5 Things You Need to Know About Yakima’s Housing Market

In the summer months, real estate starts to take off; and while the past year hasn’t been normal by any stretch of the term, it’s still a great time to sell or buy.

That's why we reached out to our friends at Pacific Alliance Title for the most important information you need to know right now about Yakima's housing market.

1) It's a Seller's Market

Inventory is incredibly low throughout the Yakima Valley, which means homeowners looking to sell likely will get top dollar for their homes.

2) Home Values are Up

The median home price is $281,000 in Yakima, according to Realtor.com’s market overview. That's a 6 percent jump from last year, and as of last month, most homes were selling for right around their asking price.

3) Homes are Selling Faster

The median number of days a home is on the market is 79, down from 127 days in February 2020 and up from 55 days in August 2020.

4) Interest Rates Remain Low

Interest rates remain low at 3.02% for a 30-year fixed rate loan. This factor is huge when assessing the current market: low interest rates keep buyers on the lookout for their next home.

5) Average Sale Price

The average sale price of homes sold is $311,000, which is a little higher than the median listing price. That may mean homes at that higher price point have been selling more in recent weeks. Rest assured, Yakima has single family homes, townhouses and condos available at a variety of price points.

When it comes to buying or selling your home, the local team of experts at Pacific Alliance Title are here to help guide you through the Title and Escrow process.

Check out the videos below to understand the basics of Title and Escrow.

What is Title?

What is Escrow?

A great guide through the title and escrow process (click to view larger)

Pacific Alliance Title is your best choice for title insurance and escrow services in Yakima County. Contact them today!

Yakima 509.225.6809
Sunnyside 509.839.4787
www.pacificalliancetitle.com