Lower Rates Brought Price Increases! Seattle, Eastside & Snohomish County Real Estate Update 11-2024

Discover why the current real estate market offers unique opportunities for home buyers with Tony Meier, a seasoned real estate professional from Windermere Real Estate with 35 years of experience. In this video, "Lower Rates Brought Price Increases! Seattle, Eastside & Snohomish County Real Estate Market Update 11-2024," Tony explains how lower interest rates have fueled price stability and increases in Seattle, the Eastside, and Snohomish County.

In this insightful update, Tony explores the three essential metrics—Interest Rates, Months of Inventory, and Median Sales Price—showing how they have shifted since the peaks earlier in 2024. He provides a thorough comparison with both the 2024 highs and October 2023 conditions, demonstrating why the current market conditions present timely advantages for buyers.

Key Insights Include:
**Year-Over-Year Price Gains**: Home prices are up year-over-year across the region, with the Eastside up by 9.15%, Seattle up by 8%, and Snohomish County up by 10.96%. Despite these increases, prices on the Eastside and in Snohomish County remain below their peaks in 2024.
**Interest Rate Declines**: Rates have decreased by 1.07% compared to October 2023, enhancing buyer affordability and allowing for better financing options.
**Inventory Shifts Provide More Choice**: Inventory is well above early-year peaks, with the Eastside at 1.2 MOI, Seattle at 1.8 MOI, and Snohomish County at 1.4 MOI, giving buyers greater selection and more leverage.

Tony’s insights will help you understand why this may be an ideal time to enter the market, with lower rates and stabilized pricing creating a favorable environment for homeownership. Whether you're a first-time buyer or looking to invest, Tony’s analysis equips you with the information you need to make an informed decision in this evolving market.

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