2024 Residential Real Estate Market Update
Median Sales Prices
Here’s a quick snapshot of the median residential sales prices across the counties in 2024:
- Thurston County: $515,000(+1.98%)
- Lewis County: $420,000 (+5.14)
- Pierce County: $565,000 (+5.61%)
- Mason County: $420,000 (+5.01%)
- King County: $950,000 (+8.48)
On a larger scale, 2024 marked the highest median sales price across the Northwest, at $660,000.
Definition of Median Sales Price: A comparison of median sales prices each year, for residential homes only. The median is the “middle” price, meaning that there are an equal number of sold units at
a higher and lower value, the middle value being the median. Example: If you wanted to find the median sales price for 5 listings with sales prices of $100,000,
$200,000, $250,000, $300,000, and $600,000 - the price in the middle of the list is $250,000.
New Listings
New listings in the NW took a dip in 2023, dropping to just 70,211. But in 2024, we saw a slight rebound to 79,156 new listings.
Over the past 11 years, the average has been about 93,222 listings annually.
- Thurston County: 3,985 (+3.27%)
- Lewis County: 1,342 (+12.02)
- Pierce County: 12,497 (+11.41)
- Mason County: 1,523 (+13.15%)
- King County: 24,702 (+14.96%)
Closed Sales
The number of closed sales in 2024 varied quite a bit across the counties:
- Thurston County: 3,316 (-1.86%)
- Lewis County: 893 (-0.78%)
- Pierce County: 9,750 (+3.86%)
- Mason County: 1,044 (+ 4.71%)
- King County: 17,944 (+8.17%)
In the Northwest, there were 58,751 transactions in 2024, which is up from 55,782 transactions in 2023.
Months of Inventory
In 2024, months inventory was at its highest in September at 2.54 months of inventory across the Northwest which is actually still very low. The highest months inventory for our region in 2024 were Adams, Chelan, Columbia, Ferry, Grays Harbor, and Okanogan ranging anywhere from 4 months to 5.37 months. But most counties had less than 4 months of inventory. Thurston, Pierce and King Counties were all less than 2 months of inventory. Coming off of the pandemic mayhem, 2 months feels like an eternity to buyers and sellers comparatively speaking, but it really shows a more balanced market.
Months of Inventory definition: Ratio of active listings to closed sales (derived by diving the total number of active listings by the total number of closed sales).
In layman’s terms, how long would it take for all the active listings to sell assuming no other homes come on the market.
List Price to Sale Price Ratios
Homes are generally selling very close to their list prices across the board. Here’s the breakdown:
- Thurston County: 99.9%
- Lewis County: 98.2%
- Pierce County: 100.1%
- Mason County: 98.9%
- King County: 101.4%
But here’s something that doesn’t show up in the stats—seller concessions. These are not typically published but can make a BIG difference in the final deal. Buyers are often getting some or all of their closing costs covered, and in some cases, a good chunk of money is going towards buying down their interest rates.
For example, a $500,000 transaction could have no concessions, and another $500,000 transaction could have $25,000 concessions going to the buyer (for closing costs and buying down the interest rate). The sale price still shows up the same in the stats, but the buyer’s and seller’s experience is dramatically different.
We believe this is a crucial piece of information that should be tracked for more transparency in the market. It is currently an optional piece of information that agents can add in, but it is not currently a tracked stat.
Want to take a Deep dive into the numbers? Click the Image Below for more data
Alan & Jana Have an Exclusive Partnership with Zillow & Listing Showcase to Help Elevate Your Listing
We are the FIRST agents in the area to give our clients
priority exposure! This is a completely new listing experience made available to only a select number of agents!
Click the image below for more information on this awesome program!
We are a husband and wife real estate team, both born & raised right here in Western Washington. We have 2 young boys and we all love getting outside to take advantage of everything the Northwest has to offer! Some of our favorite activities are hiking, fly-fishing, skiing, going to Mariners, Kraken, Seahawks and Sounders games - and perhaps our very favorite pastime is to take short trips to the ocean to fish, crab, clam and play in the sand with the boys!
We have been assisting clients with buying and selling real estate for over 8 years and feel such a passion for it! We strongly believe both our professional and personal lives helped prepare us for and led us to this career.
Alan has worked in the sales field most of his professional life with a huge emphasis on customer service and building a relationship with clients utilizing the skills he gained at Washington State University. And I (Jana) earned my marketing degree from Central Washington University and have been utilizing my sales and marketing degree throughout my professional life.
We love helping sellers prepare their home with staging and putting my marketing degree to work! I pride myself on high-end marketing from professional photos, quality virtual tours, social media marketing, YouTube marketing, Google Ads, direct marketing, you name it - I love doing it! And once we find the perfect buyer for your home, we work diligently to negotiate on your behalf to get you both top dollar and the best terms possible.
We also love helping buyers find the ideal home for their family that is something they love and a great investment. One of Alan's passions with this job is working with buyers who are not familiar with the area. He absolutely loves showing buyers around to find them the perfect area that works best for their needs and lifestyle.
We would be honored to have the opportunity to work alongside you to reach your real estate goals.
~ Jana Sherwood, Windermere Real Estate
Market data provided by: 2024 Northwest Multiple Listing Service, All Rights Reserved.
If you are working with another real estate broker,
please do not consider this a solicitation.
