In September 2024, Washington County's real estate market is experiencing a mixed but largely positive outlook. Although sales have dropped sharply, the rise in under-contract listings, quicker sales times, and higher prices per square foot suggest continued demand. The market is becoming more balanced with increased inventory, and the drop in interest rates could potentially attract more buyers. However, the gap between rising list prices and modest increases in sales prices could indicate that buyers are still cautious, especially given the reduced number of closed sales.

  1. New Listings: There has been a slight increase of 1.6% in new listings, with 558 new properties on the market in 2024 compared to 549 in 2023. This indicates that sellers are continuing to bring homes to market at a steady rate.

  2. Sold Listings: The number of sold listings has significantly dropped by 21.4%, from 309 to 243, signaling a notable decline in buyer activity or successful closings, which may reflect increased buyer caution.

  3. Under Contract Listings: Under contract listings have increased by 6.8%, indicating more buyer interest, although fewer deals are actually closing. This could mean deals are taking longer to finalize or buyers are backing out at a higher rate.

  4. Average Days on Market: Homes are selling slightly faster in 2024, with the average days on market decreasing by 4.8%, from 63 days to 60. This suggests a moderately competitive market where homes are not staying on the market for too long.

  5. Median List Price: The median list price has risen by 4.8%, from $619,900 to $649,900, indicating that sellers are confident in the market and are pricing their homes higher.

  6. Median Sales Price: The median sales price has increased slightly by 0.9%, from $519,990 to $524,450, showing that while sellers are asking for more, buyers are only willing to meet these higher prices to a limited extent.

  7. Months of Inventory: Inventory levels have risen slightly by 4.3%, from 4.16 months to 4.34 months, suggesting that the market is becoming more balanced but still leans towards sellers.

  8. Price per Square Foot: Both the median list price per square foot and median sold price per square foot have increased, by 3.5% and 3.9% respectively. Buyers are paying more per square foot, which may reflect demand for certain types of homes or higher construction costs.

  9. Sold to List Ratio: The average sold-to-list price ratio has improved by 0.5%, meaning homes are selling slightly closer to their listing prices, indicating less room for negotiation.

  10. Distressed Properties: Notices of default have decreased by 26.7%, and foreclosures have dropped sharply by 66.7%, reflecting a healthier market with fewer distressed properties, which is a positive sign of financial stability for homeowners.

  11. Interest Rates: The average interest rate has dropped by 14.7%, from 7.20% in 2023 to 6.14% in 2024, which should make mortgages more affordable and could encourage more buyers to enter the market, even with rising home prices.