There has been lots of discussion across the real estate industry regarding interest rates, inflation, national & global economy, and recent class action lawsuits with many of the articles I've ending in "we'll have to wait and see". I too am at a loss when attempting to forecast the future of the Snohomish County housing market into 2024.
Though not to get to ahead of oneself, the first 2 interactive graphs answer the question Are Property Prices Dropping in Snohomish County? and additional graphs highlight new listings, closed sales, and days on market for the for area.
Median Sales Price
Over the last 12 months, the Median Sales Price for a Snohomish County property has declined 9.6% to settle at $850,000. However, when comparing Median Sales Prices in January of 2020 to present, the Median Sales Price for a Snohomish County property has still increased 47%.
Average Sales Price
The Average Sales Price follows the same trend with the previous 12 months experiencing at 10.8% decline in property values to settle at $879,329. Yet, when viewing the 3 year rolling history property values have increased of 48%.
Have Snohomish Home Prices Declined?
In the short term the answer is Yes. In the long the answer is term No. Reviewing data over a 3 year period, values are still out pacing recent declines. Looking back further back in time, the gains are even more significant so don't worry if 2024 slows or even retracts as buying a home or property is still a worthwhile investment.
Plus, it really beat having a landlord tell you want you can and cannot do.
For more Snohomish County real estate data, continue reading.
New Properties for Sale
A primary factor that has contributed to the increase in local median and average property sales price is the availability of homes & properties. Or, lack there of. In the previous 12 months, New Properties for Sale in Snohomish County has declined by 42.6% and 48% since the high of July 2022.
Closed Property Sales
Snohomish County's Closed Property Sales are no different and have declined 41% in the last 12 and 50% since May 2022.
Average Days on Market
While not as drastic as the previous graphs, Average Days on Market for Snohomish County properties has trended upwards since August 2022 with Octobers average being just 14 days. While on the surface that may seem like a significant increase, a normal real estate market has property market times around 45-60 days.