Navigating the Washington State Housing Market in 2024

The housing market in Washington State is dynamic, reflecting both regional economic vitality and broader national trends. As of April 2024, home prices in Washington have increased by 9.3% year-over-year, with the median home price reaching $654,000. This growth is accompanied by an 11.8% rise in the number of homes sold and a 14.4% increase in the number of homes available for sale. Let’s delve into what these numbers mean for buyers, sellers, and investors looking to find value in this competitive market.

Understanding the Market Trends

Median Sale Price:

  • Current Median Price: $654,000
  • Year-over-Year Growth: +9.3%

Number of Homes Sold:

  • Homes Sold in April 2024: 7,644
  • Year-over-Year Growth: +11.8%

Median Days on Market:

  • Days on Market: 14
  • Year-over-Year Change: -2 days

These statistics indicate a robust and competitive market. A rising median sale price and a decrease in the number of days homes remain on the market suggest high demand. For buyers, this means acting quickly and being prepared to compete. For sellers, it’s an opportune time to list homes as the market favors higher prices and quicker sales.

Housing Supply and Demand Dynamics

Housing Supply:

  • Homes for Sale: 21,899
  • Year-over-Year Growth: +14.4%
  • Newly Listed Homes: 10,925
  • Year-over-Year Growth: +26.0%
  • Months of Supply: 2

The increase in housing supply, with a significant number of newly listed homes, suggests that the market is responding to demand. However, a supply of just 2 months indicates a tight market where homes are being sold nearly as fast as they are listed.

Market Competitiveness:

  • Homes Sold Above List Price: 40.3%
  • Year-over-Year Change: +3.8 percentage points
  • Homes with Price Drops: 27.9%
  • Year-over-Year Change: +5.4 percentage points
  • Sale-to-List Price Ratio: 101.0%
  • Year-over-Year Change: +0.8 percentage points

A significant percentage of homes selling above list price reflects a highly competitive market. Buyers often face bidding wars, driving prices above asking. This environment requires strategic offers and, potentially, concessions from buyers to secure a property.

Top 10 Fastest Growing Sales Price Metros in Washington

  1. Kenmore, WA: +38.8%
  2. Monroe, WA: +28.2%
  3. Martha Lake, WA: +27.6%
  4. Mukilteo, WA: +27.1%
  5. North Creek, WA: +26.7%
  6. Cottage Lake, WA: +23.5%
  7. Bellevue, WA: +22.9%
  8. Tehaleh, WA: +20.3%
  9. Mercer Island, WA: +18.5%
  10. University Place, WA: +18.4%

These areas exhibit substantial price growth, signaling strong market demand and investment potential. Emerging neighborhoods like Kenmore and Monroe are seeing the highest increases, suggesting they are becoming increasingly desirable.

Strategic Tips for Buyers and Sellers

For Buyers:

  • Act Fast: With a median of 14 days on the market, homes sell quickly. Be prepared with financing and make decisive offers.
  • Competitive Offers: In a market where 40.3% of homes sell above list price, offering above asking can be necessary to secure a home.
  • Explore Emerging Areas: Look into cities with significant price growth for potential long-term value.

For Sellers:

  • Capitalize on Demand: With prices rising and homes selling quickly, it’s an ideal time to list your property.
  • Strategic Pricing: Price your home competitively to attract multiple offers and potentially drive up the sale price.
  • Highlight Unique Features: In a competitive market, emphasizing unique features can make your home stand out.

Migration Trends

Between February and April 2024, significant migration patterns have emerged:

Top Inbound Metros:

  1. Phoenix, AZ
  2. Sacramento, CA
  3. Sarasota, FL
  4. Las Vegas, NV
  5. Cape Coral, FL

Top Outbound Metros:

  1. Los Angeles, CA
  2. New York, NY
  3. San Francisco, CA
  4. Seattle, WA
  5. Washington, DC

Washington State, particularly Seattle, is seeing substantial outbound movement. This trend suggests opportunities in the rental and secondary home markets as people relocate.

