Washington Real Estate Market Trends & Analysis
The Washington real estate market has been one of the hottest markets in the country since the onset of the latest recovery. Not unlike everywhere else, a strengthening economy in conjunction with a lack of inventory caused median home values to skyrocket. For the better part of a decade, in fact, real estate in Washington appreciated at a rate that helped pace the rest of the country. That is, until recently, when Seattle actually saw a year-over-year decline in home values. The whole state, for that matter, saw appreciation rates temper from the previous year.
It is worth noting, however, that the latest drop in prices isn’t so much an indictment on The Evergreen State, but rather a much-needed return to normalcy. If for nothing else, prices had risen too high, and many buyers were priced out of the market. As prices begin to return to their historical norms, Washington should see an increase in activity, which will stimulate the housing market for another encouraging run.
It is worth noting, however, that the latest drop in prices isn’t so much an indictment on The Evergreen State, but rather a much-needed return to normalcy. If for nothing else, prices had risen too high, and many buyers were priced out of the market. As prices begin to return to their historical norms, Washington should see an increase in activity, which will stimulate the housing market for another encouraging run.
Washington Real Estate Fees & Regulations
Real Estate
| Closing Conducted by: | Title Companies, Independent Escrow Companies, Lenders, Attorneys |
| Conveyance: | Warranty Deed |
Foreclosure Procedure
| Primary Foreclosure Method: | Judicial, Non-Judicial |
| Process Period: | 120 days |
| Notice of Sale: | Trustee |
| Redemption Period: | 8 months |
Taxes
| Income Tax: | None |
| Corporate Tax: | None |
| Sales Tax: | 6.50% |
| Estate Tax: | 20% |
| Inheritance Tax: | No |
| Median Property Tax: | 0.92% |
| Property Taxes by County: | http://www.tax-rates.org/washington/property-tax#Counties |
Average Transactional Costs
| Closing Cost: | $2,435.00 |
| Transfer Fee: | Sale tax 1.28%; 1.53% - 2.03% combined with local option |
| Origination Fee: | $1,830.00 |
Overview
- Median Home Value: $391,000
- 1-Year Appreciation Rate: +4.8%
- Median Home Value (1-Year Forecast): +2.8%
- Median Rent Price: $2,100
- Price-To-Rent Ratio: 15.51
- Average Days On Market: 50
- Unemployment Rate: 4.6% (latest estimate by the Bureau Of Labor Statistics)
- Population: 7,535,591 (latest estimate by the U.S. Census Bureau)
- Median Household Income: $66,174 (latest estimate by the U.S. Census Bureau)
- Percentage Of Vacant Homes: 8.91%
- Foreclosure Rate: 1 in every 6,493
Washington Foreclosure Trends & Statistics
Tax Lien Investing
- Tax Lien or Deed: Tax Deed state
- Redemption Period: None after sale