What’s Happening in South Puget Sound Real Estate Right Now? (November 2024)

In this real estate market update, our Designated Broker and Owner Kevin Mullin shares his top insights about the South Puget Sound for Q4 of 2024. These quick takeaways offer a picture of what’s currently happening in our region’s real estate market. If you have any questions about the market and would like to talk to an expert in your specific neighborhood or city, don’t hesitate to reach out to us here!

1. South Puget Sound’s real estate market has normalized to a seasonal market.

A typical seasonal market means that things slow down a bit in the fourth quarter, and we are indeed experiencing this right now. With that said, we still have 20 more pendings and active listings than we had just one year ago. Our market is robust, yet more balanced than it was a few years ago.

2. After the election is over, we should start seeing some stability in the markets, which will spill over to interest rates.

We expect there to be a gradual drop in rates, but the stabilization is most important. With that said, we expect activity to slowly increase and then fall into the historical seasonality. This means that things should be noticeably more active by March or April, leading to peak activity in May through June.

3. There are several especially advantageous opportunities for home buyers in the region.

Opportunities for buyers exist in the higher price points, as the chance of selling is lower due to higher inventory levels and lower sales activity. There are also great opportunities for buyers in Mason County and parts of Pierce County for properties that are below the median price point. It is important to note that these opportunities fluctuate on a weekly basis. Our professionals can help you find the best option for you when the time is right!

Additionally, there is some uncertainty in the market right now, which is leading to great opportunities for buyers in all price ranges. Sellers are unaccustomed to longer days on market and price reductions. As a result, sellers are more open to seller paid closing costs, inspection repairs, and reasonable price reductions.

4. If you are a first-time homebuyer, my best advice is to bite the bullet and buy a home as soon as possible.

Yes, rates will certainly decrease over the next year, and as they do, home prices will increase. Additionally, as activity increases, so do the multiple offers. We do have more inventory than we have had in many years, but we still do not have enough to fulfill all of the demand.

The other benefit is that almost ALL lenders are offering a free refinance for three years if you are to purchase now. This allows for you to negotiate the price now, and take advantage of the lower rates later should they drop.

5. If you’re selling your home right now, my #1 piece of advice is to make sure your home is properly prepared.

Our professionals can guide you through this process, and the option of using our Windermere Ready loan products can provide you access to funds to help make it easier. With a Windermere Ready loan, you pay the loan back at closing, and you are assured to get more money for your home when it presents at its best.

6. Recent publications state that the South Puget Sound area is #5 in the nation for real estate investment opportunities.

With that said, you always want to look into any rules and restrictions about rentals. For example, the City of Tacoma has some unique rules regarding landlord responsibilities. Our real estate professionals can help guide you on these rules, and we can help you determine what areas offer the best return for your investment when the time is right for you!

Would you like to connect to a real estate professional in your specific neighborhood or city? Reach out here and we will be in touch!