Wenatchee, Washington, is a city with a dynamic real estate market. It has a variety of options for buyers. Let’s delve into the latest market trends and statistics for this charming city nestled in Chelan County. As of the most recent update, the Wenatchee housing market boasts a total of 191 active home listings, indicating a diverse range of options for potential homebuyers, according to Movoto.
In September 2023, the median price for homes in the Wenatchee housing market stood at $574,900. This data reflects the city’s real estate affordability, making it an attractive option for home seekers. The average time a home spends on the market in Wenatchee, WA is 47 days. This is a significant improvement from last year when homes took 58 days to sell on average, indicating a more vibrant real estate scene.
Notably, 123 homes were sold in Wenatchee in September 2023, a noticeable increase from the 109 homes sold the previous year. This suggests a growing interest in the city’s real estate offerings.
Wenatchee, WA falls within the Chelan County R-1 School District, which comprises a total of 17 Elementary Schools, 8 Middle Schools, and 8 High Schools. The collective rating of these schools, as per GreatSchools, averages at 5 out of 10, providing insight into the educational opportunities within the city.
Wenatchee Housing Market Trends & Statistics
Let’s take a closer look at key statistics by Moboto.com that shed light on Wenatchee’s real estate landscape.
Price per Square Foot
For September 2023, the median list price of homes in Wenatchee stood at $574,900. This marks a decrease from the previous year when it was $633,900. The reduction in price indicates favorable conditions for potential buyers.
Seller’s Market
As of September 2023, Wenatchee, WA can be classified as a seller’s market, signifying a situation where there are more buyers than available homes. This competitive environment hints at the city’s desirability as a place to live.
Schools in Wenatchee, WA
Education plays a crucial role in determining the attractiveness of a city. In Wenatchee, there are 12 public schools, with an average GreatSchools rating of 5 out of 10. Additionally, the city is home to 9 private schools, offering a variety of educational choices.
Property Insights
Understanding the demographic and environmental aspects of Wenatchee is essential for potential residents. Here are some key property insights:
- Population Demographics: Wenatchee has a diverse population, with 51% female and 49% male. The average age of residents is 35 years old.
- Educational Attainment: 20% of residents have a college degree, while 78% have a high school diploma.
- Household Earnings: The average household earnings in Wenatchee are approximately $55,000.
- Poverty Rate: Approximately 17% of residents in Wenatchee live below the poverty line.
- Tree Coverage: The city enjoys 1.79% average tree covering, contributing to its natural beauty.
- Climate: Wenatchee experiences an average temperature of 53°F and a moderate number of sunny days compared to the national average.
Real Estate & Homes For Sale Nearby
If Wenatchee doesn’t quite match your preferences, consider exploring nearby cities and counties for additional options:
- Nearby Cities: Chelan, East Wenatchee, Ellensburg, Quincy, Leavenworth, Cashmere, Entiat, Cle Elum, Roslyn, Rock Island
- ZIP Codes: 98801, WA; 98922, WA; 98802, WA; 98926, WA; 98848, WA; 98823, WA; 98815, WA; 98822, WA; 98828, WA; 98850, WA
- Counties: King County, Snohomish County, Pierce County, Benton County, Chelan County, Yakima County, Kittitas County, Grant County, Okanogan County
With a decreasing median home price, shorter days on the market, and a surge in home sales, Wenatchee is a city on the rise. Its schools, demographic makeup, and natural beauty make it an attractive place to call home. Whether you’re searching for your dream home or considering an investment, Wenatchee offers a promising real estate landscape.
Wenatchee Housing Market Forecast 2023-2024
Wenatchee Housing Market Forecast by Zillow
The Wenatchee housing market has been a topic of interest, with Zillow providing valuable insights into its current state and future forecasts. As of September 30, 2023, the average home value in Wenatchee stands at $463,176. This figure reflects a 1.0% decrease in home values over the past year, indicating some fluctuations in the market. Notably, homes in Wenatchee tend to go pending in a remarkably swift 9 days, which speaks to the demand in this area.
