Real Estate Market Report for October 2022

By
December 14, 2022

Real Estate Market Report for October 2022

Real Estate Market Report for October 2022

The real estate market continues to fluctuate with a slowing available inventory, higher mortgage rates, and lowering home prices. But, as some speculate a shift to a buyer's market as early as next summer, some Washington counties already are. And other markets are cooling and potentially nearing a buyer's market.

So if you're looking to buy or sell real estate in Washington soon, these market trends can help inform when to hold on and when to move.

Seller's Market Zones

Lewis County

?       Median selling price: +12.5% YTY

?       Available inventory: -0.9% MTM

?       Homes sold: -5.2% MTM

?       Number of homes selling below asking price: 51.4%

?       Time on the market: +64.9% YTY

Large home prices with five or more bedrooms have fallen 18%, making now a great time to buy a larger house.

Clark County

?       Median selling price: +14.4% YTY

?       Available inventory: -4.9% MTM

?       Homes sold: -22.6% MYM

?       Number of homes selling below asking price: 41.4%

?       Time on the market: +76.9% YTY

Most homes are selling in under 30 days in Clark County, even with lower October sales.

Neutral Zones

Battle Ground

?       Median selling price: +16.3% YTY

?       Available inventory: -12.3% MTM

?       Homes sold: -42.5% MTM

?       Number of homes selling around asking price: 52.2%

?       Time on the market: +103.0% YTY

The Battle Ground market may be colling, but homes are selling in an average of 44 days near the asking price.

Pacific County

?       Median selling price: +11.6% YTY

?       Available inventory: -7.5% MTM

?       Homes sold: -29.0% MTM

?       Number of homes selling below asking price: 63.6%

?       Time on the market: +75.1% YTY

Pacific County is showing more neutral; however, available listings sell in an average of just 47 days.

Buyer's Market Zones

Klickitat County

?       Median selling price: -2.1% YTY

?       Available inventory: -7.2% MTM

?       Homes sold: -31.6% MTM

?       Number of homes selling below asking price: 61.5%

?       Time on the market: +198.4% YTY

The average sales time for homes in Klickitat County is 101 days, giving buyer's over three months on average to shop for available homes.

Skamania County

?       Median selling price: +10.8% YTY

?       Available inventory: -11.4% MTM

?       Homes sold: -50.0% MTM

?       Number of homes selling below asking price: 66.7%

?       Time on the market: -71.3% YTY

Skamania County is a mixed bag, with fewer sales and homes selling for less than asking price. However, the average sale time was just six days in October 2022.

Looking to Buy Real Estate in Washington?

The national real estate market is moving with higher interest and inflation. So it's never been more critical to have qualified, knowledgeable real estate agents on your side.

At UCNW, we pride ourselves in our local expertise, guiding our clients to the perfect location and price. So contact us today to get started on your home purchase or sale!