Current Trends in Housing – North Puget Sound

The housing markets in Snohomish, Island, and Skagit counties are shifting gears in 2024. While home prices remain high, the breakneck pace of appreciation seen in recent years is starting to slow down.

Here are some trends we are seeing:

  • Price Growth: Prices are still rising, but at a much slower rate than before.
  • Inventory: Homes are becoming more available, potentially leading to a more balanced market.
  • Sales: The number of home sales is showing signs of decline.
  • Days on Market: Homes are selling faster, indicating increased buyer interest.

What’s Driving the Change?

Rising mortgage rates are making homeownership more expensive, potentially impacting affordability and buyer demand. Additionally, an increase in available homes could be leading to a more balanced market, potentially slowing down price growth.

What Does this Mean for You?

The transition from a seller’s market to a more balanced one could present opportunities for buyers seeking greater choice and potentially more negotiating power. However, it’s important to remember that home prices remain significantly higher than a year ago.