Where are Real Estate Prices Headed in Washington State?

Where are Real Estate Prices Headed in Washington State?

Since 2016, Washington real estate for sale has primarily been some of the hottest property in the nation. However, for the first time in about 18 months, Washington no longer takes a top spot as a state with the fastest rising home prices nationally.

However, this doesn’t necessarily mean the market has cooled or that real estate has become cheap suddenly. In fact, the median asking price of Washington real estate for sale this year is around $360,00 which is much higher than years ago after the real estate bubble burst of 2008 and the market bottoming out just six years ago.

What is the Home Selling Market Status in Washington?

Primarily, just slight declines have been seen in the metro areas where home-price growth declined at least one percent over early summer. These statistics were predominantly seen within the metro areas of:

  • Seattle
  • Bellingham
  • Bremerton
  • Silverdale
  • Mount Vernon
  • Kennewick
  • Rickland
  • Anacortes

The Spokane region has seen little change in the marketplace, as has Yakima, Longview and Walla Walla. However, real estate prices have surged by more than 3.5% in Wenatchee—the only major Washington city to do so this summer. However, it is expected that Seattle, Spokane and Bellingham will surge again soon, which may make this the ideal time to begin looking for a home or rental investment in these regions.

Categories: Real Estate

About Author