Where will prices rise the fastest in Washington State? More specifically, where can you expect to see a greater investment opportunity when buying a home in Washington? This article will outline where experts believe prices will increase fastest in the state.
A recent forecast suggests that the real estate markets in Spokane, Olympia, and Bremerton, WA could see the largest home-price gains of any metro area between now and January 2022.
At the beginning of January 2021, Veros Real Estate Solutions published an update to its “VeroFORECAST,” which predicts national real estate market trends over the next 12 months. The company analyzes trends and data from roughly 340 metropolitan areas across the United States.
In their latest forecast, the company’s analysts predicted that Washington State would have three of the top 5 markets for home-price appreciation over the next year or so, and 4 out of the top 10. The housing markets in Spokane, Olympia, and Bremerton earned a spot in the top 5.
The below shows the metro areas that received the strongest housing market forecasts. The numbers are shown after each metro indicates the company’s projection for year-over-year home price gains through January 2022.
Bremerton, WA: 10.1%
Right now, the average home price in each real estate market is as follows (as of January 2021):
It’s really not surprising to learn that three of the 5 fastest appreciating markets are expected to be in Washington State. The state as a whole attracts new residents from all over the country. Meanwhile, there aren’t enough homes listed for sale to meet demand in most cities across the state. This supply-and-demand imbalance puts upward pressure on home values.
Home buyers in Washington State who are “on the fence” about their timing might benefit from buying sooner rather than later. If house prices in the state do continue rising, as predicted, those buyers who postpone their purchases could end up paying more.
The forecast above — which singles out Spokane, Olympia, and Bremerton as three of the strongest metros for price growth — is just one of several reports we’ve seen in recent months. The general consensus and forecast from housing analysts appears to be that Washington State real estate markets will perform strongly in 2021.
Over the last year or so, the median home value for the state as a whole rose by around 12.1% according to Zillow. And the company recently predicted that prices would continue rising over the coming months by about 11.3%. Zillow characterizes Washington’s real estate market as very hot right now, so prices are on the rise and demand is high among buyers in the state.
Granted, housing market forecasts are the equivalent of an educated guess. They are based on ever-changing trends and conditions. So they can be fallible at times. The big takeaway here is that home prices in some Washington real estate markets are expected to slightly perform roughly at par with the national average throughout 2021.
Disclaimer: This article contains housing market predictions and commentary relating to various Washington cities. This information was provided by third parties not associated with our company. We’ve presented it here as an educational service to our readers.
Whether you’re looking to buy in Spokane, Longview, Olympia, or any other city in WA, you’ll need a mortgage to finance it, and Sammamish Mortgage can help. We are a local, family-owned company based in Bellevue, Washington. We serve the entire state, as well as the broader Pacific Northwest region that includes Idaho, Colorado, and Oregon. We have been offering a wide variety of mortgage programs and products with flexible qualification criteria since 1992. Please contact us if you have mortgage-related questions.
Updated at 2021-06-22
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California Civil Code Sections 1798.115(c), 1798.130(a)(5)(c), 1798.130(c), and 1798.140 indicate that organizations should disclose whether the following categories of personal information are collected, transferred for “valuable consideration,” or transferred for an organization’s “business purpose” (as those terms are defined under California law). The table below indicates the categories of personal information we collect and transfer in a variety of contexts. Please note that because this list is comprehensive, it may refer to types of information that we collect and share about people other than yourself, for instance for those people that utilize our Rates and Money website.
|Category of Personal Information||Is information collected by us?||Is information transferred for valuable consideration?||Is information trasferred for business purposes?|
|Audio, electronic, visual, thermal, olfactory, or similar information||☐||☐||☐|
|Bank account number||☑||☐||☑|
|Commercial information (e.g., products or services purchased, or other purchasing or consuming histories or tendencies)||☐||☐||☐|
|Credit card number||☑||☐||☑|
|Debit card number||☑||☐||☑|
|Driver's License Number/ State ID||☑||☐||☑|
|Electronic network activity (e.g., browsing history)||☑||☐||☑|
|Health insurance information||☐||☐||☐|
|Identifiers (e.g., name or alias)||☑||☑||☑|
|Insurance Policy Number||☐||☐||☐|
|Online identifier (e.g., IP address)||☑||☐||☑|
|Other financial information||☑||☑||☑|
|Social Security Number||☑||☐||☑|
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Don’t hesitate to contact us if you have any questions.
Email: [email protected]
Phone Number: (425) 401-8787
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This Address: 3055 112th Ave NE Suite 203 Bellevue, WA 98004