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As of this month, the median home sales price in the Yakima has reached $355,000, reflecting a 4.41% increase from $340,000 at the same time last year. This upward trend highlights continued demand in the region's real estate market, according to Cory Bemis, owner of Yakima's John L. Scott Real Estate.

NOVEMBER WAS A BUSY MONTH IN YAKIMA

He says November saw a notable increase in home sales, with 151 properties sold—a 20% rise from the 126 homes sold in November 2023. Year-to-date figures for 2024 show a total of 1,587 homes sold, marking a 4.5% increase from last year's count of 1,518.
Despite recent fluctuations in interest rates the average interest rate for 30-year fixed mortgages stands at 6.72%, down from 6.92% last month and 7.09% a year prior, according to MortgageNewsDaily.com.

MAYBE DECEMBER WON'T BE SO QUIET

This reduction in rates, says Bemis is expected to sustain the momentum of home sales as December approaches, typically a quieter month for new listings.
Bemis says the market's conditions reveal an 98.5% average list-to-sale price ratio over the past eight months, indicating that homes are selling for an average of just 1.5% below their asking price. While winter months generally witness a decrease in this ratio, it is predicted to remain stable as long as interest rates stay below 7%.

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LOTS OF HIGHER PRICED HOMES AVAILABLE IN YAKIMA

Current market analysis shows an absorption rate of 3.5 months of inventory, suggesting that while Yakima is functioning as a seller's market overall, the higher price range of homes (above $450,000) has shifted towards a buyer's market with approximately six months of available inventory.

Michelle L Baumbach, Canva
Michelle L Baumbach, Canva
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HOME VALUES EXPECTED TO HOLD

Experts anticipate that home values will hold steady throughout the winter months, as the region navigates seasonal trends in listings and sales. Bemis says with continued interest from buyers supported by lowering mortgage rates, the Yakima real estate market is poised for a dynamic close to the year.

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