According to the new forecast, both demand and pricing are on the rise for the state of Washington. In recent market research by Veros Real Estate Solutions, WA is the state to watch in 2018, especially Seattle as supply is exceedingly low and the population continues to grow.
Usually, housing prices in the US tend to rise 3-4%, however, in Washington State, the median home value has increased 10%. The median home price in Seattle just hit a record $757,000. Prices are rising evenly across all types of housing, from starter homes to luxury estates. This is in contrast to the rest of the nation, where the cheapest homes are gaining value the fastest.
Realtors are noticing a downside to the boom with the short supply of homes. The lack of inventory has pushed starter home prices out of reach for first time home buyers. With a new tax bill in place, realtors are thinking it may slow the rolling boulder enough for the supply to catch up with demand but only time will tell.