What’s the Housing Market Like in Redmond, WA?

Washington has become a hotspot for those looking for work in one of the booming STEM industries. With so many large corporations in the area, it’s no wonder why the population in Redmond, WA has increased so much in recent years. Its proximity to other large cities, like Seattle, Tacoma, and Bellevue, makes it the perfect location for those who want to advance their career while raising a family.

Current Market Trends

Buyers looking for a home in Redmond, WA will be happy to know that the market is currently in their favor. While home prices are higher than the national average, most homes are selling for below asking price. Most homes receive two offers, so now is the time to jump into the real estate market here. Popular properties may only stay on the market for about a week before selling.

On average, homes sell for around $840,000. This is down from previous years. The average price per square foot is $408, which is almost double that of surrounding cities. However, it’s estimated that housing prices will begin to increase again come next year. That’s why now is the best time to find a home in the area if you’re ready to move.

Rental Rates

While many people own houses in the city, almost half choose to rent. Because of this, the rental market in Redmond, WA is very competitive. Renters can choose from different types of properties, including 2, 3, and 4-bedroom properties. However, it is important to note that the number of properties currently available is at an all-time low, so landlords can negotiate for higher rates. If you’re looking to rent in the city, expect to pay almost $2,700 a month, on average. This is almost $500 more a month than neighboring cities.

Demographics

The median income for residents is much higher than the national average. Most residents earn about $118,000 per year. This is almost double what it was nearly 20 years ago. Most residents are married, and almost 70 percent have a bachelor’s degree or higher. In fact, nearly one-third of residents have completed graduate or professional level degrees.

Most residents commute work daily. Jobs in science, computers, and mathematics fields are the most popular. The crime rate in the area is very low, making this city a safe place to raise your family. The city is very diverse and welcoming to people from all backgrounds.

Great for Families

Parents are excited to learn about the wonderful schools in the area. Both the Lake Washington and Northshore School Districts are highly acclaimed. Access to some of the best schools in the state is one reason why the housing market remains so competitive.

Even though housing prices are lower than they were a year ago, these bargains won’t last for long. It’s forecasted that the Redmond, WA housing market will make a comeback within the next year. Buyers who want to save some money on a great home shouldn’t hesitate to begin looking. This hot city is a prime destination for those who work in the big city but want to enjoy to good life in a cozy suburb.

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