Washington State Housing Market Trends & Forecast 2024 – Norada Real Estate Investments

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The Washington state housing market has experienced some notable changes in recent times. The housing market does not show clear signs of an impending crash. However, the landscape is dynamic, and potential buyers and sellers should stay informed about regional variations and broader economic trends. Here are the latest trends in the Washington housing market.

Washington State Housing Market Forecast 2024

According to Zillow, as of November 30, 2023, the average home value in Washington stands at $566,052, experiencing a marginal increase of 0.1% over the past year. Notably, homes in the region are swiftly going pending within an average of 17 days.


Buy/sell, rent/lease residential &
commercials real estate properties.

Key Market Indicators

  • For Sale Inventory: The market boasts a substantial inventory, with 17,680 homes for sale as of November 30, 2023.
  • New Listings: A noteworthy 5,550 new listings entered the market in the same period, indicating a dynamic real estate landscape.
  • Median Sale Price: The median sale price, as of October 31, 2023, is $550,000, while the median list price stands at $589,833 as of November 30, 2023.
  • Sale to List Ratio: A robust 1.000 median sale to list ratio further underscores the competitiveness of the market.
  • Percent of Sales: In October 2023, 33.7% of sales occurred over the list price, contrasting with 42.0% under the list price.

Is Washington a Buyer’s or Seller’s Housing Market?

Given the swift pace of pending sales and a median sale to list ratio of 1.000, the Washington State housing market leans favorably towards sellers. The lower percentage of sales under the list price (42.0%) compared to those over the list price (33.7%) reinforces this seller-friendly trend.

Are Home Prices Dropping in Washington?

While the average home value experienced a marginal increase of 0.1% over the past year, the median sale price of $550,000 as of October 31, 2023, suggests stability rather than a significant drop in prices. The data available does not indicate an imminent housing market crash. However, continuous monitoring of market trends and economic factors is essential to accurately predict future developments.

Is Now a Good Time to Buy a House in Washington?

Considering the competitive nature of the market, potential buyers may find themselves in a challenging position. However, individual circumstances and long-term investment goals should guide decisions on whether now is the right time to enter the housing market in Washington State.

Washington State Regional Forecast

Exploring specific regions within Washington provides additional insights into localized market trends:

  • Othello, WA: The metropolitan statistical area (MSA) in Othello is projected to experience a modest increase in housing prices, with a forecasted growth rate of 2% by November 30, 2024.
  • Centralia, WA: This MSA anticipates a slight decrease in housing prices, with a projected growth rate of -0.1% by February 29, 2024.
  • Moses Lake, WA: Housing prices in Moses Lake are expected to stabilize, showing a marginal decline of -0.1% by February 29, 2024.
  • Aberdeen, WA: The forecast for Aberdeen suggests a more significant decline in housing prices, with a projected growth rate of -0.6% by November 30, 2024.
  • Spokane, WA: The Spokane area anticipates a decline in housing prices, with a projected growth rate of -0.8% by February 29, 2024, following a -0.2% decrease by December 31, 2023.
  • Shelton, WA: Housing prices in Shelton are expected to experience a modest decline, with a forecasted growth rate of -0.3% by February 29, 2024, following a stable period as of November 30, 2023.
  • Yakima, WA: The MSA in Yakima projects a steady housing market, with no significant change in prices anticipated, maintaining a 0% growth rate by February 29, 2024.
  • Pullman, WA: Pullman is forecasted to experience a slight increase in housing prices, with a growth rate of 0.2% by February 29, 2024, following a 0.1% increase by November 30, 2023.
  • Port Angeles, WA: This region expects a modest decline in housing prices, with a projected growth rate of -0.4% by February 29, 2024, following a 0.1% increase by November 30, 2023.
  • Longview, WA: The Longview MSA foresees a stable housing market, with a marginal decline in prices, showing a -0.4% growth rate by February 29, 2024, following a -0.1% decrease by November 30, 2023.
  • Olympia, WA: The MSA in Olympia maintains stability, with no significant change in housing prices anticipated, holding a -0.5% growth rate by February 29, 2024, following a stable period as of November 30, 2023.
  • Walla Walla, WA: Walla Walla projects a modest decline in housing prices, with a forecasted growth rate of -0.2% by February 29, 2024, following a -0.1% decrease by November 30, 2023.
  • Kennewick, WA: The Kennewick MSA foresees a more significant decline in housing prices, with a -0.4% growth rate by February 29, 2024, following a -0.2% decrease by November 30, 2023.
  • Bellingham, WA: Housing prices in Bellingham are expected to experience a decline, with a projected growth rate of -0.4% by February 29, 2024, following a stable period as of November 30, 2023.
  • Mount Vernon, WA: This region anticipates a further decline in housing prices, with a forecasted growth rate of -0.5% by February 29, 2024, following a 0% change by November 30, 2023.
  • Ellensburg, WA: The Ellensburg MSA projects a more pronounced decline in housing prices, with a -0.9% growth rate by February 29, 2024, following a -0.3% decrease by November 30, 2023.
  • Wenatchee, WA: The housing market in Wenatchee is forecasted to experience a decline in prices, with a -0.4% growth rate by February 29, 2024, following a -0.2% decrease by November 30, 2023. This signifies a continued downward trajectory.
  • Oak Harbor, WA: Oak Harbor projects a substantial decline in housing prices, with a forecasted growth rate of -0.8% by February 29, 2024, following a -0.2% decrease by November 30, 2023. The market in this region is displaying increased volatility.
  • Seattle, WA: A notable player in the state, the Seattle MSA, anticipates a significant decline in housing prices, with a -0.7% growth rate by February 29, 2024, following a 0% change by November 30, 2023. This suggests a challenging landscape in one of Washington’s key real estate markets.
  • Bremerton, WA: Bremerton forecasts a substantial decrease in housing prices, with a -1.3% growth rate by February 29, 2024, following a -0.3% decrease by November 30, 2023. The market in this region is exhibiting a more pronounced downturn.

Regional variations play a crucial role in shaping the buyer’s experience. While some areas forecast stability or modest declines, others, such as Seattle and Bremerton, anticipate more significant decreases in housing prices. Buyers in regions with projected declines may have the advantage of negotiating better deals, but they should remain cautious and consider the long-term implications of their investments.

However, sellers should remain vigilant, especially in areas with projected declines in housing prices. Regions like Seattle and Bremerton forecast substantial decreases, which could impact the resale value of properties. Pricing strategies and effective marketing become crucial for sellers in these areas to attract potential buyers in a more challenging market.


Sources:

  • https://fred.stlouisfed.org/series/WASTHPI#
  • https://www.zillow.com/wa/home-values/

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