Local Market Update – July 2024

 

As temperatures rise, so does the supply of for-sale homes in our area. Last month, active inventory continued its upward trajectory, which is leading to some summer price stabilization. Every region represented here saw a rise in the number of single-family homes and condos for sale in June. And while median sold prices did increase over last year in most cases, they dipped or were flat when compared to May.

 

Home buyers needing a little more time to find the right home can breathe a bit easier. With the rate of price increases slowing and the number of available single-family homes growing, there’s a little less pressure to act quite as fast as springtime bidding wars necessitated. While it’s still a seller’s market, buyers who’ve been sitting on the sidelines can now dip their toes back into a somewhat mellower market. That said, in hot areas like the Eastside, half of the homes sold in June closed above list price and in an average of five days.

 

Let’s break it down by area to see what’s heating up and cooling down this summer. Click here for area-specific housing market reports, brought to you by Windermere Real Estate!