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).
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 June 2018:
- Camas: $461,000
- Seattle: $765,000
- Washington State: $372,000
- Nation: $216,000
Note: Prices were obtained by Zillow in July 2018 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 Slowing Down?
Home prices in Camas have risen steadily over the last couple of years, and housing analysts have predicted a continuation of this trend. (The same could be said for most cities in Washington, as of Summer 2018.) But prices might rise more slowly over the coming months than they have in the past.
For instance, a July 2018 Zillow forecast predicted that the median home value in the Camas real estate market would rise by 2.3% over the next 12 months. That’s far less than the actual gain of 7.0% for the previous 12 months.
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 more slowly through the end of 2018 and into 2019, when compared to the larger gains seen in recent years.
A Lot of New Homes in the $350k – $450k 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 summer 2018.
Among the findings:
- There was an average of 255 homes listed for sale in July 2018, 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 $350K – $450K 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 about a two-month supply of homes for sale in June 2018, 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.
Have questions? Sammamish Mortgage is a local, family-owned company based in Bellevue, Washington. We currently lend in all of Washington, Oregon, Idaho and Colorado. Please contact us if you have mortgage-related questions.