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Median Home Price

Median Home Price in Washington

1996 - 2016

Year Median
2016 $314,900
2015 $289,200
2014 $267,600
2013 $253,800
2012 $236,600
2011 $223,900
2010 $246,300
2009 $250,400
2008 $284,400
2007 $309,600
2006 $293,800
2005 $260,900
2004 $225,000
2003 $203,800
2002 $188,500
2001 $179,900
2000 $176,300
1999 $166,600
1998 $160,700
1997 $150,600
1996 $142,200
1995 $136,600

1996 to 2016

The median home price is a common measurement used to compare real estate prices in different markets and periods. It is less biased than the mean (average) price since it is not as heavily influenced by small number of very highly priced homes. Home prices are limited by various factors, such as the incomes of potential buyers, the cost  to construct new property to increase supply, and demand for rental units. Since the vast majority of all homes are purchased with a mortgage, the cost of borrowing money, the ability to borrow money, and the ability to make payments are major influences limiting how far prices can rise. In general home prices in the US are about three times annual household income levels.

Because homes are a large investment, home prices are also used as a proxy for household wealth. Even though homes are relatively illiquid, their value can be tapped via home equity loans as happened with great frequency during the housing bubble.

Data source:

Last modified: August 16, 2017
E-mail: OFM.Forecasting@ofm.wa.gov