Leavenworth Home Prices 2022
2022 was a dramatic shift from the pandemic real estate boom many markets like Leavenworth experienced in 2020 and 2021. A massive spike in mortgage interest rates, rapidly increasing inflation and recessionary fears caused an abrupt slowdown in buyer demand.
Leavenworth was not immune to these economic trends.
Additionally, 2022 started with a record snowfall that shutdown and slowed down nearly everything for weeks. First quarter sales took a hit in 2022 and did not recover in the spring like we might have hoped for.
In 2022, a total of 148 single family homes were sold in Leavenworth. This is down 16% from 2021 when 171 homes sold.
Meanwhile, both average and median sales prices continued to climb. The average home price in Leavenworth in 2022 was $851,000, up 4% from 2021. The median home price in Leavenworth in 2022 was $767,000, up 9%.
What can we expect in 2023 in the Leavenworth real estate market?
Early reporting from real estate markets around the country is promising. It sounds like buyer demand has started to gain momentum and pending sales are picking up. Interest rates aren’t going to be below 4% anytime soon, but it seems they are more likely to be below 6% than above 7%.
Our prediction is that prices will remain stable with a moderate number of sales (less than 2020 or 2021.) Low unemployment numbers, both locally and nationally will prevent meaningful numbers of foreclosures. New construction in the Leavenworth area will continue to be mostly custom homes and housing inventory will likely continue to be constrained.
Required disclaimers:
Information and statistics derived from Northwest Multiple Listing Service. Additionally, this representation is based in whole or in part on data supplied by the North Central Washington Association of Realtors or its Multiple Listing Service. Neither the Association nor its MLS guarantees or are in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the Market.
