Thurston County median home price rises sharply, almost reaching all-time high
The number of Thurston County homes for sale fell again by a double-digit margin in November, but that lack of inventory continues to push median price higher, according to new monthly data released by Northwest Multiple Listing Service.
How high was median price? It almost reached the all-time high set in August, the data show. The record high set in August was $529,950. In November, it was $529,900, up 11.5% from the same month in 2022.
The county was not alone. Northwest MLS officials said that median price rose in 21 of the 26 Washington state housing markets they track.
“The decline in seasonal inventory continues to drive home prices upward,” Northwest MLS officials said in the news release.
Inventory in Thurston County, although slightly higher, is still around two months, according to the November data. A market that doesn’t favor either sellers or buyers is thought to have enough inventory to last four to six months.
The data show that only 190 new listings came to market in November, down from 231 new listings in November 2022. Sales fell 14% to 215 units — the fewest monthly home sales since February — down from 251 in the same month last year.
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Although the average 30-year mortgage interest rate has fallen in recent weeks to about 7.2%, purchasing power remains stunted, said Mason Virant, associate director of the Washington Center for Real Estate Research at the University of Washington.
“Moreover, current owners with low-rate mortgages continue to be reluctant to sell. This has led to a continued decline in year-over-year transaction volume and the inventory levels in the market,” he said.
Thurston housing data for November
▪ Single-family home sales fell 14.3% to 215 units last month from 251 units in November 2022.
▪ Single-family home median price rose 11.5% to $529,900 from $474,990 over the same period.
▪ Single-family home pending sales fell 13.5% to 224 units from 259 over the same period.
▪ Condo sales rose to 22 units from 10 units over the same period.
▪ Condo median price rose 9.4% to $366,950 from $335,000 over the same period.
▪ Condo pending sales rose to 13 units from four units over the same period.
Source: Northwest MLS.
This story was originally published December 7, 2023 at 5:00 AM.
