📊 November 2024 Real Estate Market Update for the U.S. and King County 📊
As we head deeper into fall, the real estate market is revealing some interesting trends for both buyers and sellers! Here’s what’s happening nationwide and in King County:
🏠 Mortgage Rates on the Rise
Mortgage rates have been climbing steadily since mid-September, hitting around 6.72% on a 30-year fixed mortgage. These higher rates can affect buyer budgets, but they haven’t stopped the market just yet!
🏘️ Inventory Trends: More Homes on the Market
Across the U.S., inventory has surged to its highest level since 2019! In October, we saw a 29.2% year-over-year increase in homes for sale, meaning buyers have more options than in recent years. In King County, inventory remains tight with only 2.1 months of supply, keeping the local market competitive.
🍂 Seasonal Buying Patterns: A Busy Fall
Typically, the market slows down in autumn, but this year, increased inventory and persistent demand are keeping things moving longer than expected. In King County, homes are selling in around 29 days on average, often at or above asking price, showing there’s still strong buyer interest.
🔍 November 2024 Insights: What to Expect
- For Buyers: Nationwide, more options are available, but don’t wait too long! If you’re in King County, act fast—inventory is tight, and competition remains high.
- For Sellers: Nationally, the inventory surge means sellers should be strategic with pricing and presentation to stand out. In King County, it’s still a seller’s market, but strategic pricing is key to attracting motivated buyers.
Whether you’re buying or selling, this November’s real estate market offers unique opportunities! 🏡 Curious about how these trends impact you? Let’s chat and explore your options!
#RealEstateTrends #MarketUpdate #KingCountyRealEstate #MortgageRates #HomeBuying