What Does the Real Estate Market Look Like Going Into Fall in Olympia, Washington?

As the fall of 2024 approaches, Olympia’s real estate market remains active, albeit with a slightly slower pace compared to the spring and summer months. The transition into fall brings unique opportunities for both buyers and sellers, as market dynamics shift in response to seasonal changes and evolving economic factors.

Home Prices Continue to Rise

The median listing price in Olympia currently stands at around $609,000, reflecting a 1.5% increase compared to last year. This moderate price growth suggests that while the market is still competitive, the frenetic bidding wars of earlier in the year may be slowing down, offering more room for negotiation. Buyers looking for homes in prime neighborhoods like Eastside or Westside Olympia are still likely to face competition, but not at the breakneck speed seen in the spring.

Homes Are Staying on the Market Longer

One significant trend as we move into fall is the increasing number of days on the market. Homes are now sitting for an average of 41 days, up from previous months when properties often sold within a couple of weeks. This shift gives buyers a bit more breathing room to explore their options and make thoughtful decisions without feeling rushed.

However, while homes may be staying on the market longer, well-priced properties—especially those below the median price point—are still seeing multiple offers. In some cases, homes in desirable locations have sold above their asking prices, though the premiums are smaller than earlier in the year.

Seller’s Market With Caveats

Despite the cooling trends, Olympia remains largely a seller’s market. Inventory remains limited, especially in certain neighborhoods, which means sellers can still expect to receive competitive offers. However, they may need to adjust their expectations regarding how quickly homes will sell as the pace of the market slows.

Sellers should also be prepared to price their homes competitively to attract interest. Homes that are priced too high may sit on the market longer, particularly as more cautious buyers emerge during the fall season.

What Does This Mean for Buyers?

For buyers, the fall season offers a promising opportunity. With homes staying on the market longer and fewer competing bids, there’s less pressure to make snap decisions. This could be the perfect time for first-time homebuyers or those relocating to explore the Olympia area and find the right home without the intensity of earlier months.

However, buyers should remain mindful that while they may have more time, prices are still on the rise. Acting sooner rather than later could prevent getting caught in future price hikes, especially in popular neighborhoods or for homes that are in move-in-ready condition.

Key Takeaways

• Prices are rising but at a slower rate compared to earlier in the year.

• Homes are staying on the market longer, offering buyers more time to make decisions.

• Sellers can still expect competitive offers, but may need to adjust expectations about the speed of sales.

• Buyers have an opportunity to explore the market with less competition, though price increases are still a factor.

As we move deeper into the fall, both buyers and sellers should stay informed and prepared to adapt to the evolving market conditions in Olympia. Whether you’re looking to buy your first home or sell a property, understanding the current trends can help you make the most of the season.

Looking for guidance in the Olympia real estate market? Contact us to learn more about how we can help you navigate buying or selling this fall.

Mel & Zack Durham

360.481.2073

melandzack@pnwhomesgroup.com