Washington
Housing Market
The landscape of Washington’s housing market evolves with shifting home prices and demand. Houzeo’s housing market report tracks these changes in supply and demand across the state. Our report offers real-time insights to help you make informed decisions.
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MigrationWashington Housing Market Overview
Home prices in Washington state show a growth of 3.2% YoY as of January 2025. The steady increase in home prices indicates the strength of the housing market. The median home price in Washington is $605,200 and, based on trends from the last 3 years, it’s expected to hit greater heights in summer. Moreover, the number of homes sold has increased by 11.2% YoY.
You can also check the market competitiveness through median days on the market. Houses in Washington state now spend only 49 days on the market before going under contract. This number may drop to as low as 15 days in summer. These metrics collectively indicate changes in the Washington housing market’s pace and affordability.
What Does It Mean for Home Buyers and Sellers?
You can also check the market competitiveness through median days on the market. Houses in Washington state now spend only 49 days on the market before going under contract. This number may drop to as low as 15 days in summer. These metrics collectively indicate changes in the Washington housing market’s pace and affordability.
What Does It Mean for Home Buyers and Sellers?
- If You’re a Buyer: You get less negotiation power with high mortgage rates and relatively fewer median days on market. Additionally, median home prices in Washington are far above the national average, making housing in Washington state very expensive. You can plan to buy a house if competition is low and inventory increases in the months to come.
- If You’re a Seller: You can profit from the growing home prices and high demand in Washington. The 3.2% hike in home prices and 11.2% increase in the number of homes sold signal opportunities to turn a profit on home sales in Washington.
Median Sale Price
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Washington Housing Supply
The available homes for sale in Washington have grown by 19.5% in January 2025. It’s a trend that typically continues to rise post February and March. This year, it’s projected to increase by a minimum of 8% YoY. New constructions will also add to the housing inventory. However, high mortgage rates may shrink home sales. Currently, there are 19,766 Washington homes available for sale. The market leans towards sellers with 3 months of supply.
What Does It Mean for Home Buyers and Sellers?
What Does It Mean for Home Buyers and Sellers?
- If You’re a Buyer: With a 19% increase of housing inventory and a 3-month supply, Washington is firmly in seller’s market territory. You will have more competition as home supply is a little tight. You may have to wait a little till home prices become stable. If you see a growth in inventory level and a dip in the median sale price, you can move to buy your dream home in WA.
- If You’re a Seller: With 3 months of supply and climbing home prices, you’re in luck. Act fast and sell your home before more supply hits the Washington state real estate market. Rising inventory could lower demand and lead to fewer offers, but there is only a slight possibility of high growth in inventory. Even with high competition, you should still make your home appealing to buyers. Focus on staging and marketing your home effectively.
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Washington
Washington Housing Demand
The percentage of homes selling above the list price is a key indicator of housing demand. When more homes sell for higher than the list price, it shows strong buyer competition and high demand. A decline suggests more supply. Tracking this trend helps you gauge market competitiveness.
In January 2025, 21.3% of Washington homes sold above the list price, while 26.7% of homes sold below the list price. The number of homes selling above the list price tends to increase in spring and summer. It suggests that buyer competition will surge and hot homes will sell within 15-20 days. The 98.9% sale-to-list price suggests some negotiation opportunities, albeit in favor of sellers.
What Does It Mean for Home Buyers and Sellers?
In January 2025, 21.3% of Washington homes sold above the list price, while 26.7% of homes sold below the list price. The number of homes selling above the list price tends to increase in spring and summer. It suggests that buyer competition will surge and hot homes will sell within 15-20 days. The 98.9% sale-to-list price suggests some negotiation opportunities, albeit in favor of sellers.
What Does It Mean for Home Buyers and Sellers?
- If You're a Buyer: The current Washington state housing market has a few metrics that lean in your favor — such as the 26% of homes with price drops and increasing inventory. However, high mortgage rates could make things tough for you. Go light on negotiations and don’t expect many seller concessions. You may have to make any home repairs yourself after the closing.
- If You’re a Seller: You'll make a good profit if you sell now. With an increase in home prices, limited supply, and 98.9% sale-to-list price ratio, the negotiation power lies in your hands. Wait till summer, and you’ll experience even higher demand and more bidding wars for your home. You can price your home on the higher end, but first, check the pricing of comparable properties in your neighborhood. You don’t want the pricing of houses to backfire on you.
Homes Sold Above List Price
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Seller’s Market
Seller: Housing demand exceeds supply and drives the prices up. Homes sell fast and get multiple offers from buyers.
Is it a Buyer’s or Seller’s Market in Washington?
As of January 2025, home sellers in Washington are at an advantage due to increased prices and a limited supply of homes. For buyers, homes are relatively expensive, and competition is high amid growing mortgage rates. The current mortgage rate is close to hitting 7%, which may reduce buying power in the state-wide real estate market.
