Average home sale price in Alaska rose 8.9% in 2021 – Alaska Public Media

The typical residence sale value in Alaska rose 8.9% final yr, pushed by excessive demand and low stock, in keeping with a state report.

The typical residence value was a report $388,648 in 2021, the report from the Alaska Division of Labor and Workforce Growth mentioned.

The market stays robust regardless of rates of interest rising in the previous few months, realtors advised the Anchorage Each day Information.

Decrease 48 residents searching for houses or land in Alaska add to the demand. Restricted land for constructing in Alaska, together with hovering building prices, assist push residence costs increased.

“It’s your basic macroeconomic love affair, the place excessive demand meets low provide and costs go up accordingly,” mentioned Invoice Bolling, a co-owner of Gateway Metropolis Realty in Ketchikan.

Ketchikan, the place the common value was practically $440,000, had a 16% enhance, which was the biggest enhance within the state, the report mentioned. Bolling mentioned some folks have bought houses in Ketchikan however work remotely for employers within the Decrease 48.

The costliest place to purchase a house in Alaska was the state capital of Juneau, the place the common value was $475,000. In Anchorage, the state’s largest metropolis, the common value for a house was simply over $436,000.

In Juneau and Anchorage towards the top of 2021, 5 houses have been bought for each one listed, the report mentioned.

“In order that they have been being bought even earlier than they have been being listed,” by way of means like word-of-mouth, mentioned Rob Kreiger, an economist for the state who wrote the report. “That’s not one thing I’ve seen earlier than, at these multiples. That’s most likely the clearest indicator that demand is outpacing accessible provide.”

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