There are several important factors you should consider before you refinance your mortgage this year, including current rates and your financial situation.
This article is part of an ongoing blog series in which we examine some of the more affordable housing markets of Washington State. Specifically, these are places where the median home value is much lower than in the Seattle metro area (where our company is based).
In This Article:
- Camas, Washington: A Relatively Affordable Housing Market
- Forecast: Is Price Growth Picking Up?
- A Lot of New Homes in the $500k – $600K Range
There’s a lot to like about living in Seattle. But it’s not within everyone’s budget. Fortunately, Washington is home to many other housing markets that are more affordable than those within the Seattle area. And today, we’ll look at the city of Camas, WA.
Camas, Washington: A Relatively Affordable Housing Market
Let’s start with some numbers to put this whole “affordable” thing into context.
Here were the median home values for (A) Camas, (B) Seattle, (C) the state of Washington, and (D) the nation as a whole in March 2021:
- Camas: $561,276
- Seattle: $816,718
- Washington State: $478,015
- US: $272,446
Note: Prices were obtained by Zillow in April 2020 and rounded to the nearest thousand.
Here’s what we can glean from these numbers. Camas is clearly a more affordable real estate market when compared to Seattle (and other cities that surround it). But it’s also a little more expensive than the state as whole, based on median home values. So while Camas might not be the most affordable city in the state, it clearly offers lower-priced housing options than the Seattle area.
Fact box: Camas is a city of about 20,000 residents that’s located in Clark County, Washington. The city is situated on the Washington side of the Columbia River, across from Portland, OR. There are a number of lakes and rivers in and around Camas, giving residents many recreational options.
See also: Olympia real estate market
Forecast: Is Price Growth Picking Up?
Home prices in Camas have risen steadily over the last few years, and housing analysts have predicted a continuation of this trend. (The same could be said for most cities in Washington, as of spring 2021.)
From March 2020 to March 2021, home prices in Camas increased 10.7%, according to Zillow. And it’s expected that prices will continue to increase throughout the next few months, especially amidst tight inventory.
So in this way, the relatively affordable housing market of Camas reflects the forecasts being issued for many cities across Washington and nationwide. The general consensus appears to be that house values might rise steadily throughout 2021.
A Lot of New Homes in the $500k – $600k Range
When researching this article, we spent some time reviewing the major real estate listing websites. We wanted to know what kind of inventory was available to home buyers in Camas, Washington as of spring 2021.
Among the findings:
- There were an average of 263 homes listed for sale in March 2021, across all of the listing sites.
- There appeared to be quite a bit of new construction in the area.
- Many of the new homes were listed within the $500K – $600K price range.
- Overall, there was a pretty wide pricing spectrum for this real estate market.
- Inventory appears to be tight, relative to the number of buyers in the market.
- It’s clearly a more affordable option when compared to the Seattle metro area.
With less than a 1-month supply of homes for sale in March 2021, the real estate market in Camas is fairly tight. Home buyers will want to start early when house hunting, in order to find a suitable property. Similar conditions are occurring in cities across Washington, and also nationwide.
Want to Apply For a Mortgage in Camas?
If you have any questions about home loans in Camas or anywhere else in Washington State, Sammamish Mortgage can help. We are a family-owned and operated mortgage company serving the Pacific Northwest since 1992. We currently lend in all of the Pacific Northwest, including Washington, Colorado, Oregon, and Idaho, and are pleased to offer many mortgage programs and flexible qualification criteria. Get in touch with Sammamish Mortgage today!