Annual Single Family Homes Price Change for January 2024

Real estate market activity has remained slow in accordance with typical seasonal patterns. Interest rates held steady through the month of January to end at 6.69%; For the Washington counties covered by the NWMLS, January 2024 saw a 3% increase in closed sales transactions year-over-year, an improvement from December 2023’s year-over-year change in closed sales transactions, which was a decrease of 11%. Overall, the median price for residential homes and condominiums sold in January 2024 was $593,500, up 6.5% when compared to January 2023 ($557,250).

“Seller reluctance has led to a continued decline in year-over-year inventory levels, an overall 14% decrease of active listings on the market,” said Mason Virant, associate director of the Washington Center for Real Estate Research at The University of Washington. “Encouragingly, year-over-year sales transactions saw a 3% improvement over January 2023. Low levels of for-sale inventory have led to increased competition amongst buyers, producing a nearly 7% year-over-year increase in median home prices across the Washington counties covered by the NWMLS.”