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Walla Walla Real Estate Update – September 2024
The reduction of interest rates in September by the Federal Reserve provided a positive end-of-the-summer boost to the market. As the third quarter came to an end, here’s what happened in the Walla Walla Valley:
Quarterly home closings outpaced last year. The approximate 1% year-over-year decline in mortgage rates brought more activity to our market. Quarterly closed home sales increased 21% over the number of homes that closed in the 3rd quarter of last year. And new contract signings increased as well. At month end there were 26% more pending sales than at the same time last year.
Inventory increased year-over-year. Buyers had more homes to consider as the number of listings increased 12% over the previous year. As the third quarter came to an end there were 2.6 months of inventory.
Rate of price increases slowed. Though the first part of the year, annual price increases have been around 5%. However, the third quarter’s median price was just 3% above the third quarter of last year. Slowing price increases combined with declining mortgage rates and increasing inventory have made the market more appealing to buyers.
September’s Listings: 223
The month’s listings declined slightly from the previous month but there were 12% more listings than September of last year.
September’s Closings: 64
Closed home sales declined 7% from the previous month but ended up 13% above the number of closings in September of last year.
September’s Median Price: $415,000
September’s median price softened slightly from previous month but was 4% higher than the median price for September of last year.
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*NWMLS WA Data
