As we reflect on 2024, the real estate market in Clark County, WA, and the greater Portland Metro area has shown resilience despite national trends of slowing sales volume. Home prices in the region continued to appreciate, fueled by limited inventory and strong demand, making now an excellent time to explore the unique opportunities available in this desirable area.
In 2024, the U.S. real estate market experienced notable shifts compared to previous slower years. Key observations include:
Home Sales Volume
- Decline to Historic Lows: Existing home sales in 2024 were projected to reach their lowest levels since 1995, influenced by high mortgage rates and limited inventory.
Home Prices
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Continued Appreciation: Despite reduced sales volume, home prices continued to rise. The S&P CoreLogic Case-Shiller Index reported a 3.6% year-over-year increase in October 2024.
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Regional Variations: Certain states, such as New Jersey and Rhode Island, experienced higher annual price gains of 8.1% and 7.5%, respectively.
Mortgage Rates
- Elevated Levels: Mortgage rates remained high throughout 2024, with 30-year fixed rates around 6.85%, contributing to affordability challenges for potential buyers.
Market Outlook
- Stabilization Expected: Analysts anticipate that the housing market will stabilize in 2025, with increased inventory and moderated price growth, potentially easing conditions for buyers.
In summary, while 2024 mirrored some characteristics of previous slow years with decreased sales volumes, it diverged with continued home price appreciation, indicating a complex market influenced by various economic factors.
Thinking About Real Estate in 2025? Let’s Make It Happen!
Economists are predicting a promising market in Clark County, WA, and the Portland Metro area for 2025. Whether you’re looking to buy your dream home, sell your current property, or invest in real estate, the time to plan is now! With interest rates expected to improve and opportunities increasing, let’s strategize together to make your 2025 real estate goals a reality. Contact me today to discuss your options and take the first step toward your next big move!