T
he state of Washington has mandated that Chelan and Douglas County increase their housing inventory by approximately 18,000 homes within the next two decades. This requirement also stipulates that roughly half of these new homes must be priced for low- to moderate-income households. Steve Maher, coordinator of Our Valley, Our Future, notes that the region's desirability has driven growth for years and will continue.

    A housing summit, "Housing Our Valley: How do we increase density in our neighborhoods respectfully," is scheduled for February 6th at the LocalTel Events Center in Wenatchee. The event aims to discuss challenges and potential solutions to increasing the region's housing supply while maintaining community character.

    The high cost of housing in the Wenatchee area has made it difficult for first-time homebuyers, with many opting for cash purchases instead. According to Redfin data, 55% of home sales in the 98801 zip code area were all-cash transactions through August this year. This trend has pushed the median age of homebuyers to 56 years old and increased the median price of homes in areas like Leavenworth and Cashmere by over 60% since pre-pandemic levels.

    Experts predict that affordability will worsen for first-time buyers in the coming year, despite slightly lower interest rates. John LaForge, head of real asset strategy at Wells Fargo Investment Institute, attributes this trend to older generations buying second or third homes, pricing out younger generations who lack sufficient savings.