However, a 19.5% growth in housing inventory does provide many options to Washington home buyers. These trends vary significantly across the Washington state real estate market. Bothell has even higher median home prices at $1.01M, with only 15 days on the market.The market in North Creek is highly competitive where hot homes can go pending in just 5 days and sell for 2% more than the asking price. So, check local trends for real estate in Washington state before you decide to invest.
Washington Housing Market Insights
The Washington state real estate market is highly competitive compared to the nationwide market. Washington home prices rise at a rapid rate. The median home price in Washington ($605,200) is way higher than the national median of $418,478. Inventory trends indicate a growing availability of homes in Washington, though at a slow pace. Currently, there are 19,766 homes available in the Evergreen State. Carefully consider the local housing trends before you make a transaction. If you notice a sharp hike in prices in recent months, it could be a sign of a seller’s market. On the other hand, buyers may have an upper hand if prices have remained the same or gone down.
Housing markets like North Creek show high competition; 43.5% of homes sold above the list price, and the sale-to-list price ratio of 101.6% also favors sellers. Homes go under contract within 11 days, and get multiple offers from buyers. Overall, WA’s housing market leans heavily towards sellers. If you’re buying a home in Washington state, you can still find affordable housing in cities like Sunnyside and Grandview. You can also wait for home prices to drop.
Housing markets like North Creek show high competition; 43.5% of homes sold above the list price, and the sale-to-list price ratio of 101.6% also favors sellers. Homes go under contract within 11 days, and get multiple offers from buyers. Overall, WA’s housing market leans heavily towards sellers. If you’re buying a home in Washington state, you can still find affordable housing in cities like Sunnyside and Grandview. You can also wait for home prices to drop.
Nationwide Migration Trends
Last year, Washington residents moved out of the state to relocate to states like Colorado, Oregon, and Texas. Over 215,277 people relocated from Washington over the last year due to the high cost of living. There is also a conspicuous inbound trend, with WA gaining almost 212,616 new residents in 2023-24. The new residents primarily came from California and Oregon. Though the housing cost in Washington state is 29% higher than the national average, people are attracted to the state’s excellent education and healthcare.
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Frequently Asked Questions
How have house prices in Washington changed over the past year?
Home sale prices in Washington have continued to rise over the past years, driven by high demand and low inventory. Prices have increased at an annual growth rate of 3.2%, with multiple regions seeing double-digit percentage growth. You can check your home’s fair market value with a free home value estimator to know where you stand.
Why is it expensive to live in Washington state?
The cost of living in Washington state is 15% higher than the US average. Additionally, Washington’s housing market shows an upward trajectory for home prices and inventory. Real estate prices have surged due to the state’s tech and aerospace industries. Despite its high cost of living, a large population of high-income buyers flock here due to improved quality of life and job opportunities.
What’s the average house price in Washington?
Home prices in Washington depend on the house type, size, and local market conditions. It typically ranges from $476,200 for condos to $614,800 for single-family homes. If you plan to buy, you can find cheap homes for sale in Washington within your budget.
When will the housing market crash in Washington?
Washington housing market predictions for 2025 report that the market is very unlikely to thaw. In fact, it’s expected to yield high profits for home sellers. Rising home prices and mortgage rates may make it hard for buyers to find cheap homes in Washington. Nevertheless, demand and supply for homes will continue to flourish due to a robust economy and population growth in the state.
Is this a good time to buy a house in Washington state?
Presently, housing inventory is tight and home prices are on the rise. Check real estate trends for prices and inventory in your area before you make a decision. Sellers can benefit from the high demand and rising prices. However, when mortgage rates are stable and there is plenty of housing inventory, it would be the best time to buy a house in Washington.
Which city has the cheapest housing market in Washington state?
Though property prices are rising, the average home value in the top 10 cheapest cities is still only around $300K. Sunnyside and Grandview’s costs of living are nearly 8% lower than the national average. You can compare costs of living, housing costs, and median home prices to narrow down the cheapest places to live in Washington.
What is the best place to buy a house in Washington state?
Seattle, Olympia, and Spokane are among the best places to buy a home in Washington. These cities top the list based on factors like community well-being score, median household income, and safety index. Make sure you research the best places to live in Washington before you make an investment.
How can I list my home for sale in Washington?
You can list your home for sale with a Flat Fee MLS Washington listing service. High-tech MLS listing sites like Houzeo automatically assign the right MLS paperwork based on your location. 🚀
What is the average mortgage rate for buyers in Washington?
The average mortgage rate for buyers in the WA housing market fluctuates between 6.7% and 7%. It depends on the market and your credit score. Always check current rates with lenders before you apply for a mortgage.
How much does it cost to live in Washington?
The cost of living in Washington state is 15% higher than the national average. However, it depends on your city. Seattle is Washington’s most expensive city, where cost of living is 24% higher than the state average and 45% higher than the national average. On the other hand, utilities in Cheney cost 21.5% lower than the US average. You can use our free cost of living calculator in Washington to know more.
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