Vancouver, Washington is a beautiful city located on the north bank of the Columbia River, sitting directly across from Portland, Oregon. Vancouver is the fourth largest city in Washington and combines the energy of a large metropolitan area and the charm of a small town with access to recreational activities, making this city a popular place to live. If you are interested in buying or selling a house in Vancouver, WA, read the market trends below to learn more.
Prices in the last year
Like many cities across the United States, Vancouver has had an active few years in real estate as the high demand and limited inventory have driven prices higher. In April 2022, home prices have grown 20.2% over the last year with the median sale price landing around $499,000. The average home in Vancouver sells after 5 days on the market, and sold after 5 days on the market last year as well.
Inventory in 2022
Currently, there is a tight supply of inventory in the city of Vancouver. There is less than a one-month supply of inventory, putting additional pressure for prices to rise this spring. RedFin classifies real estate in the area to be “somewhat competitive,” as some homes receive multiple offers and average homes sell for about 4% above list price.
Because there has been a notable disproportion between the supply and demand of the housing market in Vancouver and nearby cities like Portland, many new homes are being built, which could lead to a better balance. There is a rise in construction in the suburbs outside of Vancouver, such as Clark County, allowing more affordable living for single-family homes. In the meantime, tight inventory and high prices will remain.
Top home features and design trends
There are several features that are currently trending that allow a home to sell for more. Using real estate data to determine valuable home features, RedFin estimated which features in a house can earn you the best deal. Some of the top features include a fenced backyard, with a sale-to-list ratio of 110.8%. When the ratio is above 100%, homes with the specific feature have sold for more than the seller listed. Other characteristics include a new roof with a sale-to-list ratio of 110.4%, open concept design at 107.4%, and an open floorplan at 107.1%.
Forecast for the market in 2022
With interest rates on the rise and price growth tapering, the question of future market predictions comes to the forefront. Overall, housing analysts and economists predict prices of homes in and around the Vancouver area will continue to rise through 2022, though the level of gains may decrease in comparison to the previous year.
In areas like Clark County, demand for housing will continue to exceed supply, prolonging rising prices. As more first-time buyers enter the market and work-from-home options become more accessible, more will likely look for housing in the suburbs as opposed to highly populated neighborhoods closer to downtown.
Whether you are selling or buying in Vancouver, being aware of the market trends can help you get started and offer key insights into finding the right area for you and your family’s needs. For the best options, contact a real estate agent to help you map out your interests, deal breakers, and financial situation.