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Seasons change quickly, and much like the change in temperature, so too do home prices and real estate markets change. This begs the question: Will home prices in Washington State cool down this season, or will the market remain hot throughout the remainder of 2022?
The best way to answer these questions is to look at current supply and demand trends. If you’re thinking of buying a home in Washington State this year, you’ll want to assess trends and price forecasts in the local real estate market.
In major cities across Washington, there is a serious shortage of housing supply relative to demand. This means that home buyers are competing fiercely for limited inventory. Some parts of Washington State are seeing incredibly tight inventory.
And with low inventory typically comes an increase in home prices. That’s happened over the past 12 months in Washington, where the average home price has increased 23.7% over the past year. Right now,
High demand and low inventory are still the driving factors within Washington’s housing markets. And has pushed prices north. The median home sales price in Washington rose to $582,732 as of March 2022.
Related: Co-borrowing on the rise in WA
In some ways, the real estate market in Washington is something of a special case. In the state’s major population centers like Seattle, there is currently only a 0.64-month supply of homes for sale. That’s well below the national average, as well as the average is seen in other states.
And in the surrounding King County, there’s only a 0.49-month supply of avaiable homes for sale to meet buyer demand.
This, combined with steady demand from buyers, will probably keep Washington house values rising through the winter and into next year.
Related: Is now the time to buy a home?
With all of this housing demand in Washington, you would think the home building industry would be ramping. But that’s actually not the case.
Home construction was picking up in Washington and across the nation prior to the coronavirus pandemic. But since the virus hit the US, construction slowed down, which had further impact on housing inventory.
In other words, we can probably expect demand to outstrip supply in most housing markets across the state, at least for the foreseeable future. And this will continue to put upward pressure on home prices in Washington throughout 2022.
Disclaimer: This article includes forecasts, data and trends provided by third parties not associated with our company. We have compiled this information as an educational service for our readers.
If you’re in need of a mortgage, Sammamish Mortgage is here to help. We are a mortgage company serving the Pacific Northwest region including Washington, Idaho, Colorado, and Oregon. We have been providing mortgage programs with flexible qualification criteria to borrowers since 1992. Please contact us if you have any questions or are ready to apply for a home loan.
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.