Bulletin Board
Month: January 2025
Current Real Estate Trends
As of January 2025, the real estate market in Palouse, Washington, exhibits several notable trends:
Home Values and Trends
- Current Home Values: The average home value in Palouse is approximately $329,621, reflecting a 3.0% increase over the past year.
- Recent Sales Data: Recent transactions include a 2-bedroom, 1-bathroom home at 535 E Bluff St, sold for $272,000 after 74 days on the market, and a 4-bedroom, 2-bathroom property at 1101 Stan Willcox Rd, sold for $660,000 after 48 days.
Market Activity
- Homes for Sale: Currently, there are 15 homes listed for sale in Palouse, with no new listings in the past week.
- Price Per Square Foot: The average sale price per square foot has increased by 5.1% compared to the previous year, indicating a rise in property values.
Future Projections
- Short-Term Forecast: Analysts predict a modest increase in home prices over the next year, with the median home price expected to reach approximately $258,676 by early 2026.
- Long-Term Outlook: Over a five-year period, home values are projected to appreciate by around 15.08%, suggesting a favorable environment for long-term investment.
Market Characteristics
- Demographics: The Palouse-Garfield area boasts a high rate of owner-occupied single-family homes, reflecting community stability. Additionally, 37.43% of adults hold a bachelor’s degree or higher, indicating a well-educated population.
- Safety: The region’s overall crime rate ranks among the lowest in the country, making it an attractive location for families.
In summary, the Palouse, Washington real estate market is experiencing steady growth in home values, increased price per square foot, and a stable market environment. Both short-term and long-term projections suggest continued appreciation, making it a potentially advantageous area for real estate investment.
Counties of the Palouse
The Palouse area of Washington encompasses these counties:
- Whitman County: This is considered the heart of the Palouse.
- Spokane County: Portions of the county fall within the Palouse region.
- Columbia County: Another key county within the Palouse.
- Garfield County: A smaller county that is part of the Palouse.
- Asotin County: Portions of this county are also included in the Palouse.
Towns of the Palouse Continued
Albion
Description: A small town near Pullman, known for its tight-knit community and rural charm.
History: Founded in 1871, Albion is primarily an agricultural community and serves as a quiet residential area for those working in Pullman.
Endicott
Description: A quaint farming town with a rich agricultural heritage.
History: Established in the early 1880s, Endicott has a strong farming community and hosts local events that celebrate its agricultural roots.
Garfield
Description: A small town with a peaceful, rural atmosphere.
History: Founded in the late 19th century, Garfield has maintained its small-town charm and continues to support local farming activities.
LaCrosse
Description: Known for its rugged landscapes and agricultural background.
History: LaCrosse was incorporated in 1917 and is situated in a region known for its wheat and grain production.
Malden
Description: A small, rural town with a close-knit community.
History: Malden has a long history tied to the railroad industry and agricultural activities. Despite facing challenges, the town has shown resilience and community spirit.
Oakesdale
Description: A historic town with beautiful old buildings and a peaceful environment.
History: Founded in the 1880s, Oakesdale is known for its historic architecture, including the Oakesdale Flour Mill.
Pullman
Description: Home to Washington State University, Pullman is a vibrant college town.
History: Incorporated in 1888, Pullman has grown significantly due to the presence of the university, which plays a central role in the town’s economy and culture.
Rosalia
Description: A picturesque town with historic landmarks and scenic views.
History: Established in the late 1800s, Rosalia is known for its historic sites like the Steptoe Battlefield and Rosalia Railroad Bridge.
St. John
Description: A small farming town with a welcoming community.
History: Founded in the late 19th century, St. John has a rich agricultural heritage and hosts annual events that celebrate its farming roots.
Uniontown
Description: A charming town known for its historic landmarks and artistic community.
History: Founded in the late 19th century, Uniontown is home to the famous Dahmen Barn, an art gallery and cultural center.
Waverly
Description: A rural town with a strong sense of community and agricultural focus.
History: Established in the early 20th century, Waverly continues to support local farming and community activities.
Some towns of the Palouse
Asotin
Description: A riverside hamlet along the Washington-Idaho border, known for its scenic beauty and outdoor activities.
History: Originally named Has-Hu-Tin by the Nez Perce, meaning “eel.” The Asotin County Museum showcases the town’s early days.
Colfax
Description: A charming town near Steptoe Butte State Park, known for its historic attractions and scenic surroundings.
History: Incorporated in 1888, Colfax has a rich history with attractions like the Codger Pole and the Perkins House.
Dayton
Description: A historic town with over 100 historic buildings, offering a glimpse into the past.
History: Established in the late 19th century, Dayton features the Boldman House Museum and a beautifully restored depot.
Palouse
Description: A small town named after the region and river, offering outdoor activities and historic sites.
History: Known for its scenic beauty and the Roy M. Chatters Newspaper and Printing Museum.
Ritzville
Description: A town in the heart of Washington’s wheat country, known for its historic downtown and attractions.
History: Founded in 1888, Ritzville’s downtown area is listed on the National Register of Historic Places, with attractions like the Railroad Depot Museum.
Tekoa
Description: A small town at the base of a mountain, marking the end of the Palouse to Cascades State Park Trail.
History: Incorporated in 1889, Tekoa has a strong community spirit and historic Empire Theatre.
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