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The price of homes in Washington state has exploded in recent years, as has demand. But what will 2024 bring? How will the housing market in Washington fare this year?
According to forecasts, the real estate market in Washington State will continue to be relatively healthy throughout 2024.
The market in Washington state is currently competitive, and the local economy is strong with growing populations. Average markets have no more than two month’s supply of homes, and sometimes even less than one month’s supply.
Seattle has long been known as the hottest market in Washington state and among the hottest in the entire country. And it still is to some degree, despite its home prices having gone down 1.3% over the past 12 months.
Spokane is also a healthy market, despite its home prices having dipped 0.9% over the past 12 months. That said, home prices in Spokane expected to rise into 2024.
Many buyers are setting their sights on Spokane, especially considering how much more affordable home prices are in this center compared to the likes of Seattle. In fact, Spokane is even seeing plenty of bidding wars, and RedFin reports that most listings in Spokane are getting multiple offers and are selling in as little as 31 days after being listed.
The current imbalance between supply and demand has caused significant and steady home-price gains over the last couple of years. Due to population growth and economic improvements, there is plenty of demand within housing markets across Washington (and especially in the Seattle area). But there’s not enough supply to meet it.
Related: Trend: Moving from Seattle to Spokane for a Lower Mortgage Payment
There just aren’t enough homes on the market for the amount of buyers seeking them. And this is putting upward pressure on house values statewide. And these trends are likely to continue throughout 2024.
According to the real estate data company Zillow, the median home value for Washington rose by around 0.8% over the past year to the current median price of $562,290.
Historically, going back several decades, house prices in the U.S. tend to rise by around 3% to 4% annually. Zillow’s economists expect price growth to pick up a little over the coming months.
Related: How much is my home worth?
Inventory is the real story in this market. Housing supply is limited in most cities across the state, particularly in the King County area where there is barely a one-month supply in the county.
A “balanced” real estate market has around a five- to six-month supply of homes for sale. But most markets across Washington State don’t have anywhere near that amount, but instead are hovering somewhere around the 2-month supply mark.
Are you looking to apply for a mortgage to buy a home in WA State? Sammamish Mortgage is here to help. We have served home buyers and homeowners across the state since 1992. We are a family-owned company based in Bellevue, WA, and provide mortgage programs for borrowers across Washington, Oregon, Idaho, and Colorado. Please contact us if you have questions about getting a mortgage loan in Washington.
Whether you’re buying a home or ready to refinance, our professionals can help.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.