Camas Real Estate Market: Historical Trends and Future Predictions

Camas is a thriving city located in Clark County, Washington. Named for the Camas lily, this charming town offers beautiful landscapes, a bustling downtown, luxurious shopping establishments, and upscale dining spots. It is also home to several large high-tech manufacturing industries, offering its residents stable employment and a source of income.

There is also a range of recreational amenities here, with many community events in the historic downtown. On Friday of each month, locals head to the downtown area for shopping expeditions and scavenger hunts. If you want more fun, every third Thursday of the month offers happy hours, art shows, and live music. You can also explore other options, including parades, tournaments, and bathtub races pitting neighborhood teams against each other.

Camas boasts exceptional schools, a strong economy, and a high quality of life, contributing to this area's high demand for homes. If you plan on entering the local market this year, you should know a few things that could impact the housing market. Let’s take a look at the historical trends and future predictions for the Camas real estate market.

The past few years have seen an impressive housing appreciation rate in Camas, which can be attributed to several factors, including a robust job market and an expanding population. In addition, the city's proximity to Portland and abundant natural beauty make it an attractive destination for homebuyers. Here are a few trends and predictions to keep in mind:

Camas is arguably one of the most desirable places to live and invest in the country, as evidenced by its high median housing values, which are comparatively higher than the national average. Additionally, housing in Camas has been appreciating at a higher rate than the national average, making it one of the hottest investment destinations in the U.S. With this trend expected to hold into the future, this city is an excellent option for those looking for quick, handsome returns on their investment.

Renters comprise 22% of Camas' population, with only a few houses and apartments in the city available for rent. The average rent for apartments in Camas ranges between $1,400 and $1,995 in 2023. Studio apartment rent is $1,400, with one- and two-bedroom apartments starting from $1,550 and $1,995, respectively. With such impressive figures, buying a rental property in the city can be a viable investment option.

As of 2023, Camas had a population of 28,265 people, a 6.79% increase since the most recent census. The city's population is currently growing at a rate of 2.21% annually. The relationship between population growth and the housing market is complex and multifaceted. As a population grows, the demand for housing typically increases. More people require places to live, which can lead to higher demand for both rental and owned properties. This increased demand can lead to higher housing prices, making it more competitive for potential buyers or renters.

As of September 2023, the interest rates in Washington are 7.46% for a 30-year mortgage. As rates maintain an upward trajectory, inventory continues to be an issue in the city as homeowners keep their existing homes due to the lower interest rate tied to them. If you find yourself wanting to sell your home, this could be an extraordinary time, as low inventory levels guarantee favorable terms to the seller.

The employment rate can significantly impact the housing market, as it is closely tied to people's ability to buy and maintain homes. When people have jobs and stable incomes, they are more likely to consider homeownership, which can increase demand for homes. Increased demand, in turn, can lead to rising home prices. The unemployment rate in Camas was 2.10% as of June 2023, which is lower than the U.S. average. Recent job growth is positive, with experts predicting this trend to maintain over the next 10 years. Overall, the average household income in Camas is $146,874.

Generally, the cost of living affects the disposable income of individuals and families. When the cost of living is high relative to income levels, it can make it more challenging for people to afford housing costs, including rent or mortgage payments. Compared to the country's average, Camas' cost of living is more expensive than the national average and slightly less expensive than the average city in Washington. With reports that Camas is home to a higher-than-average number of residents making more than six figures in income, residents here can comfortably afford any of their desired locations in the greater metro area.

With median home prices of $403,800 in 2021 and new homes getting bigger and costlier each year, living in Camas was becoming a struggle for many families. At the time, reports showed most of the houses built in the city over the previous decade were larger, single-family homes with higher price ranges beyond the income of many first-time homebuyers. This meant lower-income households earning less than 50% of the city's median income were heavily impacted by lack of affordability. In response to these challenges, the City of Camas created a Housing Action Plan to encourage housing diversity, affordability, and access to opportunities for people of lower incomes. The plan seeks to achieve a greater variety of housing types and costs to allow people of all income levels to live in Camas and enjoy the city's schools, parks, open spaces, and other amenities.

Experts forecast that Camas real estate will continue to experience a seller's market in 2023. Home prices will likely maintain an elevated level powered by strong demand and low inventory. However, despite the high demand, there are signs the market could cool off slightly going forward. While the prices continue to increase, the growth rate shows signs of slowing compared to the past few years. Additionally, the number of homes on the market is expected to increase slightly, providing buyers with more options.

From its humble beginnings over 100 years ago as a small paper mill town, Camas has become one of the hottest real estate destinations in the country. The housing market in the city is solid and poised to continue its positive trajectory. The neighborhood's desirable location, thriving job market, and enviable quality of life make it an enticing destination for prospective homebuyers.

If you want to buy a home or sell your current one, contact David Merrick today. He can help you find a home that suits your needs. Contact him today to schedule a free consultation.