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How is The Walla Walla Rental Real Estate Market 2019?
Buying real estate in Walla Walla can be a worthy investment opportunity. If you are looking at investing in the Walla Walla real estate market in 2019 as a potential investment opportunity, you must read till the end. Walla Walla, Washington has been the butt of jokes for years. Yet it is both a real place and a great location for investing in real estate.
Walla Walla is home to more than thirty thousand people. The Walla housing market includes two suburbs, encompassing more than fifty thousand people. The area has become the hub of Washington State’s wine country, though wheat remains a major contributor to the local agricultural economy.
It is notable for not even hitting the top ten cities in the state of Washington. Walla Walla is one of the real estate markets in the state that doesn’t depend on Seattle’s growth for appreciation. Walla Walla sits on the Washington-Oregon state line. The Walla Walla housing market is poised for a steady price growth with a double digit appreciation forecast in 2020.
Is Walla Walla going to be one of the hottest real estate markets for investors in 2019? To answer this question, let’s take a deep look at the latest Walla Walla housing market trends and find out the prospects of investing in the Walla Walla rentals in 2019.
Walla Walla Real Estate Market Forecasts 2019 & 2020
According to Zillow, the median home value in Walla Walla is $253,400. Walla Walla home values have gone up 14.2% over the past year and Zillow’s Walla Walla real estate market prediction is that the prices will rise 6.3% within the next year. The median list price per square foot in Walla Walla is $200, which is higher than the Walla Walla Metro average of $190.
The median price of homes currently listed in Walla Walla is $352,450 while the median price of homes that sold is $249,600. The median rent price in Walla Walla is $1,195, which is the same as the Walla Walla Metro median of $1,195.
Here is the Walla Walla real estate price appreciation graph by Zillow. It shows us the current home price appreciation forecast of 6.3% till July 2020.
Walla Walla Real Estate Market Trends
Walla Walla real estate market trends indicate a decrease of $5,389 (-2%) in median home sales and a 0% rise in median rent per month over the past year. The average price per square foot for this same period rose to $197, up from $172. Trulia has 222 resale and new homes for sale in Walla Walla, WA, including open houses, and homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.
The median sales price for homes in Walla Walla for May 1 to Jul 31 was $252,111 based on 104 home sales. Average price per square foot for Walla Walla was $197, an increase of 15% compared to the same period last year. The median rent per month for apartments in Walla Walla for Jul 6 to Aug 6 was $1,400.
Walla Walla Housing Market Statistics
| Median Sales Price | $252,111 (On Trulia) |
| Price Per Square Ft | $197 |
| Median Rent Per Month | $1,400 |
| Median Household Income | $45,341 |
| Home Owners | 61% |
| Single Residents | 32% |
| Median Age | 37 |
| College Educated | 39% |
| Transportation | 93% people commute by car; 0% commute by public transportation |
There are 298 homes for sale in Walla Walla, WA ranging from $34.5K to $2M on Realtor.com. 18 of which were newly listed within the last week. Additionally, there are 16 Walla Walla rental properties for sale, with a range of $700 to $2.5K per month. As per the real estate data of Realtor.com, in July 2019, the housing market in Walla Walla, WA was a buyer’s market, which means there were roughly more active homes for sale than there were buyers.
The median list price of homes in Walla Walla, WA was $309K in July 2019, trending up 18.9% year-over-year. The median listing price per square foot was $161.
The median list price in Walla Walla, WA is $464,000 on Movoto.com. The median list price in Walla Walla was less than 1% change from July to August. Walla Walla’s home resale inventories is 16, which increased 0 percent since July 2019. The median list price per square foot in Walla Walla is $180. July 2019 was $181. Distressed properties such as foreclosures and short sales remained the same as a percentage of the total market in August.
Walla Walla, WA Single Family And Multi-Family Homes
Following the housing market decline in 2007, single family rental properties became favorable options for investors, saving in construction or refurbishment prices. The quick turnaround for an owner to rent out their property means cash flow is almost immediate.
Single family rental homes have grown up to 30% within the last three years. Almost all the housing demand in the US in recent years has been filled by single family rental units.
As per the real estate company called Neigborhoodscout.com, the median house price in Walla Walla, WA is $248,507, which indicates that home prices in Walla Walla are well above the national average for all cities and towns in the United States. Single-family detached homes are the single most common housing type in Walla Walla, accounting for 64.94% of the city’s housing units.
Among single-family detached homes, one or two bedrooms houses are the most common type in Walla Walla. Other types of housing that are prevalent in Walla Walla include large apartment complexes, duplexes, homes converted to apartments and a few mobile homes or trailers ( 4.30%).
Decreasing inventory and rising prices defined the Walla Walla single family real estate market last year. Demand for housing has remained strong as mortgage rates have remained near historic lows.
