As we quickly approach the end of 2024 and begin preparing for a successful 2025, we certainly have plenty of market trends, data, and industry news to unpack as you chart where you’d like your real estate goals to lead you in the coming year. Realogics Sotheby’s International Realty’s recent blog covers the latest S&P/Case-Shiller Home Price Index report, highlighting the report’s major findings. The main takeaway from the data (as of November 2024) is that although there is still price growth—rising 3.9% year-over-year—the growth has slowed. However, Seattle’s popularity continues to climb, as evidenced by the 198% price appreciation over the past 20 years, according to this Bankrate article. Seattle boasts the highest percentage out of all of the major U.S. cities, which speaks to the portfolio-building opportunities for the savvy investor looking to purchase property in the city.

So where do climbing prices leave the average Seattle buyer? Although it certainly will affect your budget, the good news is that inventory has also climbed to higher levels over the past several months, with a 34.6% year-over-year increase in new listings in Seattle, as of November. If you’re looking to purchase a home, now could be an excellent time to take advantage of the higher supply levels and slower competition before the spring season motivates an influx of buyers to enter the market and begin seriously searching for their property. If your finances are in order and you feel ready to make your move, I’d encourage you to get started sooner rather than later. Remember, you can refinance your mortgage for a lower rate in the future once rates decrease. If prices continue to climb, you could have fewer options down the road than you do now in the current market.

Perhaps you’re waiting for your busy holiday season schedule to slow down before starting your search or preparing to list your home. Either way, let’s schedule a call to discuss where you stand with your goals and how we can hit the ground running in the new year. Reach out to me today to talk through the latest market data of your preferred neighborhood and what it means for your own journey.