![]() The down payment is often the biggest hurdle for new homebuyers. Facts & Dataįact 1: Borrowers who are eligible for a VA-guaranteed home loan can qualify for 100% financing, which means they don’t have to make a down payment at all. Homes sell quickly, averaging just 12 days on the market. The current supply of homes to meet demand is two months, up from one month a year ago. While the housing market has cooled down a bit since the Fed hiked mortgage interest rates, the demand for homes in Washington remains high and inventory remains low. ![]() These rates assume the home is your primary residence (i.e., you’re not living in Idaho and buying a second home in Washington state). This is pretty close to the national average of 7.20%. Mortgage ratesĪccording to, the average mortgage rates for a 30-year, fixed-rate mortgage in Washington state as of October 2022 is 7.25%. However, wages tend to be much higher here, so that’s an important factor to keep in mind. This data is not broken out by homes sold with an agent and homes sold without an agent in Washington state, but bear in mind that homes sold with an agent tend to command a 26% higher price than homes sold without a Realtor.Īll told, you can expect homes for sale in Washington state to be more expensive than the national average. Home prices across the state vary widely, ranging from $915,340 in Seattle to $376,500 in outlying areas like Yakima. ![]() The number of homes sold above asking price has dropped by nearly 25 points since last year, and the number of houses that dropped in price was up by 22 points. The real estate market in Washington has been red hot for a while, but things are starting to cool off from their pandemic highs. Popular urban and suburban areas like Seattle and Bellingham are much pricier than other regions in Washington. Seattle, for instance, is a whopping 50% more expensive than the nation as a whole, whereas Moses Lake is 4% less expensive. However, this average masks the differences between individual markets in Washington state. Cost of livingĪlthough Washington state boasts high wages, it also has a high cost of living - 13% more expensive than other U.S. The Evergreen State also has the fourth-highest wages in the nation - an average of $75,550 in 2020 versus the U.S. Washington has a much higher minimum wage than the national limit ($7.25) at $14.49 per hour. Most of the recent job gains have been in education, leisure and hospitality, service providers, accommodation and food services. Washington saw an increase of 6,600 jobs in July 2022. Unemployment in Washington is currently at 3.6% statewide. It’s the fifth-largest state economy in the U.S. The major industries that drive the state’s economy are aerospace engineering, military/defense and agriculture (particularly in the eastern half of the state). As a state, Washington has a highly educated population and relatively low unemployment. News ranked Washington’s economy as #4 in the nation. Since it sits in the rain shadow of the Cascade Mountains, Eastern Washington is a semi-arid basin, receiving only 15-30 inches of rain a year. While most people think of Washington as constantly rainy, this isn’t true of the eastern half of the state. Rainier, a 14,000-foot active volcano, the Cascade Mountains, the mighty Columbia River and over 3,000 miles of coastline. It’s also the second-most populous state on the West Coast (trailing only California). Locationīordered by Idaho, Oregon, Canada and the Pacific Ocean, Washington is the most northwestern U.S. In this article, we’ll go over why you would want to live in Washington, what you can expect the wages/cost of living to be and how purchasing real estate (either a first or a second home) fits into the picture. The Evergreen State is a fantastic place to live, and there are several homeownership programs that make buying a home in Washington an attainable goal. We may be a little biased, but we think the prices don’t tell the whole story. Since homes are so much more expensive, you may wonder if buying a home in Washington State is worth it in 2023. This price is well above the national average of $428,700. The real estate market reflects this desirability as the average home for sale in Washington state was $560,400 in 2021. Lush rainforests, stunning mountain peaks and a thriving economy with ample jobs are just a few of the many reasons to live in Washington State.
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