MONTHLY MARKET SNAPSHOT

Real Estate Market

  • February 2024 Overview

    These interactive charts help visualize important year-over-year real estate statistics such as the number of active listings, new listings entered during the month, pending sales, closed sales, and months of inventory. You can access data for individual counties by using the drop-down filter menu. You may download and share or publish these charts and infographics with appropriate attribution.

    Active Listings

    There were 7,495 active listings on the market at the end of February 2024, an increase of nearly 4% compared to February 2023 (7,234). The volume of homes on the market increased throughout Washington with 17 out of 26 counties seeing a year-over-year increase – select a county in the chart below to view the available inventory counts in a particular county:


    New Listings

    NWMLS brokers added 6,513 new listings to the database in February 2024, an increase of nearly 25% compared to February 2023, when 5,231 new listings were added. The number of new listings added in King County increased more than 33% year-over-year. Select a county in the chart below to view the number of new listings added in any county:


    Pending Sales

    There were 5,945 total residential units & condo units under contract in February 2024, a decrease of 4.57% when compared to February 2023 (6,230).

    Despite the overall decrease, there were 11 counties that had a year-over-year increase in the number of pending sales, in Okanogan (+35.29%), Kittitas (+34.04%), Adams (+33.33%), Douglas (+29.17%), Chelan (+23.4%), Columbia (12.5%), Clallam (+8.96%), Walla Walla (+7.84%), Clark (+4.41%), King (+3.78%), and Kitsap (+1.86%) counties. Select a county in the chart below to view the pending sales within a specific county:


    Closed Sales

    February 2024 saw a 1.62% decrease in closed sales transactions year-over-year. The total dollar value of closed sales for residential homes for this month was $2,772,859,503 and was $$388,894,799 for condominiums.

    Despite the nearly 2% decrease overall, there were 10 counties with a year-over-year increase in the number of closed sales, including Jefferson (+70.59%), Adams (+33.33%), Okanogan (+33.33%), Chelan (+21.88%), Kittitas (+14.29%), Walla Walla (+12.5%), Whatcom (+7.48%), Clark (+6.82%), Mason (+4.84%), Clallam (+4.55%). The number of year-over-year closed sales in King and Pacific counties remained unchanged. Select a county from the chart below to view the number of closed sales:


    Months of Inventory

    A balanced market is considered to be 4 to 6 months by most industry experts. At the current rate of sales, it would take less than two months to sell every home that is active in the NWMLS inventory. The four counties with the lowest months of inventory in February 2024 were Snohomish (0.88), King (1.47), Pierce (1.60), and Thurston (1.71).


    Median Price

    Overall, the median price for residential homes and condominiums sold in February 2024 was $608,111, up nearly 6% when compared to February 2023 ($575,000). The median sales price increased year-over-year in 19 of the 26 counties, with the highest median sales prices in King ($820,000), Snohomish ($715,000), and San Juan ($671,000) counties. Select a county from the chart below to view its median sales price:


    Market Snapshot Video

    View Historical Real Estate Statistics.

    Get granular on real estate statistics with interactive charts encompassing the length of active, new, and additional metrics.

    Usage Terms

    You may share and republish NWMLS’s Market Snapshot Video, interactive charts, and infographics on websites, blogs, and social media. Any use of NWMLS’s statistical charts or infographics must include the logo that is displayed on the graphics and the following attribution: “Information and statistics compiled and reported by the Northwest Multiple Listing Service.” You may not alter or otherwise modify NWMLS’s Market Snapshot Video, interactive charts, and infographics. Derivatives of NWMLS’s housing marketing statistics may not be published, broadcast, rewritten or redistributed without prior written permission.

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