Monthly Market Update

Reduced inventory motivates increased home prices

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Northwest MLS, the source for the most current, accurate market listing data in Washington state, today released its Market Snapshot for the month of November 2023.

Market Recap

A slight decrease in interest rates has raised cautious optimism – interest rates had fallen to around 7.2% as of December 1, 2023, in comparison to 7.8% in October 2023, and a continuation of that decrease would have a positive impact on the market in general. However, the decline in seasonal inventory continues to drive home prices upward, spurring an increase of 4.6% in prices from November 2022:

  • NWMLS brokers reported 4,367 closed sales in November 2023, which is a 16% drop from closed sales in November 2022 (5,194). However, this is a slight improvement from October’s year-over-year change in closed sales, which decreased 18% when compared to October 2022.
  • While most counties in the NWMLS report (19 of 26) saw a decrease in the number of homes sold, seven of the counties saw a year-over-year increase, including Grant, Okanogan, Kittitas, Walla Walla, San Juan, Adams and Ferry counties.
  • The median sales price increased year-over-year in 21 of the 26 total counties included in the statistical report. Overall, the median price for homes sold in November 2023 was $601,341, up 4.6% when compared to November 2022 ($575,000). The three counties with the highest median priced homes sold were San Juan ($975,000), King ($799,925) and Snohomish ($703,635). The three counties with the lowest median priced homes sold were Grant ($327,999), Ferry ($313,750) and Adams ($221,500).
  • When compared to the same month last year, November 2023 experienced a 17% decrease in the number of active property listings on the market. The total volume of homes for sale has continued to decline, with 19 out of 26 counties seeing a year-over-year decrease.

Although the number of sales transactions and housing inventory levels typically drop in the fall and winter months, the expected seasonal slow-down continues to be exacerbated by the high interest rate environment for buyers relying on mortgages.

“With the 30-year fixed mortgage rate currently just over 7.2%, the purchasing power of prospective buyers remains stunted relative to a few short years ago,” said Mason Virant, associate director of the Washington Center for Real Estate Research at The University of Washington. “Moreover, current owners with low-rate mortgages continue to be reluctant to sell. This has led to a continued decline in year-over-year transaction volume and the inventory levels in the market.”

Monthly Statistics

See the amount of active inventory, number of pending and sold listings and median price last month compared to the same month last year with interactive graphics.

Market Trends

View data reports of the market including listings, sales and inventory over the last five years. Data can be filtered by county, year-over-year or year-to-date and property type.


About Northwest Multiple Listing Service

As the leading resource for the region’s residential real estate industry, NWMLS provides valuable products and services, superior member support, and the most trusted, current residential property and listing information for real estate professionals. NWMLS is a member-owned, not-for-profit organization with more than 2,500 member offices and 30,000+ real estate brokers throughout Washington state. With extensive knowledge of the region, NWMLS operates 20 service centers and serves 26 counties, providing dedicated support to its members and fostering a robust, cooperative brokerage environment.

NWMLS now offers a home listing search and comprehensive broker database at https://www.nwmls.com.


Washington Center for Real Estate Research

College of Built Environments at The University of Washington
WCRER provides a bridge between academic study and research on real estate topics and the professional real estate industries.

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