Median home price
Median home price in Washington
1996 - 2023
| Year | Median |
|---|---|
| 2023 | $613,000 |
| 2022 | $647,900 |
| 2021 | $560,400 |
| 2020 | $452,400 |
| 2019 | $397,900 |
| 2018 | $362,100 |
| 2017 | $348,900 |
| 2016 | $315,900 |
| 2015 | $289,100 |
| 2014 | $267,600 |
| 2013 | $253,800 |
| 2012 | $236,600 |
| 2011 | $223,900 |
| 2010 | $246,300 |
| 2009 | $250,400 |
| 2008 | $284,400 |
| 2007 | $309,600 |
| 2006 | $293,800 |
| 2005 | $260,900 |
| 2004 | $225,000 |
| 2003 | $203,800 |
The median home price is a common measurement used to compare real estate prices in different markets and periods. It is less biased than the mean (average) price since it is not as heavily influenced by small number of very highly priced homes. Home prices are limited by various factors, such as the incomes of potential buyers, the cost to construct new property to increase supply, and demand for rental units. Since the vast majority of all homes are purchased with a mortgage, the cost of borrowing money, the ability to borrow money, and the ability to make payments are major influences limiting how far prices can rise. In general home prices in the U.S. are about three times annual household income levels.
Because homes are a large investment, home prices are also used as a proxy for household wealth. Even though homes are relatively illiquid, their value can be tapped via home equity loans as happened with great frequency during the housing bubble.
- Home prices in Washington accelerated quickly from 2002 through 2007,
increasing by over $121,000, a gain of 64%. - Median prices continued to trend upwards in 2023, increasing 5.4% over 2022.
- Median prices in 2023 exceeded 2013 values by 141.5%.
Data source:
E-mail: OFM.Forecasting@ofm.wa.gov
