Nov Market Recap

November 2024 Real Estate Market Recap

The November 2024 real estate market reflects the usual seasonal slowdown but remains stronger year-over-year. Here’s a snapshot:

Active Listings

• Active listings decreased 15.1% month-over-month, from 14,795 in October to 12,558 in November.
• Year-over-year, active listings rose by 23.4% compared to November 2023 (10,177 listings).
• Counties with the largest increases: Grant (+46.9%), Clallam (+40.4%), Kittitas (+39.7%), Chelan (+33.6%), and Island (+33.3%).

Closed Sales

• November 2024 closed sales: 5,446 (24.7% increase from 4,367 in November 2023).
• Total sales value rose 31.7% year-over-year to $4.31 billion.
• Residential homes contributed $3.88 billion; condominiums added $428.2 million.

Median Sales Price

• The median sales price dipped slightly month-over-month (-0.77%) to $645,000 but increased 7.3% year-over-year from $601,342.
• Highest median sale prices: San Juan ($857,500), King ($837,350), and Snohomish ($760,000).
• Lowest: Ferry ($209,900), Columbia ($262,000), and Adams ($309,150).

Consumer and Broker Activity

• Keybox accesses dropped 24% month-over-month but increased 14% year-over-year to 111,482.
• Property showings decreased 23% from October to 84,997 but were up 17% year-over-year.
• Down Payment Resource (DPR) program-eligible properties rose 23% year-over-year to 14,887.

Market Trends and Outlook

• Affordability remains a challenge: Prices continue to rise, with a 7% increase year-over-year.
• Legislative optimism: New Washington state laws promoting higher density and accessory dwelling units (ADUs) aim to moderate housing costs, though their impact will take time.

Despite the seasonal cooldown, the market shows year-over-year improvements in listings, sales, and activity, positioning the Greater Seattle area as a robust market heading into 2025.

source: NWMLS