Washington State: How's the Real Estate Market Doing?

 

What is the housing market like right now? 

After two years of rapid growth in home prices and vicious bidding wars, the housing market is showing the effects of rising interest rates.

According to Redfin, in August 2022, home prices in Washington were up 4.3% compared to last year, selling for a median price of $596,300. On average, the number of homes sold was down 23.8% year over year and there were 10,402 homes sold in August this year, down from 13,653 homes sold in August last year. The median days on the market was 17 days, up 8 years over year.

Statistics show that there were 30,901 homes for sale in Washington, up 17.9% year over year. The number of newly listed homes was 11,145 and down 21.1% year over year. The average month of supply is 2 months, up 0 year over year. Please refer to the graph below. 

The graph shows that the direction and pace at which housing supply changes indicate whether the options for buyers are increasing or decreasing. They can also indicate whether homes are lingering on the market or being sold faster than sellers are listing them. There are currently 30,901 residential homes for sale in the United States.

On the other hand, the Washington Housing Demand August 2022 is 29.7% of homes in Washington sold below list price, down 29.6 points year over year. There were only 46.7% of homes that had price drops, up from 29.0% of homes in August last year. There was a 99.3% sale-to-list price, down 4.3 points year over year. 

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Source: https://www.redfin.com/state/Washington/housing-market