Next Hot Market…think Washington
Housing prices may be dropping around most of the country but, according to CNNMoney, home prices in Washington State are being driven up by above average job and population growth.
Kennewick, Richland, and Pasco even make the list with 11% anticipated growth.
For the June issue of MONEY Magazine, Fiserv Lending Solutions and Moody’s Economy.com provided forecasts for the coming 12 months for 380 metro areas - they predict that five of the top 10 fastest growers will be in Washington. Ten of the top 17 will be.
| WA Metro | Median Price | Historical Gain (2001–2005) | Forecast (6/2006–6/2007) |
|---|---|---|---|
| Wenatchee | $184,650 | 38.40% | 16.70% |
| Mount Vernon-Anacortes | $199,947 | 56.10% | 14.50% |
| Olympia | $198,871 | 64.50% | 13.10% |
| Yakima | $135,000 | 23.70% | 12.80% |
| Spokane | $169,000 | 50.20% | 12.40% |
| Bremerton-Silverdale | $156,353 | 69.00% | 11.50% |
| Longview | $158,596 | 36.00% | 11.40% |
| Kennewick-Richland-Pasco | $158,000 | 29.00% | 11.00% |
| Bellingham | $215,641 | 83.10% | 10.80% |
| Seattle-Bellevue-Everett | $360,000 | 49.30% | 10.50% |
| Tacoma | $250,000 | 53.80% | 9.60% |
What is keeping Washington’s growth up? It might be that the state is just slow in following trends, and all we have to do is give it some time. Or possibly it is because Washington imports more people than they export - so people from California are coming here and buying our comparatively ‘cheap’ homes.