SW Washington Market Update – October 2024
New listings (680) increased 13.1% from the 601 listed in October 2023, and decreased 0.3% from the 682 listed in September 2024. Pending sales (579) increased 33.7% from the 433 offers accepted in October 2023, and decreased 2.4% from the 593 offers accepted in September 2024. Closed sales (551) increased 23.8% from the 445 closings in October 2023, and increased 11.3% from the 495 closings in September 2024.
Inventory decreased to 2.9 months in October. That means if no new homes were to come onto the market, that it would take 2.9 months to sell at the rate at which they are selling. Total market time increased to 63 days.
Comparing the first ten months of 2024 to the same period in 2023, new listings (7,528) increased 9.3%, pending sales (5,596) increased 6.8%, and closed sales (5,292) increased 5.3%.
Comparing 2024 to 2023 through October, the average sale price has increased 5.1% from $583,900 to $613,800.
If you’re considering buying or selling your home, now may be the time to start discussing a strategy. Don’t hesitate to reach out so I can schedule a time to connect and work together to help you put your best foot forward.
