Single-family home prices in the central Puget Sound regions shot up in July but stronger jumps were seen in more remote locations.
Median sale prices increased by 27% in Lewis County while Kittitas and Okanogan counties rose 18% and 21%. These increases are very interesting to watch because it shows that the ability to work remotely is having an effect on the real estate market.
Snohomish saw the steepest price increase of 14.5% followed by Pierce with 13% and Kitsap with a 12% increase. In King County, the median price rose by 7%.
Covid-19 slowed the real estate market for about a month this Spring but numbers have shown that the market has bounced back. Many believe that the market has become a ‘fear-of-missing-out-market,” while buyers are taking advantage of the record-low interest rate.
With low interest rates, the huge backlog of home buyers, and low inventory, the market is feeling like it’s ‘multiple-offer-everything.’
To read the full Puget Sound Business Journal article, click here.