December 2023 Real Estate Market Update

The real estate market experienced significant changes recently, with buying a home becoming more affordable due to lower interest rates. However, this was counterbalanced by the challenge of finding available homes, as the market saw a scarcity of listings. In addition, home prices generally increased across various locations, with a trend suggesting continued price escalation into 2024. 

Delving into more specifics, December 2023 witnessed a decline in home sales compared to the same month in the previous year. While there were exceptions where some regions saw increased sales, the overall trend was a decrease. The price of homes sold varied significantly by location. The highest prices were recorded in San Juan County, King County, and Snohomish County, whereas the most affordable homes were found in Okanogan County, Ferry County, and Columbia County. 

The number of homes on the market also diminished in December 2023 compared to December 2022, with most areas reporting fewer listings. However, some areas saw an increase in available homes. Interestingly, the condo market showed more stability, with little fluctuation in the number and pricing of condos sold. 

Furthermore, the real estate market in Washington state is influenced by seasonal trends. Typically, there are fewer homes for sale and fewer transactions during the winter months as compared to the spring and summer seasons. This is partly because homeowners with low-interest rates on their mortgages are less inclined to sell, contributing to a slower and more constrained market.