top of page

Know Your Numbers

When talking to people about buying or selling it is important to be knowledgeable about the real estate market so they see you as the expert. Share some information about the housing market and explain to them why now is the time to buy or sell. Here are some numbers you should know:

National Numbers You Should Know

  • Home values are up 16.1% over last year.

  • Average time on market is 25 days (from list date to pending status).

  • Homes sold in 2021 received on average 4.1 offers.

  • 65% of sellers reported that at least one of the offers did not include an inspection contingency.

  • 74% said they received at least one cash offer or an offer that did not include a financing contingency.

Local Numbers You Should Know

  • Home values in Washington State are up 22.8% over last year (you should know this for your state).

  • Bellevue home value is up 21.5% (you should know this for your city/market).

  • Homes in Washington sell on average within five days of the list date (this is due in large part to offer review dates).

  • Homes in Washington sell on average 13% over list price.

  • Months of supply in Washington state is 0.67 (3-6 months is standard).

Two things that are driving the market today are low inventory and rising interest rates. To say that we have a housing shortage is a mild understatement. According to the National Association of Realtors, the last time we saw such record lows of available housing was 1999. The interest rate for a 30-year fixed conventional loan remains at historic lows. It is widely regarded that a healthy interest rate is between 6-8%. The last time the interest rate was above 6% was in 2008 when it ended the year at 6.03%. For the first time since the pandemic, the rate is now above 4% (4.449%), up from 3.06% one year ago.


bottom of page