July 2024 Overview
Monthly Market Update
High Interest Rates Still a Problem, but Markets Are ImprovingActive Listings
There was a 37.7% increase in total number of properties listed for sale, with 15,122 active listings on the market at the end of July 2024, compared to 10,982 at the end of July 2023. The number of homes for sale increased throughout Washington, with 25 out of 26 counties seeing a double-digit year-over-year increase. The six counties with highest increases in active inventory for sale were Douglas (+80.8%), Pierce (+51.2%), Walla Walla (+49.6%), Lewis (+49.3%), Snohomish (+47.8%), and Mason (43.7%).
Use the drop-down menu in the chart below to view the available inventory counts in each county:
New Listings
NWMLS brokers added 9,281 new listings to the database in July 2024, an increase of 13.1% compared to July 2023 (8,205). The six counties with the largest increase in the number of new listings were San Juan (+56.4%), Walla Walla (+51.7%), Kittitas (+40%), Grant (+34.1%), Douglas (+31%), and Chelan (29.8%).
Use the drop-down menu in the chart below to view the number of new listings added in each county:
Pending Sales
There were 7,606 total residential units & condo units under contract in July 2024, which was nearly the same (-0.5%) as in July 2023 (7,570). 12 out of 26 counties saw a year-over-year increase in the number of pending listings.
Use the drop-down menu in the chart below to view the pending sales in each county:
Closed Sales
July 2024 saw a 5.9% increase in the number of closed sales transactions year-over-year (6,615 in July 2024 compared to 6,247 in July 2023). 19 out of 26 counites saw an increase in the number of closed sales year-over-year, while 7 saw a decrease. The total dollar value of closed sales in July 2024 for residential homes was $5,021,601,655 and was $521,114,121 for condominiums, an increase of 16.4% when compared to July 2023.
Use the drop-down menu in the chart below to view the number of closed sales in each county:
Months of Inventory
A balanced market is considered to be 4 to 6 months by most industry experts. At the current rate of sales, it would take a little over two months (2.29) to sell every home that is active in the NWMLS inventory. The six counties with the lowest months of inventory in July 2024 were Snohomish (1.5), Thurston (1.81), Kitsap (1.88), King (1.95), Pierce (2.08), and Columbia (2.09).
Use the drop-down menu in the chart below to view the months of inventory in each county:
Median Price
Overall, the median price for residential homes and condominiums sold in July 2024 was $650,000, an increase of 5.7% when compared to July 2023 ($615,000). The three counties with the highest median sale prices were King ($880,000), Snohomish ($775,000), and San Juan ($740,000), and the three counties with the lowest median sale prices were Columbia ($270,000), Pacific ($290,000). and Ferry ($319,900).
Use the drop-down menu in the chart below to view the median sales price in each county:
Market Snapshot Video
Market Trends & Statistics
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You may share and republish NWMLS’s Market Snapshot Video, interactive charts, and infographics on websites, blogs, and social media. Any use of NWMLS’s statistical charts or infographics must include the logo that is displayed on the graphics and the following attribution: “Information and statistics compiled and reported by the Northwest Multiple Listing Service.” You may not alter or otherwise modify NWMLS’s Market Snapshot Video, interactive charts, and infographics. Derivatives of NWMLS’s housing marketing statistics may not be published, broadcast, rewritten or redistributed without prior written permission.