Market Update December 8, 2021

FREE COFFEE ON SUNDAY (12/12) IN DOWNTOWN GIG HARBOR…

…in front of the Winderemere office. I’ll be setting up a little coffee station.

So, if you feel like taking a little stroll through the harbor… in the rain… this Sunday afternoon, you’ll find me giving out hot cups of good coffee. (Not cheaping out on the coffee either!) Come by and say “Hi!”

Did I mention it’s free?

WASHINGTON WILL HAVE TWO OF THE NATION’S HOTTEST REAL ESTATE MARKETS IN 2022

Washington state remains in demand! Seattle-Tacoma-Bellevue Metro Area and the Spokane- Spokane Valley land both land in the nation’s top ten real estate markets, coming in at number 8 and 3 respectively.

According to the analysts at Realtor.com, the hottest markets in the nation are the ones located around either the “affordable” tech hubs of the Mountain West, or in the affordable Midwest. There are a few outliers in the top 10 due to their economies and job growth.

Chief Economist at Realtor.com says that “remote-minded works are attracted in snagging a big-city salary while enjoying the quality of life that smaller areas afford.” The rest of the growth is spurred on by people escaping prices from other metro areas or retirees looking for affordable, but active, towns.

Coming in at..
#3 Spokane!
The median home price is:
$419,803
Anticipated Price Growth:
7.7%
Anticipated Sales Growth:
12.8%

Yes, Spokane believe it or not! Washington’s second largest city is actively attracting transplants and retirees escaping the much more expensive city of Seattle. Here home prices are at least $250,000 less than in the Seattle Metro Area.

Coming in at..
#8 Seattle!
The median home price is:
$666,754
Anticipated Price Growth:
7.5%
Anticipated Sales Growth:
9.6%

Seattle would undoubtedly be much higher if housing wasn’t already so dreadfully expensive. However, as people flee to Spokane, Californians are right there to fill their vacancies. Tech workers are still finding Seattle prices much more palatable than the Bay Area.

However, this can’t continue forever as Seattle’s geographic position does have limit the ability for growth. This will continue to push prices in neighboring cities higher.

If you’re looking for investment property outside Western Washington, or you have family that might asking you were to possibly move to, pay attention to these rapidly growing and still somewhat affordable cities!