Sitka City and Borough, AK housing market

What this means

• Valuation. Prices are 24% below this area's pre-2020 price-to-income norm, cheaper relative to incomes than before the pandemic.
• Prices. Home values are down 7.7% over the past year (U.S.: +1.2%), 14% below their 2022-23 peak.
• Supply. Listings are 53% below the 2017-19 norm and falling (−21% vs. a year ago): still a tight market.
• Negotiating. Buyer leverage is low (19/100; U.S.: 54): homes sell for about 1.2% below their final list price; 15% of listings had a price cut (U.S.: 26%).
• Affordability. A mortgage on the typical home takes 33% of the median household income (U.S.: 35%); it takes about $111k a year to keep the payment at 30% of gross pay. That includes about $1,514 a year for home insurance (U.S.: $1,790).
• Disaster risk. FEMA expects about $162 a year in natural-disaster damage per $100k of building value (U.S.: $155).
• Outlook. No clear direction: likely −7% to +9% over the next 12 months (65% chance of a rise).

Next 12 months

No clear direction

A rise is somewhat more likely than a fall, but not by enough to call. Likely change: −7.3% to +9.1% (80% range; middle estimate +2.2%), chance of a rise 65%, of a 5%+ drop 15%.

HouseVane's model, refit every month on local market signals and national ones, trained only on data known at the time. How accurate it has been.

ZIP codes in Sitka City and Borough, AK