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.