Housing market soars in Chelan-Douglas while nation slumps

Brian Fair
Pioneer Title Company

Yaneli Perez
Pioneer Title Company

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While U.S. home sales hit a 30-year low in 2024, the Chelan-Douglas region tells a different story. Local sales surged 11.7% by volume and 25.6% in dollar terms, defying the national downward trend of 0.7%.

The luxury segment led this charge. A remarkable 165 homes sold for over $1 million, nearly doubling 2023's count of 93. Financed transactions jumped $151 million, marking a 29.5% increase.

This robust performance spans virtually all price ranges, save for properties under $250,000. Price per square foot data shows steady appreciation across segments, suggesting sustained market strength despite the challenging interest rate environment.

Market watchers might have expected the Federal Reserve's aggressive rate hikes to cool local demand. Instead, buyers appear to have adapted. The initial shock of higher borrowing costs has faded, replaced by a pragmatic acceptance of the new normal.

The tug of war between higher interest rates and a shortage of housing supply will shape the market in 2025. This supply-demand imbalance could intensify price pressures, particularly if inventory remains constrained. For now, though, the Chelan-Douglas market stands as a testament to regional resilience in the face of national headwinds.