Washington State Appreciation Rate

washington state appreciation rate
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The Great Recession took its toll on housing prices, with home values declining throughout the country. Since then, prices have rebounded. While many areas of the U.S. are not back to pre-crash levels, the Washington State appreciation rate has increased significantly.

Homeowners in Washington State have the second highest appreciation rate in the country.

The economists at CoreLogic recently released a special report entitled Evaluating the Housing Market Since the Great Recession. In the five-year period from 2012 to 2017, the Washington State appreciation rate has risen to 57 percent. The national average was 37.4 percent.

The map below was created to show the 5-year appreciation from December 2012 to December 2017 by state. Washington, Oregon, Idaho, California, Nevada, Utah, Colorado, Michigan, Georgia, and Florida are at or above 40 percent 5-year home price appreciation.

washington state appreciation rate

Lumber prices increase, doesn’t help home inventory.

“Lumber prices have increased dramatically, by about 25% over the last 12 months,” says Robert Dietz, chief economist at the National Association of Home Builders. A labor shortage in the residential construction industry is also contributing to the fact that fewer homes are being built, Dietz adds.

Take advantage of your increased home equity.

If you’re thinking about selling your home, now is an excellent time to take advantage of your sharp increase in equity. Today’s market very strongly favors sellers, so you can expect to get the best possible price for your property. It’s also not uncommon today for the buyer to accommodate your needs as you look for another home. Not only will your days on market be remarkably fewer in a sellers’s market, but you might receive multiple offers, which could drive up the sales price.

Are you thinking about selling your home? Call the VonKarl Inman Real Estate Team and get a free valuation of your home. We’re happy to answer any questions you might have!

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