September saw strong activity in the Snohomish County real estate market, with 1,158 new listings coming onto the market and 1,001 properties going under contract, marking a 12.98% increase in pending sales compared to September 2023. Closed sales also saw an uptick, with 898 properties sold—a 4.3% increase year-over-year. The median sales price for single-family homes and condos in Snohomish County rose to $760,000, reflecting a 6.29% gain compared to the previous year.

This data, provided by the Northwest Multiple Listing Service (NWMLS) in its October 2024 report, showcases a market that remains resilient despite ongoing affordability challenges across Washington state.

Interest Rates and Market Trends

Although mortgage rates experienced a slight decline in September, affordability remains a key issue for buyers. The 30-year fixed mortgage rate averaged 6.08% in September, which is still significantly higher than the 3.01% rates available just three years ago. Higher rates have impacted buyers’ purchasing power, yet some relief may come if the Federal Reserve continues its efforts to stabilize the housing market by reducing interest rates further.

Despite these hurdles, Snohomish County’s market continues to offer opportunities for both buyers and sellers, with increased inventory and steady demand for residential properties.

Snohomish County Compared to Other Regions

Snohomish County remains one of the more expensive housing markets in the region, with a median sale price of $760,000 for residential homes and condominiums. While this is lower than King County’s median price of $859,995, it highlights the ongoing demand for homes in the area. As the market begins to stabilize, price growth has slowed compared to the rapid increases seen in previous years, providing a more balanced environment for both buyers and sellers.

More Inventory and Closed Sales

Across the NWMLS coverage area, inventory levels increased significantly, with a 31.4% rise in active listings compared to September 2023. This increase in homes for sale gives buyers more options, even as they navigate higher interest rates. In Snohomish County, closed sales were also up by 4.3%, demonstrating that buyers are still active in the market despite the affordability challenges.

Looking Ahead

As we move further into fall, Snohomish County’s real estate market continues to offer promising opportunities for both buyers and sellers. If you’re thinking about buying or selling a home in Snohomish County, Kim Pelham and The Pelham Group at Katrina Eileen Real Estate are here to guide you through the process. With expert market insights and personalized support, Kim will help you make informed decisions and succeed in today’s dynamic market.

Contact The Pelham Group today to learn more about the current market and how we can assist you in your real estate journey!