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West Market Report, Q2-2021 (WA, OR, ID, MT)

Market Activity

Seattle, WA
Market Overview

With home prices rising by 31.4% over the last year, the average sale price in western Washington hit a record high in Q2 2021. Homes averaged 18 days on the market before selling, and market supply levels remained in high demand.

Seeing a significant rise since 2020, eastern Washington average home prices rose by 28.8%. With houses in high demand, prices are steadily rising. Homes averaged 20 days on the market, which is a 15 day decrease over 2020.

🡱 3,404
Homes Sold
🡱 $850,000
Avg. Home Price
🡱 $2,073
Median Rent

Statewide Data

🡱 6.4%
Rental Vacancy Rate
🡱 0.6%
Homeowner Vacancy Rate
🡳 5.0%
State Unemployment Rate
Metro Area Unemployment
Seattle
5.5%
Olympia
4.7%
Lewiston
3.4%
Bremerton
4.6%
Spokane
4.9%

Market Activity

Portland, OR
Market Overview

Tight inventory makes Oregon a hot market right now, leaning in favor of sellers. Seeing an 11.6% increase in median home prices since 2020, Portland Oregon and its surrounding area’s homes lasted an average of 39 days on the market before selling.

🡱 12,622
Homes Sold
🡱 $562,700
Avg. Home Price
🡱 $1,565
Median Rent

Statewide Data

🡱 4.7%
Rental Vacancy Rate
🡱 0.60%
Homeowner Vacancy Rate
🡳 5.3%
State Unemployment Rate
Metro Area Unemployment
Portland
5.1%
Albany
5.7%
Eugene
5.8%
Salem
5.1%

Market Activity

Boise, ID (Ada County)
Market Overview

The Boise housing market is thriving with houses selling over asking price, due to low mortgage rates and limited supply. Boise has seen a 12-month increase of housing prices, and the trend is looking like it will continue.

🡱 6,023
Homes Sold
🡱 $498,000
Avg. Home Price
🡱 $1,679
Median Rent

Statewide Data

🡳 4.0%
Rental Vacancy Rate
🡱 0.7%
Homeowner Vacancy Rate
🡳 3.0%
State Unemployment Rate
Metro Area Unemployment
Boise
3.2%
Pocatello
3.2%
Twin Falls
3.2%
Idaho Falls
2.6%

Market Activity

Billings, MT
Market Overview

Across the entire state of Montana, home prices have increased in value since 2020. The jump is due to demand caused by more people moving back into the state. Montana’s housing market is incredibly hot and showing no signs of slowdown.

🡱 1,169
Homes Sold
🡱 $376,248
Avg. Home Price
🡱 $945
Median Rent

Statewide Data

🡱 4.3%
Rental Vacancy Rate
🡳 0.6%
Homeowner Vacancy Rate
🡳 3.66%
State Unemployment Rate
Metro Area Unemployment
Billings
3.9%
Great Falls
3.8%
Missoula
3.9%

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