Wenatchee MSA Housing Forecast
Let’s delve into the Market Statistical Area (MSA) forecast for Wenatchee, WA. The data for this region provides a glimpse of what’s in store for the housing market.
- Region Name: Wenatchee, WA
- Region Type: MSA
- State Name: WA
- Base Date: 30-09-2023
- 31-10-2023 Forecast: 0%
- 31-12-2023 Forecast: 0.2%
- 30-09-2024 Forecast: 1.8%
These forecasts reveal a gradual but positive growth trend in Wenatchee’s housing market. While there may be a minimal increase by the end of 2023, a more substantial 1.8% growth is anticipated by September 2024.
Insights for Buyers and Sellers
For those considering buying or selling a home in Wenatchee, here are some important insights to consider:
Buyers:
With the average home value at $463,176, Wenatchee presents a variety of options for potential buyers.
The market moves quickly, with homes going pending in just 9 days. It’s essential to act decisively and be prepared to make competitive offers.
Sellers:
While there has been a 1.0% decrease in home values over the past year, the market is expected to recover with a 1.8% increase forecasted by September 2024. This might be a positive sign for sellers willing to wait for better returns.
Timing can be crucial. Consider listing your property when the market shows signs of improvement.
Should You Invest in the Wenatchee Real Estate Market?
Investing in real estate is a significant decision that depends on various factors. When it comes to the Wenatchee real estate market, several considerations can help you determine if it’s the right choice for your investment. Let’s explore some key aspects:
1. Population Growth and Trends
Wenatchee’s population growth and trends play a crucial role in the real estate market. Here are some points to consider:
- Wenatchee has experienced consistent population growth in recent years.
- A growing population often leads to increased demand for housing, which can be a positive sign for real estate investors.
- The city’s appeal to both residents and tourists due to its natural beauty and outdoor recreational opportunities can contribute to sustained population growth.
2. Economy and Jobs
The economic landscape of Wenatchee is another important factor for real estate investors:
- Wenatchee’s economy is diverse, with sectors like agriculture, healthcare, and tourism playing significant roles.
- A stable economy can lead to job growth and a steady demand for housing.
- The presence of major employers in the area, such as healthcare facilities and educational institutions, can provide a stable tenant base for rental properties.
3. Livability and Other Factors
Consider the overall livability and additional factors that make Wenatchee an attractive destination:
- Wenatchee boasts a high quality of life, with access to outdoor activities, a vibrant arts and culture scene, and a strong sense of community.
- The city’s location in the heart of Washington’s wine country and its proximity to natural wonders like the Cascade Mountains make it an appealing place to live, which can drive demand for housing.
4. Rental Property Market Size and Its Growth
For real estate investors interested in rental properties, it’s essential to examine the market size and growth:
- Wenatchee’s rental market has seen growth due to the demand for housing, including apartments and single-family homes.
- The city’s appeal to renters, including young professionals and families, can translate into a steady stream of potential tenants.
5. Other Factors Related to Real Estate Investing
In addition to the factors mentioned above, consider these additional aspects:
- Market Stability: Wenatchee’s real estate market has historically shown stability, with manageable price fluctuations.
- Rental Income Potential: Research the potential rental income for different types of properties in Wenatchee to ensure it aligns with your investment goals.
- Property Management: Evaluate the availability of property management services in the area, as they can make the investment process more efficient.
Hence, whether you should invest in the Wenatchee real estate market depends on your investment goals, risk tolerance, and the specific opportunities you discover. The city’s population growth, strong economy, livability, rental market, and overall market stability provide promising signs for potential investors. However, thorough research, due diligence, and a clear investment strategy are essential for making informed decisions in this dynamic real estate market.
Sources:
- https://www.zillow.com/Wenatchee-wa/home-values
- https://www.movoto.com/wenatchee-wa/market-trends
- https://www.realtor.com/realestateandhomes-search/Wenatchee_WA/overview