What Does the Washington Real Estate Market Look Like Right Now?

The housing market around the country has been hot for the last several years, especially for sellers. Homes are being sold in record time, and for great prices. Buyers, on the other hand, have had a hard time finding a home, seeing as the inventory is low.

Washington is no exception. With
the beautiful scenery, unique job opportunities, and reasonable home prices, Washington—especially Clark County—is a desirable place for many individuals and families to build their lives. For both buyers and sellers, here’s a more in-depth look into how the Washington real estate market stands right now.

Housing trends and stats are often published for the whole country or even large areas of the country—such as Oregon or Washington.

According to Nancy Johns, Managing Broker in Windermere’s Vancouver, WA office,

“The truth is that all housing is local: what happens in Seattle matters to us in Clark County, as it’s a general indicator of the financial health of the region. But Clark County information is what we should focus on”.

Meaning, housing numbers in one area can affect surrounding regions. It’s still important, though, to pay attention to the local market.

Locally, like nationally, it’s a seller’s market.

This doesn’t mean there aren’t buyers, just that there aren’t enough homes available to satisfy the demand. This is especially true in Portland, which is one of the most expensive markets in the nation right now.

This makes Vancouver prime real estate right now. Buyers love the beauty of the city as well as it’s quiet but quick development. People can also find a home within their budget, but still enjoy visiting and working in Portland. The area in general is popular due to the zero sales tax in Oregon and zero state income tax in Washington.

The number of new listings has gone from 894 in September to 769 in October. This is to be expected, simply because real estate business slows down once Thanksgiving and Christmas holidays start approaching. Families are busy and not focusing on buying or selling a home (unless they absolutely have to). According to Trulia, in the last year, the median home sale price increased about 7%, which translates to the average price being $272,500.

As people continue moving to Washington, we will probably see prices continue to increase. Buying a home in Washington state sooner is a great investment that can pay off greatly. If you have questions or want more information about the market in Clark County, our brokerage team can help. Contact us today.