March 2024 Market Updates

At the time of this writing on April 1, 2024, in Walla Walla County we have 18 active residential listings above $800,000, 53 homes priced between $400,000-$800,000, and 48 homes for sale up to $400,000. The average home has been listed for 97 days. We are in a strange market where the Fed has signaled that rates will come down, but most analysts are predicting rates to remain in the range of 6% through 2024. Sellers continue to demand high prices in order to be willing to move. We have the most inventory at any price range that we’ve had since before Covid, but a combination of high asking prices with unsatisfactory conditions for buyers are making it a challenging market. Sellers that are in sync with the market are selling in reasonable time; those that hold out for higher prices are finding less interest. Despite higher interest rates, it remains a good time to be a buyer from the perspective of choice, so long as sellers can be persuaded to compromise.