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 from RedFin suggests that the real estate markets in Redmond, Bellevue, and Ridgefield, WA could see the largest home-price gains of any metro area in the Evergreen State between now and January 2025.
Washington State Housing Markets Top the List
In their latest forecast, the RedFin’s analysts found that the top housing markets in Washington State with the fastest growing sales prices for 2024 are Redmond, Bellevue, and Ridgefield.
Right now, the average home prices in each real estate market are as follows (as of January 2024):
- Redmond: $1,230,000
- Bellevue: $1,350,000
- Ridgefield: $559,900
It’s really not surprising to learn that some of the fastest appreciating markets are 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.
Related: Buying a Home in Washington State: Here’s What You Should Know
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 Redmond, Bellevue, and Ridgewater 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 2024.
Over the last year or so, the median home value for the state as a whole rose by around 0.8% according to Zillow. Washington’s real estate market is characterized as 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 2024.
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.
Have Questions About Mortgages in Washington State?
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.