Average down payment in Washington fifth highest in country
New data released by LendingTree shows that buyers in Washington state are paying some of the largest down payments in the country. Behind other high-cost, competitive markets of D.C., California, New York and Colorado, Washington buyers are placing $71,419 down on the average loan amount of $371,810. The national average is $47,265, or 18.05 percent of a $257,749 loan.
When down payment is taken as a percentage of average loan amount, Washington ranks twelfth in the country, but with high home prices statewide buyers are having to pay more down to compete. California buyers are paying the highest percentage of their loan cost in their down payment at 21.44 percent, while Washington buyers pay on average 19.21 percent. Buyers in Alaska are paying the lowest percentage down of total loan cost in the country at only 15.41 percent.
The Northwest Multiple Listing Service’s (NWMLS) monthly market snapshot indicates that inventory has increased recently, especially in the Seattle and Eastside markets. With more options to choose from, buyers are seeing some price reductions and have more room to negotiate than has been seen in years. This means that pricier properties are sitting on market longer, which contributes to the market’s still-growing median home price despite the recent influx of listings and price drops.