The Pacific Northwest is globally renowned for its verdant forests, snow-capped mountains, and range of glimmering waterways. From Seattle to Southern Oregon, the splendid region teems with beautiful places.

Chief among them? Anacortes. The Skagit County community, deemed the gateway to the San Juan Islands, flourishes with terrific attributes. Characterized by grace, beauty, and friendliness, this small town with a huge heart has become one of the most sought-after hamlets in Washington. Beloved by boaters, the city boasts lush open spaces (to the tune of a 220-acre park), a thriving restaurant scene, and countless outdoor activities. Is it any wonder why it’s frequently dubbed one of the most desired places to live in the PNW?

If you are lucky enough to own a piece of Anacortes real estate, you may be weighing the idea of selling your property while the demand is high and the market is hot. If you’re a prospective buyer, you may be exploring the idea of relocating to this vibrant waterfront town. Whatever the case may be, you likely want to have a solid handle on the Anacortes real estate scene to time your listing or purchase right. If so, you’re exactly in the right place. Read on for Puget Sound expert Mike Konopik’s deep dive into the Anacortes real estate market.

Experts predicted that the real estate scene across Washington and the rest of the nation would falter as the world climbed its way through the pandemic. The opposite occurred: in 2021, home prices across the United States began to skyrocket as people around the country started gobbling up real estate like there was no tomorrow. As demand soared, inventory dropped, which pushed homes higher and higher up the price scale.

Anacortes certainly wasn't immune to this incredible rise. The average home price in Anacortes has shot up to $712,440. While this is less expensive than the median home price of nearby Seattle, it is also significant, ultimately representing Anacortes’ designation as a luxury enclave.

The rental prices in Anacortes have also increased in the last two years. According to Neighborhood Scout, the median rental price is $2,439 per month. For investors interested in pursuing properties that can be used as long-term rentals, this is nothing short of promising.

Anacortes is ideal for an array of residents. Professionals, artists, families, retirees, and vacationers savoring life on the water all relish the principles of a warm, tight-knit community, extraordinary scenery, and an abundance of recreational activities. Its housing options mirror its residents. Here, you will find sprawling, multi-million dollar estates complete with large lots and luxe amenities, contemporary townhomes with modern touches, single-family homes, and charming bungalows. In other words, whether you’re interested in exploring Anacortes waterfront homes for sale or a cozy condominium, you’re bound to find a residence that will suit your needs and desires.

Remote work shot through the roof during the pandemic. And while companies ranging from Apple to Best Buy have reinstated in-office policies, a vast majority of white-collar workers are relishing the fact that they have been told they can work from home indefinitely. A large part of Amazon’s workforce makes up an impressive part of this camp. Having been stationed in Seattle and other metropolises pre-pandemic, they are now searching for homes that provide them with a quiet place to work, to be sure, but also ongoing tranquility for everyday living. Anacortes offers peace in spades, and yet it isn’t short on the luxuries, pleasures, and conveniences found in a big city. Excellent schools, great weather, and vistas of the water for as far as the eye can see are just a few of its remarkable traits. Between its outstanding dining scene and amazing recreational opportunities, it will continually draw new residents to its shores.

 

If you're looking to buy in Anacortes, be sure to read our Anacortes Buyers Checklist

Given how covetable the real estate is in Anacortes, it has become highly competitive — a fact that is due in part to a low level of housing inventory. After being listed, homes spent an average of 15 days on the market in the last year. Sellers typically received three offers, and buyers forewent contingencies. All of this suggests that sellers will continue to have leverage over buyers–at least for a time: Experts predict this will shift in the new year.

At the start of 2022, the interest rates for a mortgage loan were a palatable 3.2%. Now? For a fixed 30-year mortgage, homebuyers can expect to see percentages ranging between 6 and 7%. This has led to a reduction in mortgage applications and may presage what we’ll see in the next year: prospective homebuyers in Anacortes and beyond might opt to suspend their searches.

Other homebuyers are being proactive and locking in mortgage rates before they rise even higher — a likely scenario if we fall into a recession. This, combined with inflation and the increased cost of living across the nation and world, may shift the seller’s market back into a more equalized space, or what economists note as a “correction” in the real estate market. For homeowners keen on selling their Anacortes home in the next year, it may translate to elevating your efforts, from performing key renovations to maximizing your marketing materials, which a marketing-savvy realtor can spearhead and manage. For prospective buyers, seeking the counsel of a seasoned, local real estate agent should be one of your top priorities.

Mike Konopik is the realtor to call if you’re eager to sell or buy property in Anacortes–or throughout Puget Sound. An expert in the island way of life and waterfront residences with spectacular views, he brings a marvelous combination of in-depth local knowledge and unending charisma to all of his real estate deals. Book your consultation with him today to explore Anacortes real estate–or to list your residence with a consummate professional.