Yakima Real Estate Market Experiences Busiest Spring in Nearly Three Years

Yakima's real estate market continues to see strong growth this spring, marking the busiest season in nearly three years, according to Cory Bemis, owner of John L. Scott Realty in Yakima.

THE KEY WORD IS GROWTH FOR 2025

He says the market is showing growth in various areas. The Year to Date Median Home Sales Price has reached $360,250, a 3.5% increase compared to the same period last year ($348,000).

THE NUMBER OF HOMES SOLD IS DOWN HOWEVER......

Bemis says while April saw a slight decrease in the number of homes sold, with 129 transactions compared to 135 in April 2024 (a 4.4% decrease), the overall Year to Date sales for 2025 remain slightly ahead, with 468 homes sold compared to 465 last year (a 0.6% increase).

MORTGAGE RATES ARE UP BUT LOWER THAN A YEAR AGO

Rates have seen a recent uptick. As of May 5th, the average interest rate for a 30-year fixed rate mortgage is 6.90%, according to MortgageNewsDaily.com. That's an increase of 0.30% from one month ago (6.60%) and 0.40% higher than one year ago (6.50%).

IT'S AN EXCITING SPRING MARKET SAYS BEMIS

Despite the rising interest rates, Bemis emphasizes that the spring market is in full swing. April saw a notable increase in new listings, with 272 properties entering the market, the highest number since August 2022. Pending sales also saw a significant rise, with 218 recorded in April, the most since October 2022.

IT'S A SELLERS MARKET RIGHT NOW

Bemis says the increased activity on both the buyer and seller sides has kept the absorption rate relatively stable in the Yakima market. He says with 3.2 months of inventory currently available, the Yakima market continues to favor sellers. Bemis anticipates a rise in the number of closed sales in May as many of the recent pending sales are finalized.
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