MONTHLY MARKET SNAPSHOT
Real Estate Market
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June 2024 Overview
Monthly Market Update
Increased inventory leads the way to market stabilizationActive Listings
There was a 35.7% increase in total number of properties listed for sale, with 14,393 active listings on the market at the end of June 2024, compared to 10,607 at the end of June 2023. The number of homes for sale increased throughout Washington, with 22 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 (+77.2%), Pierce (+48%), Clark (+46.9%), Snohomish (+46.2%), Lewis (+45.2%), and King (43.3%).
Use the drop-down menu in the chart below to view the available inventory counts in each county:
New Listings
NWMLS brokers added 9,984 new listings to the database in June 2024, an increase of 5.3% compared to June 2023. The six counties with the largest increase in the number of new listings were Walla Walla (+88.6%), Adams (+36.4%), Clallam (+25%), Cowlitz (+15.5%), Snohomish (+12.9%), and Pacific (12.2%).
Use the drop-down menu in the chart below to view the number of new listings added in each county:
Pending Sales
There were 7,650 total residential units & condo units under contract in June 2024, a slight decrease of 1.4% when compared to June 2023 (7,759). 10 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
June 2024 saw a 3.14% decrease in the number of closed sales transactions year-over-year (6,627 in June 2024 compared to 6,842 in June 2023). Although there was an overall decrease, 10 out of 26 counites saw an increase in the number of closed sales year-over-year, with Kittitas (+56.5%), Clark (+27.4%), Okanogan (+23.7%), and Snohomish (+8.4%) topping the list. The total dollar value of closed sales in June 2024 for residential homes was $4,939,005,285 and was $499,483,518 for condominiums, a 2.6% increase when compared to June 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 (2.17) to sell every home that is active in the NWMLS inventory. The five counties with the lowest months of inventory in June 2024 were Snohomish (1.37), Thurston (1.55), Kitsap (1.60), King (1.94), and Pierce (2.00).
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 June 2024 was $650,000, an increase of 4% when compared to June 2023 ($625,000). The three counties with the highest median sale prices were San Juan ($950,000), King ($875,000), and Snohomish ($789,497), and the three counties with the lowest median sale prices were Columbia ($274,000), Adams ($236,000). and Ferry ($175,000).
Use the drop-down menu in the chart below to view the median sales price in each county:
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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.