Washington real estate trends (May 2022)
How is the real estate market in Washington?
🏠 Average home value: $619,575
📈 1.95% home value increase month over month
💰 Median sale price: $581,900
⏳ 35 days on the market
🔑 Homes on the market: 4,832
📆 0.4 months of housing inventory
🏦 30-year mortgage rate: 2.96%
💵 Average income: $74,222
State of the market: A
Washington home values are nearly twice the national average, and they’re rising fast (along with listing prices). With high demand and very little inventory, this market shows no signs of slowing down.
*Data last updated May 2022
Bordering Canada in the northwest corner of the United State, Washington is known for producing apples, grunge music, and Seattle's iconic role in movies like 10 Things I Hate About You.
The Evergreen State's biggest industries include aerospace, technology, and lumber. In Washington's western half, the winter rainy season is a perfect match for the state's abundant coffee. East of the Cascade Mountains, you'll find a more arid climate.
Beyond Seattle, Washington offers plenty of small, quirky towns ideal for families. Redmond and Bellevue have both earned recognition for their excellent public schools and abundant parks and restaurants.
If you're thinking of buying or selling in Washington, these Washington housing predictions and stats can help you make an informed decision.
Want to save money when you buy or sell your home? With Clever, you'll only pay 1% or $3K in listing fees. Eligible buyers get 0.5% cash back after closing. Find out how much you can save with Clever today!
Selling a home in Washington
Washington real estate market forecast for sellers
⏰ Homes are selling 7 days faster than the annual average
💰 Homes are selling for $36,656 more than the annual average
💸 Average listing commission: 2.60%
💸 Average buyer's commission: 2.60%
How to sell a home in Washington
- The Best Low Commission Real Estate Brokers
- Top Real Estate Agents in Washington (June 2021 Rankings)
- 8 Steps to Selling a House in Washington
- How to Sell a House By Owner in Washington (2021 Update)
- 3 Best Washington Flat-Fee MLS Companies in 2021
- We Buy Houses for Cash Companies in Washington (2021 Rankings)
Cost to sell a home in Washington
- The Average Washington Real Estate Commission (2021)
- Washington Seller Closing Costs in 2021: How Much Will You Pay?
Buying a home in Washington
How much home you can buy with $300,000 in...
🏠 Seattle: 696 sq ft
🏡 Olympia: 1,049 sq ft
🏡 Spokane: 1,277 sq ft
🏠 Bremerton: 977 sq ft
- How to Save with a Home Buyer Rebate
- 8 Definitive Steps to Buying a House in Washington State
- The 5 Most Affordable Places to Live In Washington State
- The Best Time to Buy a House in Washington
- Everything You Need to Know About Moving to Washington State
Investing in Washington real estate
- The Ultimate Guide to Flipping Houses in Washington
- A Beginner's Guide to Buying an Apartment Building
Best of Washington
💡 Did you know…
Seattle, Washington was ranked among the top ten best music cities in the U.S. in 2022?
Research from the Clever Data Center revealed that Seattle is the number one city for punk music and the third best city in the U.S. for musicians overall. Seattle is home to approximately 89% more career musicians than the average metro area!» Taking notes? 🎵 Learn more about the rankings here: The Best Music Cities in the U.S.
Each month, we compare cities in Washington based on different criteria. This month, we're looking at affordability and ranking the best cities in the state.
Most Affordable Cities in Washington
4. Moses Lake
5. Walla Walla
Worst of Washington
Each month, we compare cities in Washington based on a different criteria. This month we're looking at affordability data. These are the cities that ranked the worst in the state.
Least Affordable Cities in Washington
1. Oak Harbor
2. Mount Vernon-Anacortes
- Washington State Department of licensing
- Washington's real estate license verification
- Washington's real estate agent code of conduct
- Washington's disclosure forms
- Transfer taxes in Washington
- Home buying assistance programs in Washington
Frequently asked questions about Washington real estate
It is currently a seller’s market in Washington. Demand is very high, and inventory is limited — both of which are causing listing prices to shoot up. However, each city and town is different, which is why it’s important to check in with a real estate agent to find out about your local trends.
Yes, it is good to invest in Washington real estate, particularly in a big city like Seattle, where housing is always in demand. But if you want to make the most out of your investment, you will need to know which neighborhoods to buy in and have a property management plan in place. Find out more in our guide to real estate investing.
It might not be a good time to buy a house in Washington at the moment, as listing prices are higher than normal. However, mortgage rates in the state are low, meaning that you could still save money over time if you get a locked-in low rate. To have an easier time, work with one of the top real estate agents in Washington.
Clever's analysis of state market trends is based on local data from Zillow, realtor.com, Redfin, S&P Global, the U.S. Census, and Clever surveys. Our team of over 20 real estate analysts from across the country research local markets and data to compile our "Best" and "Worst" rankings.