Wenatchee real estate continues to thrive

We are deep into 2022 and approaching the tail end of the third quarter. Here is a quick look at how Wenatchee’s local housing market is faring.

How is Wenatchee real estate doing?

Wenatchee real estate remains as competitive as ever with home prices continuing its upward trajectory. In June, the median selling price came as high as $650,000, which represents a 32.4% year-on-year increase.

In that same period, homes for sale spent an average of six days on the market— good news for home sellers who are planning on listing their properties soon. Lately, it’s common for homes for sale in Wenatchee to receive multiple offers. It comes as no surprise that sought-after properties sold for 5% higher than their original listing prices. Meanwhile, other homes were able to sell for 2% higher than their asking prices.

Wenatchee real estate is also a strong performer in regards to appreciation. Since 2000, the market has appreciated by a whopping 202.5%, leaving other communities— not just in Washington State but in other parts of the country— in the dust. With an average appreciation rate of 7.76% (based on a 10-year appreciation rate of 114%), Wenatchee real estate is at the top 20% nationally.

Some of the highest appreciating neighborhoods in Wenatchee include:

• West Wenatchee
• Sunnyslope
• Idaho Street / Franklin Avenue
• City Center
• Wenatchee North
• Stiss Canyon Road / Number 2 Canyon Road

Rising prices and steady, impressive appreciation makes Wenatchee real estate one of the best long-term real estate investments to make in the country.

An overview of the current market

To date, Wenatchee’s housing stock comprises over 13,000 individual units. The local median value is $397,673. This puts Wenatchee real estate slightly above the national average but still reasonably priced compared to other markets in Washington State.

Nearly 60% of the local inventory in Wenatchee are three- to four-bedroom single-family homes, making them the dominant property type in the city. Large apartment complexes, duplexes, and converted apartments make up the rest of the housing stock. A lot of these properties were built between the 1970s and late 1990s, although Wenatchee real estate also offers both newer construction (2000s onwards) and older homes (1969 and older).

The most expensive neighborhoods in Wenatchee

Rural Sunnyslope is considered the most expensive neighborhood in Wenatchee, where the median real estate price is $637,111. At this price, Sunnyslope is priced higher than most neighborhoods in the country. Large single-family homes with three or more bedrooms are common in this market, and many were built in the 2000s onward.

West Wenatchee comes second with a median real estate price of $530,776. Like its northerly neighbor, single-family homes are prevalent in the area, with most properties built between the 1970s and 1990s. Between Sunnyslope and West Wenatchee, the latter is the more established neighborhood.

Other highly valued neighborhoods in Wenatchee include Wenatchee North, Wenatchee Southwest, and the Idaho Street / Franklin Avenue area.

Thinking of investing in Wenatchee real estate?

Coldwell Banker Cascade Real Estate is the trusted local purveyor of quality listings in Wenatchee and the surrounding areas. Call us today at 509.888.8887 or connect with us here to learn more.