Real Estate Market Update 2024

Hi everyone, Rosie Rourke here, your hometown real estate agent! Here's a quick
update on the spring real estate market, enjoy!

Home Inventory Trends:
Inventory remains tight, with limited supply compared to demand, leading to a competitive market. New listings are being snapped up quickly, often resulting in multiple offers on desirable properties, especially when they are presented well with our concierge listing program (shameless plug, lol).

Pricing Trends:
Home prices in Fairwood continue to rise steadily, fueled by high demand and low inventory. Sellers are generally able to command strong prices for their homes, especially in well-maintained or updated homes.

Buyer Behavior:
Buyers are facing stiff competition and may need to act fast when a desirable home becomes available. Many buyers are willing to pay above asking price to secure a home. Our open house research is showing a surge of buyers coming down from the eastside and Seattle to SE King County, it is the target area for homeownership right now!

Interest Rates:
Interest rates remain relatively low, motivating buyers to enter the market and take advantage of favorable financing options. Low interest rates continue to contribute to buyer demand and may offset some of the upward pressure on prices.

Market Outlook:
The spring market is expected to remain competitive, with strong demand from buyers and limited inventory. Sellers can expect favorable conditions for listing their homes but should still ensure their properties are well-presented to stand out.

FREE HOME VALUATION REPORT
If you are thinking about selling your home this year or you are planning to make a move   2-5 years, it’s a good idea to see where you stand in the market. We offer a FREE home pricing valuation that includes a FREE report! Book your consultation (which is no-obligation at all) with our team below or call our office directly at 206.719.5870