Washington real estate trends (May 2022)
How is the real estate market in Washington?
🏠 Average home value: $616,259
📈 -0.58% home value decrease month over month
💰 Median sale price: $703,100
⏳ 33 days on the market
🔑 Homes on the market: 16,346
📆 1.4 months of housing inventory
🏦 30-year mortgage rate: 5.51000%
💵 Average income: 77006
State of the market: A
Washington’s real estate market is hot — homes are being snatched right after entering the market, while values and listing prices continue to soar. With the limited inventory currently in the state, this market will likely keep getting hotter.
*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 recognitionfor 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 3 days slower than the annual average
💰 Homes are selling for $37,017 more than the annual average
💸 Average listing commission: 2.670%
💸 Average buyer's commission: 2.63%
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: 723 sq ft
🏡 Olympia: 1,053 sq ft
🏡 Spokane: 1,310 sq ft
🏠 Bremerton: 952 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…
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.
Seattle has been setting trends in the coffee scene for decades now. It's known as the national capital for specialty coffee drinks, and it's where Starbucks first put down roots in the 1970s.
» Thirsty for more info? ☕ Read our full study here: The Best Coffee Cities in America
Each month, we compare locations in Washington based on different criteria. This month, we're looking at levels of happiness and ranking the best counties in the state.
Happiest Counties in Washington
1. King County
2. San Juan County
3. Chelan County
4. Skamania County
5. Snohomish County
Worst of Washington
Each month, we compare locations in Washington based on a different criteria. This month we're looking at levels of happiness data. These are the counties that ranked the worst in the state.
Least Happy Counties in Washington
1. Ferry County
2. Grays Harbor County
3. Mason County
4. Pacific County
5. Lewis County
- 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, Bankrate, 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.