Market Report: The Most Affordable City for Homebuyers in Washington
The first two years of the coronavirus pandemic have left a lasting impact on the U.S. housing market, prompting a significant shift in the preferences of Americans. Many chose to move away from expensive, densely populated areas to mid-sized cities and nearby suburbs in more affordable regions of the country. This migration was fueled by low mortgage rates and strong demand for homes, exacerbated by disruptions in new home construction caused by pandemic-related challenges in the labor force and supply chains. The result often involved fierce competition among buyers, leading to intense bidding wars for available properties.
While price growth has moderated in many markets during 2023, driven by inflation and higher mortgage rates, housing costs remain elevated and pose challenges for the average household. Nevertheless, there are cities across the country where housing affordability is within reach for a broader range of budgets, at least when compared to the broader housing market within their respective states.
Among the 20 cities in Washington for which data is available from the real estate market website Realtor.com, Moses Lake emerges as the most affordable option for prospective homebuyers. As of April 2023, the median list price in Moses Lake stood at $383,700, a notable contrast to the statewide median list price of $649,000.