Washington Housing Market: November 2024 Analysis
The Washington housing market in November 2024 presents a complex landscape characterized by both declines and growth across various metrics. The Median Sales Price for homes in the state stands at $638,100, reflecting a year-over-year decrease of 1.8%. This decline in sales price is mirrored by the Median List Price, which has fallen by 4.6% to $600,600. Despite these decreases, the market shows resilience in other areas.
One notable area of growth is the median Price Per Square Foot, which has increased by 5.6% to $350. This suggests that while overall prices have dipped, the value attributed to each square foot of property has appreciated. Similarly, the Median List Price per square foot has risen by 4.4% to $356, indicating a continued demand for space despite broader pricing trends.
Sales activity in Washington has been robust, with 6,649 Homes Sold, marking a significant year-over-year increase of 16.8%. Pending Sales also reflect this upward trend, with a 14.9% increase to 6,496. However, New Listings have slightly decreased by 1.5% to 5,173, suggesting a tightening in the availability of fresh inventory.
The Inventory of Homes Available has grown by 10.8% to 14,986, providing more options for potential buyers. Despite this increase, the Months of Supply have decreased by 10.0% to 2.3 months, indicating a faster turnover of available homes. This is further evidenced by the Median Days on Market, which has increased by 6.0% to 32 days, suggesting that while homes are selling, they are taking slightly longer to do so compared to last year.
The average sale to list ratio remains strong at 99.2%, with a slight year-over-year increase of 0.2%. This indicates that homes are selling very close to their list prices. However, the percentage of Homes Sold above list price has decreased marginally by 0.2% to 25.0%, and the rate of Price Drops has slightly decreased by 0.3% to 28.2%. Additionally, the percentage of homes going off the market within two weeks has decreased by 1.6% to 33.7%, suggesting a slight cooling in the speed of transactions.
Overall, the Washington housing market in November 2024 reflects a dynamic environment with both challenges and opportunities. While median prices have seen a decline, the increase in Price Per Square Foot and robust sales activity indicate underlying strength and demand in the market. Buyers and sellers alike should remain informed and strategic as they navigate this evolving landscape.