Buyers in Walla Walla real estate market are able to lock in an affordable monthly payment in 2019. With an increase in mortgage rates being predicted in the coming months, investors and buyers are jumping in to secure a lower rate.
Currently, there are 149 single family homes for sale in Walla Walla, WA on Zillow. Additionally, there are 12 single family homes for rent in Walla Walla, WA. Under potential listings, there are about 3 Foreclosed and 8 Pre-Foreclosure homes. These are the properties that may be coming to the market soon but are not yet found on a multiple listing service (MLS).
Walla Walla, WA Foreclosures And Bank Owned Homes 2019
As per the foreclosure statistics given by Zillow, the percent of delinquent mortgages in Walla Walla is 0.6%, which is lower than the national value of 1.1%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Walla Walla homeowners underwater on their mortgage is 5.6%.
| Foreclosures in Walla Walla | 5 |
| Homes for Sale in Walla Walla | 17 (RealtyTrac) |
| Recently Sold | 530 |
| Median List Price | $371,500 (46% ⇑ vs Jun 2018) |
There are currently 5 properties in Walla Walla, WA that are in some stage of foreclosure (default, auction or bank owned) while the number of homes listed for sale on RealtyTrac is 17. In July 2019, the number of properties that received a foreclosure filing in Walla Walla, WA was 0% higher than the previous month and 0% higher than the same time last year.
Best Places To Buy Walla Walla Rentals
If you are looking to buy Walla Walla rentals, you should know the best places to invest in. The three most important factors when buying a real estate anywhere are location, location, and location. Location creates desirability. Desirability brings demand. Demand would raise the price of your Walla Walla real estate and you should be able flip it for a lump sum profit.
When looking to invest in Walla Walla real estate, you need to find places where the expected property appreciation forecast is positive. The running costs for owning and managing an Walla Walla investment property should be low. The neighborhoods in Walla Walla must be safe to live in and should have a low crime rate.
The neighborhoods should be close to basic amenities, public services and shopping malls. There should be a natural and upcoming high demand for rental properties and a low supply of income properties. There are 4 neighborhoods in Walla Walla.
There are 10 elementary schools, 6 middle schools, 5 high schools and 5 private & charter schools. Some of the best neighborhoods in Walla Walla, Washington are Blalock Orchards, Valley Homes and Spring Grove.
Here are the 10 best neighborhoods to invest in Walla Walla rentals because they have the highest appreciation rates (List by Neigborhoodscout.com).
1 |
N 13Th Ave / May Ave |
2 |
Whitman College / N Clinton St |
3 |
S Division St / E Alder St |
4 |
Garrett |
5 |
Catherine St / Newell St |
6 |
City Center |
7 |
Langdon / Baker-Langdon |
8 |
Melrose St / N Wilbur Ave |
9 |
E Sumach St / N 2nd Ave |
Should You Invest In Walla Walla Rentals?
Is it worth buying a house in Walla Walla, Washington? Investing in real estate is touted as a great way to become wealthy. Many real estate investors have asked themselves if buying a rental property in Walla Walla is good investment? You need to drill deeper into local trends if you want to know what the market holds for the year ahead.
We have already discussed the Walla Walla housing market 2019 forecast for answers on why to put resources into this market. Although, this article alone is not a comprehensive source to make a final investment decision for Walla Walla but we have collected ten evidence based positive things for those who are keen to invest in the Walla Walla rentals in 2019.
Investing in Walla Walla rentals will fetch you good returns in the long term as the home prices in Walla Walla have been trending up year-over-year. Let’s take a look at the number of positive things going on in the Walla Walla real estate market which can help investors who are keen to buy an investment property in this city.
1. The Diversified Local Economy
Walla Walla is more famous for its sweet onions and wine than anything else. That gives them a more stable rural, agricultural economy than one that rises and falls with cattle or soybean futures. However, the Walla Walla housing market is bolstered by the diversified local economy that prevents young people from moving away.
One is the Washington State Penitentiary. This generates a thousand local jobs and tens of millions of dollars in salaries and local purchases. Tourism in the area generates millions of dollars as well. Some come to see the 140 wineries in the area.
Others come to appreciate wildlife or golf. As the largest town in the region, it is home to both a private hospital and VA hospital. It is also the educational hub of the area. This makes a Walla Walla real estate investment property a better choice than one in a town that relies on eco-tourism for revenue.
2. The Slow Steady Growth
Unlike many rural towns, the Walla Walla housing market is seeing slow, steady growth because the area is retaining and even attracting people. They’ve seen five percent population growth since 2010.
The Walla Walla real estate market should continue to see growth from demographic momentum thanks to a younger than average population, 35 versus a national average of roughly 40.
