Real estate market as of July 2024

We observed a 5.8% decline in total home sales compared to the same period last year. 

The median price rose by 5% to reach $840,000. 

The average price per square foot now stands at $567, reflecting a substantial 17% increase. 

Properties are selling in just 20 days—quite an improvement from last year. 

And the sales price to list price ratio? It sits at 101.01%, indicating that homes are fetching slightly above their list prices.

A potential Federal Reserve interest rate cut as early as September could inject new life into the real estate market. 

Lower interest rates typically translate to more affordable mortgage payments, incentivizing potential homebuyers to enter the market. 

Increased demand could drive up property values and spark competition among buyers.

--Lella Norberg, Shoreline Windermere