Everett Real Estate Market Update: November 2022
Happy November! We hope you had a great Halloween season.
Every month we like to look at how the Everett real estate market is trending.* Let’s take a look at last month’s numbers, October 2022:
For comparison, let’s look at the previous month, September 2022:
From September 2022 to October 2022:
Prices increased on average $14,000 per home.
Average days on the market increased from 22 to 29.
The number of homes sold increased by 1 to 161.
From September to October, the Everett market seems to be stabilizing a bit. Although we’re seeing homes take about one week longer to sell, they are selling for more money. While we’ve seen the market slow down in recent months with interest rates on the rise, perhaps the market is beginning to find some balance.
For a broader perspective, let’s compare to this time last year, October 2021:
Comparing October 2021 to October 2022:
Prices increased by $19,000.
Average days on market increased from 14 to 29 days.
The number of homes sold decreased from 211 to 161.
Comparing year over year, while prices are still up about 3%, homes are taking over twice as long to sell and 24% fewer homes are selling overall. The market has certainly softened this year. If you’re thinking about buying or selling, contact us anytime.
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*Stats provided by the Northwest Multiple Listing Service. Numbers reflect single-family homes and condos.
