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Are you a homeowner in Washington State? If so, you may be interested to know that the median home sales price in the state has increased significantly over the past few years. With the current hot market, now may be the perfect time to sell your home and capitalize on this upward trend.
According to the Washington State Office of Financial Management*, Washington State has seen significant growth in median home sales prices over the past two decades. In 2001, the median home sales price in the state was $179,900. This increased gradually over the next few years, reaching $260,900 in 2005.
However, the biggest increase in median home sales prices occurred between 2005 and 2008, when the price rose from $260,900 to $284,400. This represented a 9% increase in just three years.
After 2008, the housing market in Washington State experienced a downturn, with the median home sales price dropping to $253,800 in 2013. Since then, the market has recovered, and the median home sales price reached $647,900 in 2022, an increase of over 120% since 2013.
Overall, Washington State has seen a steady increase in median home sales prices over the past two decades, with some fluctuations along the way. This trend is expected to continue as the state continues to grow and attract new residents.
The Washington State housing market is currently thriving, with the median home sales price at an all-time high. If you're a homeowner considering selling, there may not be a better time than now to take advantage of the hot market and capitalize on the significant increase in home prices. With the state's continued growth and influx of new residents, it's likely that this upward trend in home prices will continue, making it an opportune time to sell.
At Nine8 Redevelopment, we understand that selling your home can be stressful, especially when you need to do it quickly. That's why we offer a range of services to suit your needs, including buying your home outright with a cash offer, or listing your home on the open market as your agent. Our goal is not just to buy your home, but to work with you to achieve your goals as efficiently and hassle-free as possible. We pride ourselves on our honesty, integrity, and efficiency. Let us guide you through the process and make it as smooth as possible.
Resources
Washington Center for Real Estate Research. (2021). 2021 Spring Apartment Market Report. [Blog post]. Retrieved from https://wcrer.be.uw.edu/archived-reports/2021springapartmentmarketreport/
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