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MARKET TRENDS • December 31, 2024

Exploring the Real Estate Market Trends: Active Listings Surge in November 2024

by Brenda Romero

The real estate market in November 2024 witnessed significant changes, reflecting both opportunities and challenges for buyers and sellers alike. One of the most notable trends was the 23.4% year-over-year increase in the total number of properties listed for sale. At the end of November 2024, there were 12,558 active listings on the market compared to 10,177 at the end of November 2023. This substantial growth highlights the continued recovery and expansion of the housing market, offering more options to potential buyers.

However, when comparing active inventory to the previous month, there was a 15.1% decrease, with active listings dropping by 2,237 from October 2024’s total of 14,795. This seasonal decline is not uncommon, as the real estate market typically cools down during the late fall and winter months. While this dip may limit options for buyers in the short term, the overall year-over-year growth signals a positive trajectory for the market.

Year-Over-Year Growth Across the NWMLS Coverage Area

The year-over-year increase in active listings was not limited to a single region but was observed across nearly the entire Northwest Multiple Listing Service (NWMLS) coverage area. 23 out of 26 counties experienced double-digit increases in active inventory, demonstrating widespread growth and a healthy supply of properties hitting the market.

Among the counties with the most significant year-over-year increases, Grant County led the way with a staggering 46.9% increase in active inventory. Close behind were Clark County (+46.7%), Clallam County (+40.4%), Kittitas County (+39.7%), Chelan County (+33.6%), and Island County (+33.3%). These numbers indicate robust market activity and highlight areas where buyers may find expanded opportunities to purchase homes.

What Does This Mean for Buyers and Sellers?

For buyers, the increase in active listings year-over-year means a broader selection of homes to choose from, especially in counties with substantial inventory growth. This is particularly beneficial for first-time homebuyers or those looking to upgrade or relocate, as more options can lead to better opportunities to find a home that meets their needs and budget.

For sellers, while increased inventory might mean more competition, the demand for housing in the NWMLS region remains strong. Sellers in high-growth counties like Grant, Clark, and Clallam may find motivated buyers looking to take advantage of the expanded market.

Factors Driving the Market Trends

Several factors contribute to the shifts in active listings:

  1. Economic Recovery: As the economy continues to stabilize, more homeowners are confident in listing their properties.
  2. New Construction: Many counties have seen an increase in new home construction, adding to the available inventory.
  3. Seasonal Trends: The drop in active listings from October to November reflects typical seasonal patterns, with fewer homes coming on the market as the holidays approach.
  4. Market Demand: High buyer demand continues to fuel market activity, especially in areas with year-over-year inventory increases.

Spotlight on Counties with Exceptional Growth

Grant County (+46.9%)

Grant County’s remarkable growth in active listings underscores its appeal to buyers looking for affordable housing options and investment opportunities. With its expanding economy and access to outdoor recreation, it has become an increasingly attractive market.

Clark County (+46.7%)

Located in the southern part of the state, Clark County continues to benefit from its proximity to the Portland metropolitan area. Its inventory growth offers a mix of urban and suburban housing options, drawing buyers from across the region.

Clallam County (+40.4%)

Known for its stunning natural beauty and coastal lifestyle, Clallam County’s inventory growth is a boon for those seeking a more relaxed, scenic environment.

Kittitas County (+39.7%)

Kittitas County’s increasing inventory reflects its growing popularity among buyers looking for a blend of small-town charm and outdoor activities, particularly in areas like Ellensburg.

Conclusion

The November 2024 real estate market provides valuable insights into the ongoing trends shaping the NWMLS coverage area. With a notable year-over-year increase in active listings and diverse growth across counties, buyers and sellers alike can find opportunities in this dynamic market.

Whether you’re a first-time buyer, an investor, or a homeowner looking to sell, understanding these trends is crucial for making informed decisions. Stay tuned for more updates on the real estate market and how it continues to evolve in 2025.