Metropolitan Statistical Area (MSA):
Yakima, WA is a Metropolitan Statistical Area (MSA) comprising counties including Yakima County.
There is no doubt that the Yakima, WA metropolitan statistical area (MSA) has seen some incredible real estate trends over the past few years. The most notable trend has been the rise in home prices, which have been increasing at a steady pace since 2012. This is due to a number of factors, including population growth, low interest rates, and limited supply of homes on the market.
As more and more people are moving to the Yakima MSA, there is simply more demand for housing than there is available supply. This has caused home prices to increase at a rate that is much faster than inflation. In fact, according to Zillow, the median home value in Yakima was $206,600 in September 2018, which is an increase of nearly 8% from just one year ago.
Interest rates also play a role in real estate trends and are currently at historic lows. This makes it cheaper for buyers to finance a home purchase and also encourages more people to enter the market. Lastly, the limited supply of homes on the market is also driving up prices as buyers compete for available properties.
All of these factors have led to some very strong real estate trends in Yakima over the past few years and there is no reason to believe that these trends will slow down anytime soon. If you are thinking about buying a home in Yakima or investing in property here, now is definitely a good time to do so!