If you are looking to buy a home in Vancouver, Washington, it may help to gather some information on where the local market is expected to go over the next few months.
It’s been an active real estate market for Vancouver, Washington. Strong demand and limited inventory pushed home prices higher.
The long-range forecast for Vancouver’s housing market suggests that the market will remain relatively the same over coming months. This mirrors the broader outlook for the Pacific Northwest as a whole.
Here are the latest home price trends for the Vancouver, WA housing market, along with a forecast for 2024.
Steady Home Price Gains in the Last Year
According to Zillow, home prices in Vancouver, Washington rose 2.6% over the last year. That’s a decent gain and has given homeowners the ability to experience significant gains in home equity in a short period of time.
By their estimation, the median sales price in Vancouver is currently around $481,804.
Homes in Vancouver sell an average of 15 days after hitting the market. This past November, there were 118 homes sold in Vancouver, which is a bit lower then the 176 sold at the same time last year.
RedFin describes the Vancouver real estate market as “somewhat competitive,” with listings receiveing an average of 3 offers.
Inventory Tight in 2024
Vancouver currently has a very tight supply of inventory to serve the demand in the city. As of January 2024, there is a 1.4-month supply of inventory, a very low number, especially when considering what a traditional balanced market looks like.
When the market is in balance, there would be a 5- to 6-month supply of homes for sale. As you can see, Vancouver’s supply is nowhere near that level. This puts additional pressure for housing prices to increase this coming spring.
New Home Construction Ramping Up
For the past couple of years, there has been a notable imbalance between housing supply and demand in the Vancouver area, as already mentioned. Similar conditions have been reported across the river in Portland as well.
But the inventory crunch could ease over the next year or two. A lot of new homes are being built in the area, particularly in Ridgefield just to the north of Vancouver. This could eventually lead to a better balance of supply and demand, and possibly slow home-price appreciation.
Until then, however, inventory continues to remain very tight, which is a big reason why home prices in the area have soared over the past year.
There is currently a lot of single-family new construction in Vancouver and the surrounding Clark County. This is largely due to tight inventory in downtown city centers throughout the county. As such, people are started to look to suburbs to find affordable housing in Clark County. And builders are responding to this demand and need.
But as for now, the supply of homes in the Vancouver-area housing market is still relatively low.
Positive Forecast for Vancouver Housing Market in 2024
The general consensus among housing analysts and economists is that home prices in and around Vancouver, Washington will continue rising in 2024, though we may not see the same caliber of gains we saw last year throughout 2024.
Home prices have gone up 2.6% over the past 12 months, as mentioned, and are expected to increase at a healthy pace over the next year.
Disclaimer: This story contains housing market predictions and forecasts for Vancouver, Washington for 2024. Such statements were provided by third parties not associated with our company. We have presented them here as an educational service to our readers.
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If you have questions about home loans in Vancouver, Washington, we’d love to help. Sammamish Mortgage is a local mortgage company based out of Bellevue, Washington that has been serving the entire state since 1992, as well as Oregon, Idaho, and Colorado. Our mortgage experts can help you choose which one of our mortgage programs is right for you. Contact us today with any questions you have about mortgages in Vancouver.