JUNE 2024
REAL ESTATE MARKET UPDATE
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Here are the key takeaways for May 2024!
Prices:
Overall, the housing market in Washington seems to be adjusting to the higher interest rates. There are more houses available for sale, and the number of sales is still going up slightly. This might lead to more stable prices in the near future.
Prices:
- House prices went up in most counties across Washington state, with an average increase of 7% compared to May 2023.
- King County has the most expensive houses with a median price of $890,000, while Ferry County has the least expensive at $171,500.
- The number of houses sold increased slightly (6%) compared to May 2023.
- Not all counties saw an increase though, with some selling even fewer houses.
- There are a lot more houses for sale now compared to last year (41% increase). This means buyers have more options to choose from.
- The number of condos for sale also jumped by 70% compared to May 2023. Condo prices also went up by 11.5%.
- People are still interested in buying houses, with the number of house viewings increasing slightly in May compared to April.
- There's also a program that helps people with their down payment, and many houses on the market qualify for this program.
- Higher interest rates make it more expensive to buy a house compared to a few years ago.
- The good news is there are more houses for sale now, which should help stabilize prices in the coming months.
Overall, the housing market in Washington seems to be adjusting to the higher interest rates. There are more houses available for sale, and the number of sales is still going up slightly. This might lead to more stable prices in the near future.
NWMLS Market Snapshot - MAY 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
