đź“Š Home Sales
In October, 313 homes sold across Washington County, which is about 8% fewer than the same month last year. However, overall sales for the year remain up. With so many additional sellers entering the market, inventory has grown, giving buyers more choices and causing homes to take longer to sell. The median days on market increased from 58 days last October to 76 days this year. Despite this slower pace, prices continue to rise — the median sale price climbed roughly $25,000 from last year to reach $545,000. Homes that are marketed effectively and priced accurately continue to move the quickest.
đź“ť Pending Sales
Pending sales, which represent homes that have gone under contract, remained strong in October. There were 388 pending sales, marking a 20% increase from the same time last year. Year-to-date, 3,761 homes have gone under contract — an increase of about 6%. These numbers show that buyer activity is still healthy, even with higher inventory levels.
🏡 Inventory & Supply
Inventory levels reached a new milestone in October, with 1,956 active homes for sale — the highest number ever recorded in Washington County. This represents about a 20% increase compared to last year. The supply of homes has grown to just over five months, up from roughly four months a year ago. This shift reflects a more balanced market that gives buyers additional leverage and choice when shopping for homes.
đź’° Interest Rates
There’s been a lot of discussion about the Federal Reserve cutting rates, but it’s important to note that federal rate cuts don’t directly translate to immediate mortgage rate reductions. However, they do tend to influence mortgage rates over time. As of early November, conventional mortgage rates are in the mid-to-upper six percent range — the lowest they’ve been in nearly two years. This stability and slight improvement could provide more confidence for both buyers and sellers moving forward.
🌟 Market Outlook
Overall, Washington County’s real estate market remains active and stable heading into the holiday season. Buyers are benefitting from the increased number of homes available, while sellers are finding that success largely depends on strong marketing exposure and accurate pricing. In a market with so much competition, having an experienced and trusted real estate professional isn’t just helpful — it’s essential.
