Washington State Housing Forecast for 2022

May 20, 2019
Last updated:
April 27, 2022
In This Article

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.

Washington State Housing Forecast for 2022

Median Prices Up

The median sales price for a typical house in Washington State as of December 2021 is $563,890, up 22.8% from last year.

Closed Sales Are Up

The number of closed sales increased in the Pacific Northwest by 10% from November 2020 to November 2021.

King and Pierce Counties to Remain the State’s Hottest

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.

Days on the Market

According to RedFin, listings spend an average of 10 days on the market before selling.

30-Year Fixed-Rate Mortgage Rate

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.

Slower Sales and Higher Sale Prices

Homes on the market in Washington State are forecasted to sell a little slower in 2022, though home prices will continue to increase.

Seattle Metro Area See Major Price Gains

According to Zillow, home values in the Seattle-Tacoma-Bellevue metro area increased to $706,976.

Tight Housing Supply in Seattle

Seattle continues to see a shortage of housing inventory, with only a 0.67-month supply of homes available right now.

Homes in Seattle Sell Quickly

In Seattle, homes sell 7 days after hitting the market, down from 12 days last year.

Increase in Homes Sold in Seattle

Seattle saw 1,125 home sales in November, up from 1,032 in November 2020.

Today’s Mortgage Rates

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 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.

Get an Instant Mortgage Rate Quote Today

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