Time For a New Home? Yakima Real Estate Prices on The Rise

You've been thinking about buying a new home this year because you need more space or are just ready to move to a new neighborhood. Cory Bemis, owner of John L. Scott Real Estate in Yakima says expect to pay an average of $348,000 because that's the median home sales price which is a 3.9% increase from last year when the median price was $335,000.

LOOKING TO FINANCE YOUR NEW HOME?

If you're financing the cost of the home Bemis says over the past 6 months, the lowest interest rate was 6.62%, while the highest rate was 7.58%.  He says "rates climbed rapidly throughout 2022. Rates were most volatile in 2023 when they rose and then fell significantly two times throughout the year.  When compared to previous years, 2024 has been a year of consistency through the first 4 months."

 LOTS OF GROWTH IN THE LOCAL MARKET DESPITE CLIMBING PRICES

He says with a consistency in rates the market has experienced "healthy growth with home sales" in Yakima. 134 homes sold in April of this year, a 1.5% decrease from the 136 homes that sold in April of 2023. Bemis says the number of homes sold this year is 6.7% higher than last year-to-date, and the median sales price is up 3.9%.  He says the Yakima market is appreciating at a very healthy pace.

ARE YOU LOOKING TO BUY A HOME THIS YEAR?

So far this year 465 homes have sold in the Yakima area. So are you thinking buying a new home in Yakima this year? Are you a first time home buyer? How are you affording the cost of a new home these days?