The local real estate market was unpredictable and a bit erratic for most of 2024 with waves of buyer enthusiasm propelled by interest rate declines. Low inventory continues to be the main factor holding back sales. Overall, prices increased modestly between 2% and 4% across the Puget Sound region due in large part to continually low supply.
We expect 2025 to return to some normalcy with predictable seasonality, including a surge of buying activity early in February/March. Interest rates are predicted to hover in the 6% range and will be considered the “new normal”.
Remember that I am always available to discuss your real estate goals with a no obligation, no pressure consultation. And of course, I always appreciate the referrals of friends and colleagues you send my way.