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Are you considering a home purchase in Redmond, WA? There are plenty of amazing spots in the state of Washington to buy in, and Redmond is certainly one of them. But before you make a move, it’s important to consider a few important factors, including the average home price in the city.
Knowing how much homes are worth and what they’re selling for is essential when searching for a home to buy in Redmond, and anywhere else for that matter. It helps to understand the temperature of the current market and what homes are selling for to give you an indication of how much you’ll have to spend to get into that particular market.
Of course, home prices never remain stagnant. They’re always changing, and despite the odd dip in prices, they tend to increase over time. One thing is for sure: Redmond is among the costlier cities in Washington State to purchase a home, for several reasons.
The city is a highly coveted one among buyers thanks to its natural landscape, amenities, outdoor living, family-friendly communities, low crime rate, excellent schools, and close proximity to employment opportunities.
Let’s take a closer look at the city, and more specifically, let’s find out the average home price in Redmond, WA to help you determine what you may have to pay in order to purchase a home.
There are tons of great places in Washington State to buy a home and live, and Redmond is one of them. The city of approximately 72,000 people enjoys year-round outdoor recreational activities, including the annual bike race on city streets. In fact, Redmond is known as the “Bicycle Capital of the Northwest”.
There are also plenty of employment opportunities within the confines of Redmond. The city is widely recognized as being the hub of tech companies, including Microsoft and Nintendo of America.
Redmond is a safe place to live and has great schools and plenty of family-friendly neighborhoods. Given the desirability of Redmond, home prices tend to be more expensive than the average in King County and Washington as a whole.
The real estate market in Redmond is extremely hot right now, as it is in most other parts of the state. Homes are selling very quickly and for top dollar, and home prices continue to rise throughout the city.
According to RedFin, the housing market in Redmond is described as extremely competitive right now. Most homes receive multiple offers and often see bidding wars among buyers fighting for the same homes, and offers are often void of contingencies.
In fact, over 75% of homes have sold over the listing price over the past year. Homes can sell for as much as 20% over the asking price, and hot properties can sell in as little as 3 days.
The amount of demand for housing in Redmond is driving prices up rapidly.
According to real estate research firm Zillow, the average home price in Redmond, WA is $1,037,657 as of May 2021. That’s a 13% increase from the same month in 2020 and is a testament to how quickly homeowners have been able to build equity in their homes in such a short period of time.
Redmond is certainly a desirable place to live, work, and play, and the ongoing demand among buyers is impacting housing prices. By no means is Redmond an affordable place to buy a home, but anyone who can afford the high price tag will enjoy a wonderful lifestyle while continuing to build wealth and equity over time.
If you decide to buy a home in Redmond, partner up with an experienced mortgage broker and real estate team to increase your odds of a successful transaction.
Do you have questions about mortgages in Redmond? If so, Sammamish Mortgage can help. We are a local mortgage company from Bellevue, Washington, serving the entire state, as well as Oregon, Idaho, and Colorado. We offer many mortgage programs to buyers all over the Pacific Northwest and have been doing so since 1992. Contact us today with any questions you have about mortgages.
Thinking of buying a home in Sammamish, WA? If so, you should determine the average home price before you make a purchase. Read on to find out more.
S&P Case-Shiller Home Price Indices reported the fastest pace of U.S home price growth since 2005.