Considering Homes for Sale in Walla Walla? Here’s What to Know

Considering Homes for Sale in Walla Walla? Here’s What to Know


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Everyone dreams of owning a home in a beautiful part of the country — and for those who’ve set their sights on the Pacific Northwest, there’s never a shortage of natural beauty. Nowhere is that more evident than in scenic Walla Walla, home to one of Washington’s fastest growing wine industries. With excellent schools, a pleasant climate, and indeed some stunning scenic views, it makes for an attractive destination for many. Have you recently begun to think about purchasing a home in this area?

Knowing about the market conditions you might face as you shop for a new living space is critical to understanding what kind of buying strategy you should adopt. After all, there may be competition out there for homes that might draw an offer from you. Now is also the time to invest in researching what it’s like to live and work in the region. So, what should you know about the real estate market around this area?

Walla Walla continues to grow in popularity

One only needs to look at the growth of wineries and vineyards around Walla Walla to see that the region has no trouble bringing newcomers to its borders. With more than 100 vineyards and two dozen wineries, its economic growth has contributed to the growth of both the city and its nearby suburbs, such as College Place. The presence of the Tri-Cities Area only a short commute away means that a wide variety of other economic opportunities are present, both in- and outside the agricultural industry. As the home to the prestigious, private Whitman College as well, there are a variety of opportunities for those who move to this area.

Interest in homes for sale in Walla Walla remains strong

All these attractive features equate to a very robust and active housing market. In fact, 2017 saw more homes for sale in Walla Walla move to closing than at almost any time in the last dozen years. Only 2016’s demand was higher, pointing to a trend that should see more buyers searching for homes in the area. Unfortunately, as is typical in many markets today, home inventory is unusually low. In fact, Walla Walla typically maintains only about two months’ worth of inventory. In other words, listed homes sell fast, while not as many new homes enter the market to replace them. Driving these sales are prices lower than in some of the surrounding areas of the Tri-Cities. With a median price around $225,000, these homes remain very well-priced for their location in an attractive wine-producing region.

What’s in store for the market here?

Current trends point to continued moderate increases in the prices of homes for sale in Walla Walla. However, due to the low inventory, the area does face a “seller’s market” situation. Buyers intent on negotiating should be aware that there may be others waiting to make offers on homes much closer to a seller’s list price. These price increases should remain slow, though, providing plenty of opportunities to explore the market. From the weather to the wine to the plentiful economic opportunities nearby, this is an area with a real estate market worth exploring.

 

https://www.washingtonwine.org/wine/facts-and-stats/regions-and-avas/walla-walla-valley

https://www.movoto.com/walla-walla-wa/market-trends/

https://www.trulia.com/real_estate/Walla_Walla-Washington/market-trends/

Walla Walla Real Estate Update – November 2017

 

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