Washington Real Estate Market in 2022: Forecasts + Trends

Clever Real Estate

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Clever Real Estate

May 1st, 2022
Updated May 1st, 2022

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Washington real estate trends

Real estate trends in Washington | Sellers | Buyers | Investors | The best and worst of Washington | Washington resources

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

Cost to sell a home in Washington

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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

Investing in Washington real estate

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
1. Shelton
2. Kennewick-Richland
3. Yakima
4. Moses Lake
5. Walla Walla

Ready to buy a home in Washington? Eligible buyers get cash back with Clever!

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
3. Bellingham
4. Seattle-Tacoma-Bellevue
5. Longview

Washington resources

👋 Next Steps: Talk to an expert!

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Our fully-licensed concierge team is standing by to answer questions and provide free, objective advice on getting the best outcome with your sale or purchase.

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Give us a call at 1-833-2-CLEVER or enter your info below. Our concierge team will be in touch shortly to help.

Remember, this service is 100% free and there’s never any obligation.

Frequently asked questions about Washington real estate

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.

Methodology

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.

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