Facebook
X
Pinterest
Copy Link
Walla Walla Real Estate Update – November 2024
The seasonal slowdown of the real estate market has begun as evidenced by the month-over-month decrease in listings, sales, and prices. Yet the market shows some signs of year-over-year improvement in closings and prices. Here are key takeaways from November:
Monthly closings slowed but still ahead of last year’s pace. The number of home closings and pending sales dropped during the month of November. However, year-to-date closings were still 8% ahead of last year’s pace. Interest rates are expected to slide downward as we enter the new year which should re-energize buyer activity.
Inventory grew to 3.2 months’ supply. At November’s rate of sales, there were 3.2 months of inventory compared to 2.4 months’ supply a year ago. While still technically a seller’s market, finding the market price for a home remained critical to catching buyers’ attention and ultimately going under contract.
Annual price growth was 4%. While better than last year, Walla Walla Valley home sales were still 30% below the number of homes that closed in 2021. The slowdown in buyer activity the last couple of years, caused mainly by higher interest rates, continued to dampen price growth.
November’s Listings: 172
The month’s listings declined 14% from the previous month and ended up 3% lower than the number of homes that were listed for sale a year ago.
November’s Closings: 46
The month’s closed home sales fell 19% from the previous month and ended up 4% below the number of closings for November of last year.
November’s Median Price: $406,495
The median sales price dropped 4% from the previous month but was 4% higher than in November of last year.
Learn More
Click here for the full monthly report
Click here for Market Updates
*NWMLS WA Data
