The Bremerton-Silverdale HMA home sales market is tight, with a vacancy rate of 0.8 percent. Demand for home sales increased during the pandemic, but the area had a low supply of for-sale homes; total home sales in 2020 were 21 percent lower than the previous year. Home sales prices increased by 10 percent during the same period to an average of $485,600.
The homeownership rate in the HMA is estimated at 70 percent, which is higher than the national average of 64.1 percent. The report partly attributes the high homeownership rate to migration from the Seattle area to the HMA and an increase in commuters with well-paying jobs.
The Bremerton-Silverdale HMA rental market is balanced, with an estimated vacancy rate of 4 percent. The apartment market is also balanced, with an estimated vacancy rate of 3.7 percent. Apartment construction has been increasing since 2015 but has not kept up with demand from population and job growth. Over the next 3 years, demand is expected for 3,125 new homes and 930 new apartments.
You can check out the Consumer Housing Market Analysis here and read the entire article from the U.S. Department of Housing and Urban Development here.