The Washington State housing market in 2024 presents both challenges and opportunities. With rising prices, increased sales, and competitive dynamics, finding value requires informed decision-making. Buyers should act quickly and strategically, while sellers can take advantage of high demand. Keeping an eye on emerging neighborhoods and understanding market trends will be key to making the most of the current market conditions.

Northwest Home Club

Pacific NW Hawks Tryouts

Are you ready to showcase your skills on the gridiron? The Pacific NW Hawks are hosting open tryouts for aspiring football players who dream of donning the prestigious black and green uniform. This is your chance to prove your mettle and earn a spot on one of the most dynamic teams in the region.

Date: August 9th

Time: 1:00 PM – 5:00 PM

Location: Pacific NW Trade School Football Field

Requirements: All participants must have a pending application with the Pacific NW Trade School.

Tryout Details:

  •  Drills: We will be conducting a series of drills designed to assess your speed, agility, strength, and football skills. These drills mirror those used in the NCAA Combine, ensuring a fair and comprehensive evaluation of your abilities.
  • Expert Evaluation: Our experienced coaching staff will be on hand to evaluate your performance and provide valuable feedback. This is an invaluable opportunity to receive guidance from seasoned professionals.
  • Competitive Atmosphere: Compete alongside fellow athletes who share your passion for the game. Show us what you’re made of as you strive to stand out from the crowd and earn your place on the team.
  • Chance for Glory: Seize this opportunity to chase your football dreams and become part of something special. The Pacific NW Hawks are a team on the rise, and this could be your ticket to gridiron greatness.
  • 40-Yard Dash: Measures acceleration and speed. Participants sprint 40 yards from a starting point, aiming to complete the distance in the shortest time possible.
  • Vertical Jump: Assesses lower body explosiveness and power. Participants jump vertically from a standing position, reaching as high as possible to touch or displace a marker.
  • Broad Jump (Standing Long Jump): Tests lower body explosiveness and coordination. Participants jump horizontally from a standing position, aiming to cover as much distance as possible.
  • 3 Cone Drill (L-Drill): Evaluates agility, change of direction, and body control. Participants start in a three-point stance and sprint around three cones set up in an L-shape, requiring quick changes in direction.
  • Shuttle Run (5-10-5 Drill): Measures lateral quickness, acceleration, and change of direction. Participants sprint 5 yards to one side, then 10 yards in the opposite direction, and finally 5 yards back to the starting point.
  • Bench Press (225 lbs Rep Test): Tests upper body strength and endurance. Participants bench press a standard weight (typically 225 lbs) as many times as possible without stopping.
  • 20-Yard Shuttle (Pro Agility Drill): Assesses lateral quickness, acceleration, and change of direction. Participants start in a three-point stance and shuttle run 5 yards to one side, then 10 yards to the opposite side, and finally 5 yards back through the middle.
  • Position-Specific Drills: Tailor drills to specific positions to evaluate skills relevant to playing those positions. For example, quarterback drills may include accuracy and footwork drills, while receiver drills may focus on route running and catching.

You must be enrolled into the Trade School to qualify and you can apply HERE. Also you will get a team shirt and shorts to wear for the tryout.

Don’t miss your chance to join the Pacific NW Hawks Football Team. Lace up your cleats, bring your A-game, and let’s make history together!

Introducing the Northwest Home Club Referral Program: Empowering Small Businesses and Supporting Community

In the dynamic landscape of small businesses, building a robust network can often be the key to success. At Northwest Home Club, we understand the power of collaboration and community support. That’s why we’re thrilled to introduce our innovative referral program aimed at empowering small businesses, fostering partnerships, and giving back to the community we serve.

Building Connections, Empowering Businesses

Our referral program is designed to benefit both businesses and customers alike. Here’s how it works: for every referral a member business makes that results in a customer spending within our network, we offer a generous 5% referral fee. It’s our way of saying thank you for helping us grow and supporting fellow entrepreneurs in the process.

Whether you’re a contractor, a service provider, or any other small business in our network, you can leverage this program to expand your reach and increase your earnings. By referring customers to other businesses within the Northwest Home Club family, you not only provide valuable leads but also contribute to the success of your peers.

