2020 Market Update
New decade, same market? The most honest answer… only time will tell. But as we head into 2020 with low interest rates and home inventory, it’s quite possible that 2019 and 2020 will at least share many commonalities.
Realtor®’s working cash offers and multiple offer scenarios, sometimes together, has become relatively common on Yakima’s home buying stage. Low inventory is keeping the demand high. Zillow reports that the average value of homes in Yakima is at $240,908; up 10.1% over the past year. The median price of home sales sits at about $253,400. Zillow is predicting a 7% increase this year.
Sunnyside’s median home value is reported at $196,045; this is up 10.5 % over the past year and is predicted to increase 7.3% this year. Zillow also shows the median price of homes sold at $216, 300 – Illustrating an overall positive shift for Yakima County.
January 16th showed mortgage rates being reported at 3.65% for a 30 year fixed rate loan – sustaining our home buying demand this year. In our current consumer-driven economic climate, flourishing housing markets are running across the US and Washington State. Which is encouraging, but doesn’t come without its downfalls. The ripple effect leads to worsening rental affordability and low housing supply; concerns that bleed into the smaller markets that are traditionally more affordable. Highs and lows many are discovering in Yakima.
Over the next several years, Yakima is only going to continue to grow and adjust to its new demands. With an elastic infrastructure, growth is in our favor. We are creating opportunity and feeding the needs of our community.