By Carrie Struss, December 20, 2024
Southwest Washington—home to stunning views, ever-expanding suburbs, and now, a rollercoaster real estate market that’s giving theme parks a run for their money. Let’s dive into November 2024’s numbers, which are as unpredictable as the weather forecast.
Reflecting on November
November saw 483 new listings, a modest increase of 6.2% compared to the same month last year. While this uptick signals a healthy market, it’s tempered by a notable 29% decrease from October. This drop reflects a typical seasonal slowdown as sellers hold off during the holidays, perhaps waiting for the busier spring season.
Pending sales, on the other hand, tell a more robust story. With 494 homes under contract, the number of accepted offers surged 34.2% year-over-year. This indicates continued demand, even as the market shifts into its quieter phase. That said, a 14.7% decline from October highlights the nuanced balance between buyers’ enthusiasm and seasonal realities.
Home Sales and Pricing Trends
Closed sales climbed to 478 in November, representing a substantial 44.8% increase from the previous year. Though slightly lower than October’s 551 closings, this growth reinforces the market’s resilience.
On the pricing front, the average sale price rose 5.2% year-over-year to $613,600, while the median price increased 2.9% to $540,000. These gains underscore the ongoing upward pressure on home values, driven by sustained demand and constrained inventory.
Market Time and Inventory
Inventory levels edged up to 3.0 months in November, offering a glimmer of relief for buyers. Market time also increased to 68 days, giving potential homeowners a bit more room to make decisions. These shifts hint at a gradual easing of the frenzied pace seen earlier in the year.
Year-to-Date Perspective
Looking at the bigger picture, 2024 has been a year of growth. Comparing the first 11 months of this year to the same period in 2023:
- New listings rose 9.2%
- Pending sales increased 8.3%
- Closed sales climbed 7.9%
These figures reflect a strong market, kept afloat by consistent buyer interest and steady inventory flow.
Challenges in Affordability
Despite these positive trends, affordability remains a pressing concern. For a family earning the median income of $116,900, homeownership is within reach but not without challenges. With a 20% down payment and a 30-year fixed-rate mortgage, such a family can afford 87% of the monthly mortgage payment on a median-priced home. Rising prices and higher interest rates continue to stretch budgets.
What Lies Ahead
As we look toward 2025, Southwest Washington’s housing market appears positioned for another year of opportunity and change. While seasonal slowdowns are natural, the broader trends indicate stability and resilience. Buyers and sellers alike should remain vigilant, keeping an eye on shifting dynamics and leveraging expert advice to navigate the market effectively.
For now, the focus turns to embracing the joy of the season, looking ahead with optimism, and appreciating how this vibrant market continues to thrive.
Carrie Struss
Broker | OR & WA
She/Her
Carrie brings eight years of experience as a Licensed Broker in Oregon and Washington, combining her industry expertise with an eye for detail honed through her degree in Commercial Photography...
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- T: 503-953-0850
- carrie@carriestruss.com
