Friday, May 19, 2023

National Median Creeps up to $375k

Yes you read that right. According to recent reports from the NAR the national median sales price was at $375k and change. There are still many parts of the USA where the median home price is well under $200,000 in fact even one county in the notoriously expensive California is under $200k. Here in Clark County we sit well above that with a mark around $500k. Prices are holding steady in most markets but some are falling and others rising. 

As real estate prices climb higher the more expensive markets can sometimes experience a more dramatic correction. People start to look elsewhere for work and sometimes an exodus begins. Looking at you California. But good jobs are an important factor and Washington State tends to have a great job market. Employers for the most part are staying in Washington rather than relocating and that bodes well for the local economy and real estate market. 

Washington State remains a fast growing state. Last census it was tied for 5th nationwide for growth with Florida at 1.37% year over year population growth. So long as demand remains high in the Evergreen State, real estate values should hold steady and strong.

For people retiring some are looking to the sun belt, others looking for tax breaks and cheaper houses. Washington is actually decent on taxes for retirees but obviously housing costs are high. But it seems that national median may be growing at a faster clip than the median here in Washington State. As that happens our affordability handicap is reduced. The lack of a state income tax tends to be a real draw for retirees. Washington has a strong economy with good jobs attracting the younger crowd, and good senior tax setups attract the older folks.

No comments:

Post a Comment