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The interest rate on a 30-year fixed rate mortgage is hovering around 6%. Housing market information is provided by Altos Research, Inc. based on analysis of all active market properties for sale in the US in the preceding week. All analytics are copyright Altos Research and not affiliated with any MLS.
To help you stay current on the market, ZeroDown compiled a weekly real estate market report in Walla Walla, WA metro area using data from Redfin. Metros with more than 50 homes sold during this time period were considered for metro-level rankings for each statistic. Neighborhood appreciation rate data are based on transactions involving conforming, conventional mortgages. Conventional means that the mortgages are neither insured nor guaranteed by the FHA, VA, or other federal government entity. In November 2022, Walla Walla County home prices were up 2.4% compared to last year, selling for a median price of $409K.
Number Of Homes And Apartments:
Our data are calculated and updated every three months for each neighborhood, city and town, approximately two months after the end of the previous quarter. Each quarter, Fannie Mae and Freddie Mac provide their most recent mortgage transactions to the FHFA. These data are combined with the data of the previous 29 years to establish price differentials on properties where more than one mortgage transaction has occurred.
Flood risk data is provided by Risk Factor™, a product of the nonprofit First Street Foundation. Risk Factor™ is a peer reviewed scientific model, designed to approximate flood risk and not intended to include all possible risks of flood. Can sell for about 1% above list price and go pending in around 12 days. Can sell for about 1% above list price and go pending in around 5 days. The percentage of housing units in the city that are occupied by the property owner versus occupied by a tenant .
States sending the most people to Washington
Fire risk estimates the risk of wildfires, based on the likelihood of burning in the future and the potential size and severity of a fire. Explore how many homes are likely to flood in nearby cities, compared to . Median home value is the value which has equal numbers of homes valued above and below it. The median home value is more stable than the average home value, which can be greatly affected by a few very high or very low home values. The most prevalent building size and type in Walla Walla are three and four bedroom dwellings, chiefly found in single-family detached homes.
Drought risk is based on water stress, which estimates how much of the future water supply will be used for human purposes, like watering the lawn. In the last 30 days, the median number of days a home in Walla Walla County remained on the market was 18. In areas with a low DOM, homes are sold quickly and the competition is fierce; in areas with higher DOMs, you may have more options and more time to make an offer. Home sales in May were down 8.6% year over year, according to the National Association of Realtors. May also saw the median home price break $400,000 for the first time in history. As mortgage rates rise in concert with The Fed’s rate hikes this month, fears about the American housing market pricing out tens of millions of would-be homebuyers continue to fester.
What is the Zillow Home Values Index?
This information is obtained by reviewing repeat mortgage transactions on single-family properties whose mortgages have been purchased or securitized by Fannie Mae or Freddie Mac . Then proprietary algorithms developed by Dr. Schiller, NeighborhoodScout's founder, are applied to produce neighborhood appreciation rates. Appreciation rates are updated by NeighborhoodScout each quarter as additional mortgages are purchased or securitized by Fannie Mae and Freddie Mac. The new mortgage acquisitions are used to identify repeat transactions for the most recent quarter, then are fed into NeighborhoodScout's search algorithms. Our data are designed to capture changes in the value of single-family homes at the city, town and even the neighborhood level. Different neighborhoods within a city or town can have drastically different home appreciation rates.
The recent growth in home prices for the county has also outpaced other counties in eastern Washington. For the most part, the counties experienced increases below the state average. For example, in the last six quarters, Whitman County saw an uptick of only 16%, while prices in the counties of Benton, Franklin and Spokane grew 21%.
These resultant neighborhood appreciation rates are a broad measure of the movement of single-family house prices. The appreciation rates serve as an accurate indicator of house price trends at the neighborhood level. Neighborhood appreciation rates from NeighborhoodScout are based on both median house value data reported by respondents via the U.S. Bureau of the Census, and a weighted repeat sales index, meaning that they measure average price changes in repeat sales or refinancings on the same properties.
Mortgages on properties financed by government-insured loans, such as FHA or VA mortgages, are excluded, as are properties with mortgages whose principal amount exceeds the conforming loan limit. Mortgage transactions on condominiums or multi-unit properties are also excluded. As such, NeighborhoodScout does not produce appreciation rates for neighborhoods that consist solely of renters or have no single-family homes . In the last 10 years, Walla Walla has experienced some of the highest home appreciation rates of any community in the nation. Walla Walla real estate appreciated 110.10% over the last ten years, which is an average annual home appreciation rate of 7.71%, putting Walla Walla in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Walla Walla definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Get started by checking out the most popular home & the most saved home by Better Homes and Gardens® Real Estate homebuyers in the last 30 days. When you are ready to explore homes, read what Better Homes and Gardens® Real Estate agents have to say about Walla Walla and discover homes for sale in Walla Walla. There are signs this week, however, that the real estate market is shifting ever so slightly toward the buyer. May data shows home builders have started lowering prices for newly built homes as demand has cooled.
On average, homes in Walla Walla County sell after 20 days on the market compared to 11 days last year. There were 46 homes sold in November this year, down from 65 last year. In November 2022, Walla Walla home prices were up 1.6% compared to last year, selling for a median price of $406K. On average, homes in Walla Walla sell after 18 days on the market compared to 9 days last year. There were 28 homes sold in November this year, down from 49 last year.
Zillow Home Value Index , built from the ground up by measuring monthly changes in property level Zestimates, captures both the level and home values across a wide variety of geographies and housing types. While the pandemic largely disrupted economic activity throughout communities, there was not a noticeable change in the trajectory of median home resale prices. In part, with as many people moved to working remotely, they chose to renovate existing homes, adding home offices and workspaces and making them less likely to sell. Additionally, slowed construction during the early parts of the pandemic further reduced supply, continuing to drive up prices of existing homes.
There are 149 active homes for sale in Walla Walla, WA, which spend an average of 47 days on the market. Some of the hottest neighborhoods near Walla Walla, WA are Blalock Orchards, Mountain View, Valley Homes, Spring Grove, Abbott Acre. One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Walla Walla differ in their investment potential, sometimes by a great deal. In the last 30 days, homes for sale in Walla Walla County, WA sold for a median price of $363,750, down 8.6% compared to the same period last year. The median price per square foot was $268.88, up 23.5% year-over-year.
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