Yakima Real Estate Market Could See Big Sales in 2024

Are you thinking of buying a new home in 2024? According to Cory Bemis owner of Yakima's John L. Scott Reality January home sales in Yakima County were "healthy" and Bemis says it resembled other typical January's when people are getting in the mood to move. When compared to January of 2023 Bemis says both home sales and prices were on the rise.

IN THE MARKET FOR A HOME THIS YEAR?

And he says there's good news in the future. "Watch for home sales and prices to rebound in February and March, as we usually experience a rise in buyer demand during the Spring months in Yakima.  With 2.62 months of inventory currently available, we are still technically in a seller's market.  This is the primary reason why prices haven't dipped further over the past few months."

HOME PRICES ARE INCREASING IN THE NEW YEAR

Bemis says the 2024 median home sales price in Yakima in January was $331,500 representing a 9.6 % increase from last January when the price was $302,500. 90 homes sold in January which is an 18% increase from the 76 homes that sold in January of 2023.

WATCH THOSE INTEREST RATES IN YOU'RE IN THE MARKET

30-year fixed rate mortgages are averaging a 7.04% interest as of February 5th according to MortgageNewsDaily.com.  This is 0.29% higher rate than 1 month ago (6.75%), and 0.85% higher than 1 year ago (6.19%).
MORE TOP STORIES FROM LANCE:

• Yakima Man Lucky To Be Alive After Near Cougar Attack
• The Top 3 Preferred Ice Cream Flavors in Washington State
• 3 Top Counties in WA Where People Are Overdosing and Dying