Leavenworth home prices Summer 2024
The national and international news may be full of shocking surprises almost daily, but there were no real surprises for the Leavenworth real estate market this summer.
How many homes sold in Leavenworth this Summer?
The number of home sales was similar to Spring of 2024 and has slightly increased compared to the summer of 2023. A total of 39 single family homes sold in Leavenworth in the 3rd quarter of 2024, compared to 34 the previous year. Sales volume continues to be significantly reduced in the post-pandemic years.
From 2014 to 2019, an average of 53 homes sold each summer, while in the past 4 years, an average of 41 homes sold. This is a 20% decrease in sales volume for single family homes.
Leavenworth Home Prices are up this Summer
Meanwhile, average and median Leavenworth home prices are both up year over year. The average single family home in Leavenworth sold for a record $948,000 in the summer of 2024. The median Leavenworth home sold for $850,000.
While the Federal Reserve did lower the federal funds rate in mid-September, that had no effect on summer closings. In fact, some buyers may have chosen to delay a purchase while waiting for lower interest rates.
For the first three quarters of 2024, we have seen less buyer activity in the more moderate price ranges. Buyers shopping for Leavenworth cabins priced between $500,000 – $900,000 appear to be more rate sensitive than buyers in higher price ranges.
At the same time, purchases above $1,000,000 are quite common and we are seeing a few more sales above $2,000,000 and for the first time, $3,000,000.
Conventional wisdom suggests that additional rate cuts will bring more buyers back into the market and it might bring more sellers as well. Selling more homes in a variety of price ranges is a sign of a healthy real estate market.
Required disclaimers:
Information and statistics derived from Northwest Multiple Listing Service. Additionally, this representation is based in whole or in part on data supplied by the North Central Washington Association of Realtors or its Multiple Listing Service. Neither the Association nor its MLS guarantees or are in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the Market.
