December Home Sales in Yakima Up 9% Year-Over-Year

The Yakima real estate market wrapped up 2024 with a median home sales price of $355,000, reflecting a positive trend in the local real estate market. This figure marks a notable 4.41% increase from the previous year’s median price of $340,000, and a modest rise of 1.43% compared to 2022's median of $350,000.

DECEMBER WAS A BUSY MONTH

According to Cory Bemis, owner of Yakima's John L. Scott Real Estate December 2024 proved to be a lively month for home sales, with 120 homes sold—a 9% rise from December 2023's total of 110 homes, and a 4.5% increase from 115 homes sold in December 2022. In total, 1,711 homes were sold throughout the year, representing a 5.1% increase from the 1,628 homes sold in 2023; however, this figure reflects an 18% decrease compared to the 2,081 homes sold in 2022.

WILL WE SEE LOWER RATES UNDER TRUMP?

Bemis says Mortgage rates have also been a significant factor influencing real estate activity. As of January 7, 2025, the average interest rate for a 30-year fixed-rate mortgage stands at 7.14%. This is a noticeable increase from 6.68% just one month ago and up from 6.75% a year earlier. The rising rates have contributed to a balance in the Yakima housing market, following a period of volatility.

SPIKES IN HOME SALES AT THE END OF THE YEAR

Despite the ups and downs in mortgage rates, November saw a spike in home sales, driven by a brief dip in borrowing costs. However, December's sales figures reverted to expected levels as rates surged again. This trend suggests that the Yakima market is finding stability after experiencing years of high-interest rates, with more predictable outcomes for buyers and sellers alike.

MORE GROWTH IN 2025

The National Association of Realtors (NAR) has forecasted a 9% increase in existing home sales nationwide for the upcoming year. If these predictions hold true, Yakima is expected to align closely with national market averages, paving the way for a year characterized by steady growth rather than explosive spikes.

STUDY THE MARKET IF YOU'RE BUYING AND SELLING

Local real estate experts encourage potential buyers and sellers to remain informed and proactive as the market continues to evolve. With a measured outlook for 2025, Yakima's real estate landscape appears poised for gradual recovery and sustained interest.