PureWest is pleased to release our annual Regional Market Trend Reports. Based on residential and land data from 2024 compared to the prior four years; we analyze sales volume, residential units sold, average and median sales prices, gross sales volume, and price-point breakdowns of closed residential transactions broken down by county and city.
In most areas, 2024 was a moderate year; the numbers are generally quite similar to 2023, holding steady in units sold, median sales prices, and overall volume. Higher mortgage rates, low inventory, and economic uncertainty held some buyers and sellers back, which resulted in a market plateau. We anticipate loosening this in 2025 as we've likely passed the peak of interest rates, and inventory will rise as we approach warmer months, presenting opportunity to those waiting in the wings. As always, there are many reasons to buy or sell; market conditions are only one factor in an otherwise very personal decision.
As you review these reports, certain trends may catch your eye; it's important to remember that each market has complexities, making a one-size-fits-all approach ineffective. At PureWest, we firmly believe that "All real estate is local," and having a knowledgeable professional who understands the nuances of each community is essential. We’re here to provide on-the-ground expertise and help you make well-informed decisions.
We are optimistic about the spring selling season; if buying or selling is on your mind or you'd like to discuss the information in the market report, let's chat!
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