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Home prices are up from last year in Washington State and now sit at $563,890. As much as prices increased throughout the year, they’re expected to continue in 2022. Low inventory is a big driver of rising home prices, which continues to be very tight in many housing centers across the state, especially in King and Pierce Counties.
That said, mortgage interest rates are rising, which will make mortgages more expensive in 2022. However, strengthening your financial and credit profile and working with an experienced mortgage team can help you snag the lowest rate possible and make homebuying in 2022 a sound decision.
The median sales price for a typical house in Washington State as of December 2021 is $563,890, up 22.8% from last year.
The number of closed sales increased in the Pacific Northwest by 10% from November 2020 to November 2021.
Real estate experts say low inventory will mean the hottest housing market in years in King and Pierce Counties. Home prices are up 17.8% and 22.6% in King County and Pierce County, respectively.
According to RedFin, listings spend an average of 10 days on the market before selling.
Current mortgage rates in WA are currently 5.11% for a 30-year fixed-rate mortgage, 4.38% for a 15-year fixed-rate mortgage, and 3.75% for a 5/1 adjustable-rate mortgage (ARM), according to Freddie Mac.
Homes on the market in Washington State are forecasted to sell a little slower in 2022, though home prices will continue to increase.
According to Zillow, home values in the Seattle-Tacoma-Bellevue metro area increased to $706,976.
Seattle continues to see a shortage of housing inventory, with only a 0.67-month supply of homes available right now.
In Seattle, homes sell 7 days after hitting the market, down from 12 days last year.
Seattle saw 1,125 home sales in November, up from 1,032 in November 2020.
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 since 1992. 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.
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.