and allowing their personality to shine in the more functional areas of their homes. But we also understand that painting your space a striking sunshine yellow or verdant green isn’t for everyone—this is why we tapped top interior designers to reveal what kitchen paint color trends their clients are actually asking for right now.
And check out my new website: JenniferGilbert-Smith.com
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.”
Active Listings
Closed Sales
Median Sales Price
Source: NWMLS 12/4/2024
I recently completed 41 hours of continuing education and attained 3 more Designations from the National Association of Realtors to better serve my buyers and sellers!
Accredited Buyer’s Representative®
For most homebuyers, purchasing a home is the largest and most complex financial endeavor they may ever undertake. As an ABR®, I have the education, experience and skills to anticipate your needs and guide you through the home buying process. My goal is to get the best results for you, the buyer. I will help you find a home that fits your needs, style, and budget, all while providing best-in-class service.
Seller Representative Specialist
As the premier credential in seller representation, this designation is designed to elevate professional standards and enhance personal performance. As an SRS, I demonstrate the knowledge and skills essential for seller advocacy, and represent a global community of REALTORS® who use their advanced training and expertise to go above and beyond their seller’s expectations.
Seniors Real Estate Specialist®
Navigating the real estate market as a senior has unique challenges and opportunities. Whether downsizing, relocating, or adjusting to new life circumstances, an SRES® can make a significant difference. I bring specialized knowledge tailored to the over-50 market, ensuring your transaction is handled with expertise and empathy.
Existing-home sales climbed 3.4% in October to a seasonally adjusted annual rate of 3.96 million. Sales advanced 2.9% from one year ago, the first year-over-year increase in more than three years (July 2021; +1.8%).
The median existing-home sales price ascended 4.0% from October 2023 to $407,200, the 16th consecutive month of year-over-year price gains.
The inventory of unsold existing homes edged higher by 0.7% from the prior month to 1.37 million at the end of October, or the equivalent of 4.2 months’ supply at the current monthly sales pace.
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Source: National Association of Realtors 11/21/24
Managing The Real Estate Details 