Home Sales in Yakima Up 13% Year-Over-Year

The Yakima real estate market experienced big growth in January 2025, with the median home sales price reaching $367,500. The figure represents a 10.9% increase compared to January 2024, when the median price was $331,500. According to Cory Bemis, owner of Yakima's John L. Scott Real Estate a total of 104 homes were sold in January, marking a 13% rise from the 92 homes sold during the same month last year.

SALES ARE SIMILAR TO THE TIME BEFORE COVID

Bemis says the upward trend shows a big demand for housing in the Yakima Valley, similar to conditions of the pre-pandemic market.
Bemis says the jump in home prices is an indication of a tighter inventory, as January's sales volume was about 35% less than the annual monthly average for the region. He says this is typically the case for January, a month that often sees lower sales activity due to seasonal factors.

IT'S A SELLERS MARKET

Bemis says the absorption rate—the rate at which homes are sold—has dipped below 3% for the first time since June 2024, highlighting a continuing seller's market. Despite this seller advantage, properties are taking longer to sell, with the average Days on Market (DOM) reaching 95 in January, the highest recorded in the past year. This is a contrast to the lowest DOM of 66 days seen in August 2024, with the overall annual average sitting at 77 days.

MORTGAGE RATES STILL HIGH

Financing conditions continue to play a role in the housing market, with 30-year fixed-rate mortgages averaging 7.01% as of February 10, according to MortgageNewsDaily.com. This figure is a slight decrease from the previous month's average of 7.24%, but a minor uptick from 6.98% recorded just one year prior.

HERE COMES SPRING

As spring approaches, industry experts anticipate continued strength in home sales, although they caution that median prices may stabilize or decline slightly until the seasonal market shift happens. Bemis says overall, Yakima’s real estate market remains dynamic, characterized by strong demand and shifting market trends.