Here's a quick look at what's happening in Washington's housing market based on the Northwest MLS's March 2024 snapshot:
- Interest Rates: There's been a slight dip in interest rates to 6.79%, but it hasn't had a major impact on buying or selling activity.
- Sales & Prices: Even though the number of homes sold dropped 11.2% compared to last year, median home prices are actually up 7.5%. This suggests there are fewer homes available, but buyers are still willing to pay more.
- Inventory: There are more homes becoming available (new listings are increasing), but there aren't enough to meet buyer demand. This keeps pushing prices higher. It's worth noting that inventory is growing in most counties (20 out of 26).
- Condos: Condo prices are also on the rise, with an increase of over 5% year-over-year.
- Buying Activity: There's more consumer interest in the market. The number of home showings has gone up by 4% and keybox access (a way for buyers to see a home) has increased by 23% compared to February.
- First-Time Buyers: Good news for first-time buyers! Many homes are eligible for the Down Payment Resource program, with over 11,000 qualifying listings in March.
Overall: The Washington housing market remains competitive, with fewer homes available and prices continuing to climb. However, there are signs of increasing inventory and buyer activity.
source: nwmls.com
March 2024 Residential & Condo Market Snapshot for King, Snohomish, & Pierce County
March 2024 Median Home Sales by City & % of Monthly Price Change
The majority of cities have seen a median increase in sale prices from February. Moreover, median home prices are up 7.5%.
NAR Update & Clarification
