Home prices in Kennewick, Washington increased by 7.5% in June year over year, and the growth only refers to single-family houses in the city based on a CoreLogic report.
Luxury home prices in the city and the rest of the state may have also risen as of the second quarter. If you’re planning to buy a high-end house, homes for sale in Kennewick, according to Retter & Company Sotheby’s International Realty, are still cheaper than other places where prices have gone up by as much as 19%.
CoreLogic said that despite the increase in Kennewick home prices, the market might be cooling-off. Whether prices have increased, a slowdown in price growth means improved affordability for buyers. The price movement within different cities in the state also led Washington to trail behind Nevada, where home values rose the most in June nationwide.
The median home price for a house in Washington cost $360,000 as for March. While Nevada has the fastest-growing market in June, prices in Las Vegas are three times more affordable than Seattle.
If you’re not keen on spending a huge amount on buying a luxury house in Seattle, there are other places in the state where prices are lower yet be prepared to pay a premium. Some economists have noticed an increased demand for luxury properties in the U.S., due to the tax reforms and stock market gains that increased the buying power of rich Americans.
You’d also need to decide soon as many properties go off the market in record time, especially those in popular investment destinations.
Home buyers need to look for competent real estate agencies that can help them find the best property on the market. Competition from buyers remains stiff, as more people want to buy homes either as an investment or for their own use.