Supporting Local Communities

Beyond business growth, our referral program has a deeper purpose: to support the Pacific NW Trade School and the communities we call home. A portion of the proceeds generated through our referral program goes directly to supporting this vital institution, which plays a crucial role in training the next generation of skilled professionals in the trades.

The Pacific NW Trade School is more than just a place of learning; it’s a cornerstone of our community, providing valuable skills and opportunities for individuals seeking careers in industries like construction, plumbing, electrical work, and more. By participating in our referral program, you’re not only investing in your own business but also in the future of our community.

Join the Network, Reap the Rewards

Whether you’re a seasoned contractor or a budding entrepreneur, there’s never been a better time to join the Northwest Home Club network. Our referral program offers a win-win opportunity for businesses looking to grow their customer base while giving back to the community.

Here’s how you can get started:

  1. Become a Member: Join the Northwest Home Club network and gain access to a community of like-minded businesses and customers.
  2. Refer Customers: Whenever you encounter a customer in need of services that another member business can provide, refer them within our network.
  3. Earn Referral Fees: Receive a 5% referral fee for every customer you refer who spends within our network, while also contributing to the Pacific NW Trade School.

Together, We Thrive

At Northwest Home Club, we believe that collaboration is the cornerstone of success. By participating in our referral program, you’re not only helping your own business flourish but also strengthening the bonds of our community and investing in the future of our industries.

Join us in building a brighter future for small businesses and communities across the Pacific Northwest. Together, we thrive.

Connect with us today to learn more about our referral program and how you can become a part of our growing network.

Northwest Home Club

Welcome to the Northwest Home Club Where Managing Your Home Just Got Easier

Welcome to the Northwest Home Club, your ultimate destination for all things home management in the Pacific Northwest. Our mission is to simplify the process of maintaining and improving your home by connecting you to trusted contractors while rewarding you for utilizing our comprehensive network. Whether you’re embarking on a major renovation or tackling minor repairs, we offer an array of tools and resources designed to make your projects smoother and more efficient.

Seamless Connections to Trusted Contractors

Finding reliable contractors can be a daunting task, but with the Northwest Home Club, it’s easier than ever. Our extensive network of vetted professionals ensures that you’re hiring top-notch experts who are ready to deliver quality work. Say goodbye to the stress of endless searches and uncertainty—when you use our platform, you can trust that your home is in good hands.

Earn Rewards for Using Our Network

As a member of the Northwest Home Club, you not only gain access to exceptional contractors, but you also earn rewards for utilizing our services. Every time you hire a contractor through our platform, you earn a 5% cash back that you can use elsewhere in our network. It’s our way of saying thank you for being a part of our community and choosing to keep your projects within our trusted network.

Powerful Home Management Tools

Managing home projects can be complex, but our suite of tools simplifies the process.

  • Project Manager Software: Our Project Manager software is designed to help you manage jobs and collaborate with teams effectively. Keep track of timelines, tasks, and communication all in one place, ensuring that your projects stay on schedule and within budget.
  • Invoice and Quote Tracking: Organizing your services has never been easier. With our invoice and quote tracking features, you can keep all your financial documents in order, making it simple to track expenses, manage payments, and stay on top of your budget.

Comprehensive Classifieds and Real Estate Marketing

Beyond project management, the Northwest Home Club offers a robust classifieds section and a real estate marketing platform. Whether you’re looking to buy, sell, or rent property, our platform connects you with potential buyers and sellers in the region. It’s a one-stop shop for all your real estate needs, providing a seamless experience from listing to closing.

Supporting the Pacific NW Trade School

Your membership with the Northwest Home Club does more than just benefit you—it supports our broader community. Proceeds from our services help fund the Pacific NW Trade School, which offers skilled training and football programs for students aged 18-24. By choosing our platform, you’re contributing to the education and development of future professionals, fostering a stronger, more skilled workforce in the Pacific Northwest.

Join the Northwest Home Club Today

The Northwest Home Club is more than just a home management platform; it’s a community dedicated to improving the lives of homeowners and supporting local talent. Join us today and experience the ease of managing your home projects with trusted contractors, earning rewards, and supporting the next generation of skilled workers. Together, we can build a better home and a brighter future for the Pacific Northwest.

Northwest Home Club