Bremerton, Spokane, and Tacoma Hot Housing Markets in 2022

Published:
November 8, 2018
Last updated:
April 4, 2022
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Washington State is currently a very hot housing market right now, and many centers across the state are experiencing similar market temperatures. That includes Bremerton, Spokane, and  Tacoma. This article will go into greater detail about the current state of the market in these cities and what they’re expected to be like over the coming months.

According to recent data, several cities in Washington State are leading the nation in terms of home-price appreciation. Bremerton, Spokane, and Tacoma were all ranked within the strongest housing markets. This particular forecast covers the 12-month period from January 2021 to January 2022.

Strong Markets in Bremerton, Spokane, and Tacoma

Washington is currently considered to be a very hot market right now. Home prices have increased 23.2% over the past year and now sit at $573,071. Prices have been on a steady incline over the years in Washington State, and are expected to continue on that path throughout 2022.

Some of the hottest and strongest housing markets in the country are right here in Washington State, and that includes Bremerton, Spokane, and Tacoma.

Related: Home buying process in Washington State

Bremerton

The market in Bremerton is extremely competitive right now. The majority of homes receive multiple offers, many of which have their contingencies waived. Homes sell quickly and for about 3% over the listing price, on average. Hot properties can sell even faster, in as little as 4 days after being listed.

The average home price in Bremerton is now $458,695 and has risen 21.5% over the past 12 months, according to Zillow.

Spokane

The situation is very similar in Spokane, with homes often getting into multiple offer situations and going pending in a short period of time, on average around 7 days after listing. Hot homes sell in as little as 4 days and often go over the listing price.

Right now, prices in Spokane are averaging $378,701 and have increased 28.4% over the past 12 months.

Tacoma

Tacoma is also seeing a very hot market right now, with the average home price having increased 21.6% over the past 12 months and now sits at $479,283. Multiple offers are commonplace, and homes sell on average 9 days after being listed.

View Washington State Mortgage Rates

The real estate market temperature for the nation as a whole is also very hot. According to Zillow, the average home price in the US is currently $320,662 and has increased 19.6% over the past 12-month period. So the metro-area real estate markets listed above are actually much higher than the national rate.

Forecasts For 2022

Just recently, the forecasts for Bremerton, Spokane, and Tacoma were very strong and optimistic. The same can be said for Washington State and the nation as a whole.

Home prices have increased at incredibly higher rates this past 12 months, and they’re expected to continue to rise, though likely not as quickly as they did throughout 2021. Zillow predicts that national housing prices will increase by 16.4% over the course of the next 12 months through 2022.

Only time will tell how the markets will do as the pandemic continues and hopefully dwindles as time passes.

RelatedWashington: one of the most expensive states for housing?

Less Inventory Available

In the past couple of years, there has been an increase in housing inventory in most cities across Washington. The trend was most noticeable in the Seattle area, but it happened elsewhere as well. That was good news for home buyers because it meant there would be more properties to choose from, compared to the shortages of the past.

But inventory is very tight right now, with far fewer homes available for sale to meet the demand. There may also be fewer sellers out there who are looking to sell because of the current health crisis.

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Need a Home Loan in Washington State?

Will you need mortgage financing to buy a home in Washington State? We can help. Sammamish Mortgage has been serving buyers across Washington, Oregon, Idaho, and Colorado since 1992. We offer a wide variety of mortgage products and programs with flexible qualification criteria. Please contact us today with any financing-related questions you have.

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