Walla Walla’s real estate market continued to show resilience through the pandemic as historically low interest rates continued to fuel buyer demand. With so many buyers looking for homes to purchase and so few houses for sale, there has been a disconnect between supply and demand. This imbalance has pushed prices upward while driving more bidding wars and multiple-offer scenarios. At the end of June, there were 29% fewer homes listed for sale than at the same time a year ago. Thus far, the tight supply has pushed the year-to-date median sales price 9% above the previous year.
Yet buyers have not been swayed. At the halfway point, closed home sales were 3% ahead of last year’s pace. The Walla Walla Valley remains a popular place to live. Some would even suggest that living here has become even more attractive this year. The Business Insider just published an article ranking Walla Walla 8th out of the 17 best cities in the Western US to live in after the pandemic.
June’s Listings: 202*
Listings dropped 13% from the previous month and ended 29% below the number of homes listed for sale in June of last year.
June’s Closed Sales: 82*
Monthly closings surged 52% ahead of the previous month and were 21% above the number of closed homes sales for June of last year.
June’s Median Sales Price: $305,634*
The median price increased 5% above the previous month and was 10% higher than the median price for June of last year.
*WWMLS WA Data
Watch weekly economic updates with Matthew Gardner – Windermere Chief Economist