Home Prices Surge: Median At $367,000, Up 9% Year Over Year!

In the market for a new home? Maybe selling a home?
As of February 2025, the median home sales price in the Yakima area has reached $367,000, marking a 9% increase from the same period last year, when the median was $336,000. That's according to Cory Bemis owner of Yakima's John L. Scott real estate.

PRICES ON THE RISE IN 2024

Bemis says the figure reflects a two-month sample of sales data and continues the upward trajectory seen at the end of 2024, which closed with a median sales price of $355,000. Bemis says in February alone, 105 homes were sold in Yakima County, indicating a 4% rise from the 101 homes sold in February 2024. Year to date, total sales have climbed to 209 homes, an 8% increase over last year’s total of 193 homes sold during the same time frame.

HOW ABOUT THOSE INTEREST RATES DOWN FROM 2024

He says buyers are no doubt impacted by mortgage rates, which for 30-year fixed mortgages average 6.72% as of March 10, according to MortgageNewsDaily.com.
The rate shows a decrease of 0.29% from the month prior, although it is slightly up from 6.85% one year ago. With rates having exceeded 4% for over three years, homeowners are increasingly considering selling to capitalize on the equity built up in their homes.
Bemis says for homeowners who purchased or refinanced before 2022, equity gains have been big.

CHECK YOU EQUITY LATELY?

The median home price in 2021 stood at $322,750, which means that homeowners have realized over $40,000 in appreciation alone. Adding in about $22,500 from principal repayments on their mortgages over four years, many are sitting on equity exceeding $100,000 when factoring in down payments and refinancing equity.