Summary: Prices are up from last year in Washington State at $412,900, and they’re expected to continue rising throughout the year. Low inventory is a big driver of increasing home prices, which continues to be tight in many centers across the state, particularly in King and Pierce Counties. With rates hovering near historic lows, buyers have a chance to snag more affordable home loans this year, so buyers may want to get into the Washington real estate market now while mortgage rates are still low and before prices continue to rise even more!
1. Median Prices Up
The median sales price for a typical house in Washington State as of February 2020 is $412,900, up 4.3% from last year.
2. Median Prices to Rise in 2020
The housing market in Washington State is very hot right now. Zillow predicts prices will rise another 4.6% in 2020.
3. Washington State Market Heating Up
Real estate experts believe the real estate market in 2020 will heat up to its highest levels since 2017.
4. King and Pierce Counties to Be the State’s Hottest
Real estate experts say low inventory will mean the hottest housing market in years
5. Drop in Homes on the Market
According to Northwest Multiple Listing Service (NMLS), the number of homes on the market has significantly dropped 33% from the same time last year.
6. 30-Year Fixed-Rate Mortgage Rate
Current mortgage rates in WA are currently 3.45% for a 30-year fixed-rate mortgage, 2.97% for a 15-year fixed-rate mortgage, and 3.32% for a 5/1 adjustable-rate mortgage (ARM), according to Freddie Mac.
7. Faster Sales and Higher Sale Prices
Homes on the market in Washington State are forecasted to sell faster and sell for more money in 2020.
8. Bidding Wars Expected to Jump
According to Redfin, about 25% of offers are expected to go through bidding wars in 2020, compared to 10% in 2019.
9. Rent Control
Washington State may be slated to adopt rent control legislation in 2020.
10. Influx of Buyers
Washington ranked 7th among the top states for people moving into the state.
Need a Home Loan in Washington State?
If you have questions about mortgages in Washington State or are ready to apply for one, we’re happy to help. Sammamish Mortgage is a mortgage firm in Bellevue, Washington, serving the entire state, as well as Colorado, Oregon, and Idaho. Our experts will walk you through our mortgage programs to see which one is best for you. Contact us today with any questions you have about home loans in Washington State.