Current home values in Washington

Home values have been rising throughout Washington and are up 7.9% from a year ago.

Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $657,953, Realtor says.

Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.

Here's how that works in Washington: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.

A 30-year mortgage for a $657,953 home at 3.33% would give a typical Washington homebuyer a monthly payment of $2,314, assuming a 20% down payment.

How the Washington housing market stacks up

Couple sitting on a bench
fitzcrittle / Shutterstock
Washington couple sits by the water, even in cooler weather

The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.

While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in Washington, they're predicted to rise 4.7%.

Homes right now are going on the market in Washington at a median price of $231 per square foot, versus $134 per square foot nationwide.

Are you looking to buy? Take a look at today's best mortgage rates where you live.

Washington home prices over the last 10 years

Year Avg. Price
2020* $425,049
2019 $393,900
2018 $375,175
2017 $345,092
2016 $308,433
2015 $277,675
2014 $256,250
2013 $240,150
2012 $223,550
2011 $228,275
2010 $249,825
2009 $265,942

*2020 price average through March 31, 2020.

How much for an average-sized home?

Here's what a 2,500-square-foot home in Washington is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.

Year Avg. Price
2020* $576,729
2019 $617,500
2018 $585,000
2017 $537,500
2016 $475,000
2015 $430,000
2014 $395,000
2013 $370,000
2012 $340,000
2011 $345,000
2010 $382,500
2009 $405,000

*2020 price average through March 31, 2020.

About the Author

Doug Whiteman

Doug Whiteman

Editor-in-Chief

Doug Whiteman is the editor-in-chief of MoneyWise. He has been quoted by The Wall Street Journal, USA Today and CNBC.com and has been interviewed on Fox Business, CBS Radio and the syndicated TV show "First Business."