3. The Surprisingly Large Student Market
Walla Walla, Washington is home to two separate private colleges. Whitman College is a classic liberal arts college, home to around 1500 students. Walla Walla University is located in aptly named College Place. That school is affiliated with the Seventh Day Adventist church and has around two thousand students.
That is in addition to the Walla Walla community college campus. This would allow you to have a rather diversified Walla Walla real estate investment portfolio catering to students.
The Walla Walla real estate investment properties could be rented out to students, locals or tourists. And the value of your investment isn’t tied to the rise and fall of a single, flagship school.
4. The Inflated Walla Walla Rental Market
The Walla Walla housing market has home prices several times the median local pay rate. The median home price is around a quarter million dollars, while median income hovers around 40,000 dollars. This means many residents who want to live here cannot afford to buy here.
The relatively large number of students also drives up rental rates and property prices, since a Walla Walla real estate investment property could be rented to the perpetual stream of students.
5. The Impact of Geography
The Walla Walla real estate market is affected by geography in several ways. They can’t expand the city far to the south due to the state border. The many state parks to the east limit potential growth, as well. Nor is the regional airport open to development.
A more subtle restriction is the growth and development plan the city adopted. The Walla Walla real estate market will see significant appreciation over time due to rules intended to protect the rural character of the area. When you can’t just buy raw land and build a new subdivision, it contributes to the higher valuation of existing real estate.
It also opens the door to high rental rates in the rare Walla Walla real estate investment opportunities in wine country, since you can rent out these few bed and breakfast properties for a premium.
6. The Relatively Affordable Real Estate Market
We’ve mentioned that the average home in the Walla Walla housing market is out of reach for many residents. However, it is a bargain for those who want to buy investment properties in Washington State.
That quarter million dollars for a Walla real estate investment is 130,000 cheaper than the average home in the state of Washington. You could buy two or three Walla real estate investment properties for the cost of one such property in Seattle.
7. The Slow, Steady Growth
The Walla Walla real estate market is much more stable than coastal real estate. Property prices have appreciated about six percent in the past ten years. This is slow, steady growth. It is far better than the depreciation you see in some rural area.
It doesn’t provide the excitement of Seattle and San Francisco property prices rising by double digits, but you also don’t see housing prices crash because a tech giant decides they want to leave the area, citing insane real estate prices.
Interestingly, the Walla Walla housing market has been attracting people to live here due to quality of life issues like good schools, while the Seattle market declines. This led to ten percent appreciation in the past year.
8. The Better Climate for Landlords Given the West Coast
We can’t call Washington state landlord friendly. What we can say is that it is more landlord friendly than the rest of the West Coast. There are no limits on late fees or a grace period, though everything needs to be in writing. You have to provide entry before entering unless it is an emergency.
Seattle is far tougher on property owners than the Walla Walla area. For example, Seattle limits the reasons for which someone can evict a tenant. Conversely, Washington allows you to give someone in default three days’ notice to leave.
California makes it much harder to evict a deadbeat tenant. And it is certainly better than Oregon, a state that passed state-wide rent control laws.
9. The Retiree Wave
One factor driving up Walla Walla real estate prices is the number of retirees moving here. It offers affordable real estate, great weather and excellent amenities for a rural community. That led to it hitting the Forbes list of top 25 places to retire in 2016.
That’s led many Baby Boomers to snap up homes, driving up property values in 2018 and 2019. A Walla Walla real estate investment property catering to this market should be smaller, low-maintenance and allow someone to age in place.
10. The Favorable Tax Situation
For real estate investors, one point in favor of Washington State is the lack of an income tax. It derives most of its income from sales taxes. You would need to pay a 1.11 percent property tax rate in Walla Walla, but the properties here are far cheaper than coastal cities like Seattle. This results in an average property tax bill of roughly 2,800 dollars, a little lower than the national average.
Walla Walla Real Estate Investment
Maybe you have done a bit of real estate investing in Walla Walla, WA but want to take things further and make it into more than a hobby on the side. It’s only wise to think about how you can and should be investing your money. In any property investment, cash flow is gold.
A good cash flow means the investment is, needless to say, profitable. A bad cash flow, on the other hand, means you won’t have money on hand to repay your debt.
Therefore, finding a good Walla Walla real estate investment opportunity would be a key to your success. in If you invest wisely in Walla Walla real estate, you could secure your future. If you are a beginner in the business of cash flow real estate investing, it very important to read good books on real estate.
The less expensive the Walla Walla investment property is, the lower your ongoing expenses will be. Roughly a $150,000 property is what some experts recommend starting with.
Most investors naturally gravitate to residential property investment. When looking for the best real estate investments in Walla Walla, you should focus on neighborhoods with relatively high population density and employment growth.
Both of them translate into high demand for housing. If housing supply meets housing demand, real estate investors should not miss the opportunity since entry prices of homes remain affordable.
