Real Estate Market Update – Vancouver, WA
Vancouver, WA — Real Estate Market Updates 2019
Located just across the Columbia River from Portland, Vancouver is a Southern Washington city of more than 171,000. This suburb’s population has increased by 7% in the last 10 years, and the real estate market reflects a cost of living influenced by a desirable location.
The median home price in Vancouver rose to $340,000 during a period from April to July of 2019; this is a 5% increase over median home value during the same period in 2018. Likewise, price per square foot rose similarly to 5% higher than the previous year.
Right now, the housing market in Vancouver is very competitive. Homes spend an average of just 13 days on the market, and generally sell for just .2% below list price. Especially sought after homes may actually go for 1% above list price, and spend less than a week on the market. What’s more, homes in the Vancouver area usually receive more than one offer.
The average age of Vancouver residents in 37 years old, which should give an idea of the life phase most people are in when looking to purchase homes here. One cost-saving factor to note is that Washington does not charge a state income tax.
Some of the most expensive neighborhoods in Vancouver are:
- The area of NE 119th St./NE 72nd Ave.
- The area of NE 28th St./ NE 162nd Ave.
Though there aren’t many areas that feature a lot of homes well below the median price, some of the less expensive neighborhoods in Vancouver (where one may be able to score a property in the $200,000 range) include Bagley Downs, Van Mall, and Hazel Dells.
Real Estate Market Forecast for 2020
Though there’s a great deal of interest in the Vancouver real estate market right now, it has cooled to a slightly more neutral area in 2019 so it’s not as tilted in sellers’ favors as in years past. However, local realtors expect that the demand for housing will continue to outrun the actual housing available.
It’s estimated that home values in Vancouver will continue to rise by somewhere in the area of 2.4% over the next year. At an already inflated cost of living, this may sound like a significant mellowing out, but it means that the median home value will reach well over $100,000 above that for the entire country.
Helpful Links When Moving to Vancouver, WA
Finding a home is stressful enough in and of itself without the learning curve that often accompanies moving to a new city. Here are some handy links to make the transition to Vancouver easier.
Visit Vancouver Relocation Guide — this site, which aims primarily to assist tourists, also provides information for those relocating to the Vancouver area. It offers insight into taxes, health care, education, and transportation for new transplants.
City of Vancouver — explore city services, local events, and community information by perusing the city’s official website. Everything from online bill payment to local biking maps can be found on this site.