2024 Market Update — Southwest Washington
The 2024 year-end real estate stats are out for Southwest Washington, and they show a market that accelerated a bit from 2023. Prices rose by a modest 2.9%, with some areas faring better than others. We had approximately 9% more sales than the previous year, and new listings were also up by around 9%, meaning the inventory of homes for sale is still low.
What's it mean for buyers?
Homes took longer to sell in 2024 than 2023, but there’s still a lack of homes for sale. Prices continue rising slowly--if a buyer spent the median sale price at the beginning of last year, by now they would have over $15,000 in appreciation. We don’t expect interest rates to drop anytime soon, so buyers would be smart to try hard to get into a home before prices rise further.
What's it mean for sellers?
Homes sold at a slower pace in 2024 than in 2023, but the total sales volume rose by 8.6%. The market is still strong for sellers, as well-marketed homes continue to sell. We’ve had too few homes for sale for quite some time now, making for favorable conditions for sellers who want to take advantage.
