Thick tropical rainforests, breathtaking mountain peaks, and a booming economy with plenty of job opportunities are just a few of the many reasons to call Washington State home.
The real estate market reflects this desire, with the average property for sale in Washington state being $560,400 in 2021. This is significantly more than the national average of $428,700. Because properties are so much more costly, you may ask if owning a house for sale in Washington is worthwhile in 2023.
Looking Beyond the Numbers: Evaluating Washington's Living Experience
We may be biased, but we believe that the prices do not narrate the entire story. The Evergreen state offers a wonderful living environment, and numerous homeownership programs are available to make purchasing a home in Washington an achievable objective.
Here we'll discuss what you can anticipate in terms of wages/cost of living, and how buying real estate either a first or second home, comes into the equation.
Mortgage Interest Rates
As of 2022, the average interest rate on a 30-year fixed-rate mortgage in Washington state is 7.25%. This is quite close to the 7.20% national average. These prices are based on the supposition that the house is your primary residence which sets an example that you are not purchasing a second house in Washington state while residing in Oregon.
Inventory
Although the housing market has slowed down a little since the Fed increased mortgage interest rates, there is still a high demand for homes in Washington and a limited supply. So, the average time a home spends on the market is only 12 days.
Cost of Living
Although Washington State has high incomes, it also has a high cost of living – 13% more than comparable states in the United States. However, this average conceals the differences between various markets in Washington state. Seattle, for example, is 50% more costly than the rest of the country, whereas Moses Lake is 4% less expensive. Popular larger cities and outlying locations such as Seattle and Bellingham are significantly more expensive than other places in Washington.
Real Estate Market
Washington's housing market has been scorching hot for a while, but things are now beginning to drop off from their epidemic highs. Since last year, there has been an almost 25% decline in the proportion of properties that sold for more than they were asking for, while a 22% increase was seen in the proportion of homes whose prices dropped dramatically.
Property Prices
The cost of a home in Washington ranges from $915,340 in Seattle to $376,500 in distant places like Yakima. This data does not differentiate between properties sold with and without an agent in Washington state, however homes sold with an agent fetch a 26% greater price than those sold without a real estate professional.
Overall, houses for sale in Washington are likely to be more costly than the national average. However, earnings are somewhat higher here, so that's an essential feature to keep in mind. Here are some Washington houses for sale under $200,000:
1. Pasco is a city in Washington's Tri-Cities region. It is an excellent location for finding inexpensive homes, with numerous houses for sale.
2. Kennewick is also a fabulous city in the Tri-Cities area of Washington. With many homes listed, it's a great place to discover more reasonable housing.
3. Lewiston is a city located in northeastern Washington. It is bordered by Idaho and offers a range of economical housing alternatives.
4. Bremerton is a town in Kitsap County, Washington. It is situated on the Kitsap Peninsula and offers a range of affordable alternatives.
5. Pullman: Pullman is a city in eastern Washington. It is home to Washington State University and has a variety of low-cost housing options.
If you want to buy a house, you might be a little more perplexed. However, there are some economic elements to support the high prices (low unemployment and good incomes), and also various government-backed mortgage programs to help purchasers get a Washington house for sale under $200,000 with a modest down payment.
Frequently Answered Questions
- Does Washington State have any possibilities for comparatively inexpensive housing?
In Washington, there are indeed possibilities for inexpensive housing. Homes for sale under $200,000 are available in several locations, including Pasco, Kennewick, Lewiston, Bremerton, and Pullman.
- What recent advances have you noticed in the Washington real estate market?
Although the Washington housing market is active, there is also a fall in the percentage of homes selling for above their asking price and an increase in the percentage of homes with lowered pricing.
- Is it worthwhile to buy a house in Washington state in 2023?
Despite increased property costs, Washington’s desirable lifestyle, career prospects, and a variety of homeownership programs make acquiring a house in the state a worthwhile consideration.