You must also collaborate and learn from savvy real estate investors who have retired early on in their lives by investing in some of the best real estate markets like Walla Walla, WA. The Walla Walla housing market doesn’t get the same attention as the suburbs hosting hundreds of thousands of tech workers at firms like Microsoft. However, there are a number of factors that make it an excellent investment opportunity.
Buying an investment property is different from buying an owner-occupied home. Whether you are a beginner or a seasoned pro you probably realize the most important factor that will determine your success as a Real Estate Investor in Walla Walla, WA is your ability to find great real estate investments in that area.
According to real estate experts, buying in a market with increasing prices, low interest, and low availability requires a different approach than buying in a cooler market.
Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. Choosing a real estate professional/counselor continues to be a vital part of this process.
They are well-informed about critical factors that affect your specific market area, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing and interest rates.
NORADA REAL ESTATE INVESTMENTS strives to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in the U.S. growth markets. We can help you succeed by minimizing risk and maximizing profitability.
The aim of this article was to educate investors who are keen to invest in Walla Walla real estate in 2019. Purchasing an investment property requires a lot of studies, planning, and budgeting. Not all deals are solid investments. We always recommend to do your own research and take help of a real estate investment counselor.
Other Best Places To Invest in Real Estate in 2019
The other best place to invest in real estate is Fort Lauderdale, FL. The Fort Lauderdale real estate market has a number of points in its favor. It is bolstered by its proximity to Miami, but it is more affordable, stable and reliable.
You can’t overlook the possibility of picking up a Fort Lauderdale investment property if you want to buy something in South Florida. Fort Lauderdale has many things going for it.
The beach front is one of them. That makes many areas incredibly valuable for either the views or the access to the water. It impacts the Fort Lauderdale real estate market in another way, because it limits expansion.
Another sizzling market to choose for investment is the Newark real estate market. The Newark area is seeing significant growth and appreciation because of pressure coming from New York City itself.
This drives up rental rates and property values. The relatively affordable real estate market, more amenable tax and business climate and predictable growth should make it worth further investigation.
Newark housing market saw appreciation in the double digits last year and has appreciated by two thirds in the past five years. Property appreciation in the Newark housing market is expected to be 6 to 7 percent next year.
Let us know which real estate markets you consider best for real estate investing! If you need an expert investment advise, you may fill up the form given here.
One of our investment specialists will get in touch with you to discuss all facets of searching for, buying, and owning a turnkey investment property.
*Remember, caveat emptor still applies when buying a property anywhere. The information contained in this article was pulled from third party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, the Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.
References:
About
https://www.worldatlas.com/articles/the-10-biggest-cities-in-washington.html
https://en.wikipedia.org/wiki/Walla_Walla,_Washington
Taxes
https://smartasset.com/taxes/washington-property-tax-calculator#KFIIjV16g7
https://kuow.org/stories/washington-and-oregon-have-tax-who-wins
Local economy
https://cameoheightsmansion.com/things-to-do-in-walla-walla-wa-activities
Student market
https://en.wikipedia.org/wiki/Walla_Walla,_Washington
https://en.wikipedia.org/wiki/Walla_Walla_University
https://en.wikipedia.org/wiki/Whitman_College
Growth
https://www.bestplaces.net/city/washington/walla_walla
Inflated rental market
https://www.bestplaces.net/city/washington/walla_walla
Relatively affordable real estate market
https://www.zillow.com/wa/home-values
https://www.zillow.com/seattle-wa/home-values
Relatively landlord friendly
https://www.avail.co/education/laws/washington-landlord-tenant-law
https://www.thestranger.com/news/feature/2016/01/27/23480634/what-you-need-to-know-about-your-rights-as-a-renter-in-seattle
https://www.zenithpro.com/blog/how-to-evict-a-tenant-in-washington-state
https://komonews.com/news/local/tenants-rights-advocates-call-for-wa-to-follow-oregons-lead-and-pass-rent-control-bill
Slow, steady growth
https://www.bestplaces.net/city/washington/walla_walla
Retirees
https://www.union-bulletin.com/local_columnists/strictly_business/forbes-ranks-walla-walla-as-baby-boomer-retiree-town/article_bb1b3f86-fc39-11e5-959b-c378682b89ab.html
Geography
https://www.wallawallawa.gov/government/development-services/annexations
https://www.co.walla-walla.wa.us/document_center/commdev/2018%20Update/DecemberOnlineSurveyResults.pdf
Housing Market Data, Trends & Statistics
https://www.trulia.com/real_estate/Walla_Walla-Washington
https://www.movoto.com/walla-walla-wa/market-trends
https://www.neighborhoodscout.com/wa/walla-walla/real-estate
https://www.realtor.com/realestateandhomes-search/Walla-Walla_WA/housing-market
https://www.realtytrac.com/statsandtrends/wa/walla-walla-county/walla-walla
