Yakima’s housing market is hot, home values have risen, inventory increased over the summer months and buyers are a plenty. Here we are ending the third quarter of the year and wondering when is it all going to slow down? As history shows, we usually start to slow down over the holidays. But with this hot of a market it may slow and then speed right back up.
Why so many buyers? There are several factors as our city continues to grow, but low interest rates are the largest contributor. FreddieMac reports a 30 year Fixed-Rate Mortgage at 3.75% in late October. An increase in interest rates would slow down our market, nonetheless recent numbers are not hinting at a change past 4% anytime soon. http://www.freddiemac.com/pmms/
The housing market is busy, 2019 in its last quarter already. According to Zillow’s end of September report, Yakima’s median home value is at $230,500 up 10.3% from last year and projected to increase by 3.9% over the next year. Whereas, the median price of listings sits at $275,000 and home sales are at a median value of $242,100. Supply is still moderately low and the demand continues to grow as more buyers enter the market, which results in higher home prices. https://www.zillow.com/yakima-wa/home-values/
Sunnyside averages $180,700 in home values, up 10.6% over the past year. The median listing price for homes is $248,900. https://www.zillow.com/sunnyside-wa/home-values/