WA home prices double in a decade, among nation's highest rises
SEATTLE - For Washington, and three of its cities, home prices have more than doubled over 10 years, ranking among the biggest increases in the United States.
Generally speaking, after experiencing an unprecedented 40% surge during the COVID-19 recovery, home price growth has stabilized and returned to historical norms.
However, high mortgage rates and persistent inflation continue to challenge potential homebuyers, limiting their purchasing power and affecting affordability, according to a new study from Construction Coverage.
To learn more about this latest study and how Washington compares to other states, keep reading.
Which states have seen the largest price increases over the last decade?
What we know:
In Western and select Southeastern states, home prices have seen the largest increases over the past decade, the study noted.
Idaho leads the nation with a staggering 155.5% growth, followed by Florida at 132.2%, Washington at 129.1% and Utah at 127.5%.
Which WA cities have seen the largest growth?
By the numbers:
According to the study, Bellevue ranks sixth, and Spokane 13th, among the top-growing midsize cities, while Kirkland ranks 15th, among the top growing small cities in the country.
Seattle's median home price has nearly doubled over the last decade
Local perspective:
Seattle's housing market exemplifies the national trend of significant home price growth.
In 2014, the median home price in Seattle was $434,352. By 2024, it had nearly doubled to $848,982, marking a 10-year increase of 95.5%.
In contrast, the Midwest, along with certain areas in the South and Northeast, have reported the slowest growth in home prices. States like Louisiana, North Dakota and Alaska have seen the smallest increases, with growth rates of 24.1%, 26.7%, and 37.3% respectively, barely outpacing inflation.
To view the full report, visit constructioncoverage.com.
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