October 2024 Residential Market Highlights for SW Washington

The SW Washington real estate market showed notable activity in October 2024, with increases across key metrics compared to October 2023. Here’s a summary of the latest trends:

New Listings

• 680 new listings in October 2024, up 13.1% from October 2023.
• Slight decrease of 0.3% compared to September 2024.

Pending Sales

• 579 pending sales, a substantial rise of 33.7% from October 2023.
• Down 2.4% compared to September 2024.

Closed Sales

• 551 closed sales, an increase of 23.8% from October 2023.
• Month-over-month rise of 11.3% from September 2024.

Inventory and Market Time

• Inventory decreased to 2.9 months, reflecting a tightening market.
• Total market time extended to 63 days, up from 53 days in September 2024.

Year-to-Date Performance

• New listings: 7,528 (+9.3% YoY).
• Pending sales: 5,596 (+6.8% YoY).
• Closed sales: 5,292 (+5.3% YoY).

Home Prices

• Average sale price: $613,800 (+5.1% YoY).
• Median sale price: $540,000 (+2.9% YoY).

October 2024 vs. October 2023

• Average sale price up 7.1% to $637,600.
• Median sale price up 5% to $560,000.

This continued growth in closed and pending sales alongside rising prices highlights the resilience of the SW Washington real estate market. For buyers and sellers, staying informed about these trends can help navigate this competitive market effectively.

Would you like to explore how these insights align with your real estate goals? Let’s discuss!

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