And the state’s strong economy is equally attractive.Īs a result of all this, housing demand has surged in recent years. Millennials, in particular, are drawn to what this area has to offer. So what’s going on here? What is it about the Washington State housing market that’s causing home prices to skyrocket in such a manner? It’s a supply and demand story, as always.įrank Nothaft, chief economist for real estate data provider CoreLogic, recently cited the state’s unique blend of urban and scenic outdoor activities as one of the big lures. View WA State Mortgage Rates Nov, 02, Thu, 2023 Housing Demand High, Inventory Low Like the national housing market, Washington State’s real estate market is considered very hot right now and is expected to be for the next few months. As a result of these trends, Washington has steadily climbed the list of most expensive states in the country for house values, and is now ranked within the top seven by some analysts. įrom Bellingham in the east to Spokane in the west, home prices in the state have risen over the past year. T he median price of homes in Tacoma is $479,537. But there are other markets nearby that are also hot right now, including Tacoma, which has seen a decrease in home values of 5.6% over the past year. We all know that Seattle’s housing market has been red-hot for years. Right now, the average home price in Washington State is $579,575. It happened during a three-month period at the end of 1989 and beginning of 1990. You’d have to go back a ways to find the last time Washington State topped this list. Washington State Home Prices Still Increasing SoaringĪccording to data released by Zillow, home prices in Washington State rose by 23.2% compared to the same time last year, which is even faster than the very hot national rate of increase over the past year. In fact, a recent article in Business Insider revealed that Washington State is in the top 10 most expensive markets in the country. But new data suggests that Washington State is moving up the ranks as well, and at a fast pace. We’ve long known that New York and California are home to some of the most expensive housing markets in America. But what will the outlook be for the housing market in Washington for 2023 ? Washington has long been a hot state in terms of housing, and prices have risen considerably over the years.
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