As we look ahead to the market changes already occurring in 2024, it’s important to take a step back and look at Realogics Sotheby’s International Realty’s Q4-2023 report; it’s full of data to better inform our real estate moves going forward. With record-high rates in October 2023 and low inventory levels, it's not surprising that the data reflects buyers who hesitated to deal with the high rates and lack of supply and sellers who weren’t quite ready to trade in their low interest rates of the past. However, as rates come down, we can begin to be hopeful about a return to a more active market.

With relevant year-over-year comparisons across 14 of the region’s areas–like median sales price and months of inventory–the report dives into the numbers that paint a clear picture: buyers and sellers have both been affected by interest rates. When examining the Seattle single-family home market, we see that although there was a decrease in the median sales price, it was minimal at just 1.92% from $936,000 to $918,000. Seattle homes sat on the market for about the same time as they did in Q4-2022 at an average of 31 days. With a low level of supply, it remained a seller’s market with 1.4 months of inventory.

As we approach your home-buying or selling goals in the new year and strategize on how to best navigate this changing market, we should be conscious of the Q4 trends that are still present today. However, the closer we get to the spring market and the further we move away from the high interest rates of the final months of 2023, the more we can expect to see an uptick in activity—both in buyers searching for homes and sellers finally feeling ready to list.

I’d be happy to discuss the trends from your neighborhood of choice. Reach out to me to request your copy of the report today>>