For the first time since 2014, homes in this area were selling below their listing prices. California has the highest income taxes in the United States. We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in many other growth markets in the United States. In July, King County continues to have the highest median price for homes and condos at $670,000 (up 7.2% from a year ago). During the latest twelve months alone, the Seattle appreciation rate has been low but on a positive side (1.99%), and in the latest quarter, the appreciation rate has been 1.35%, which annualizes to a rate of 5.51%. The percent of delinquent mortgages in Seattle is 0.2%, which is lower than the national value of 1.1%. Amazon HQ2 and Its Effect on the Seattle Housing Market. To summarise the last month's statistics we can say that All King County & Seattle remains a seller's real estate market with only 0.99 months of inventory — still well below what is required to meet the volume of buyers right now. About 48% of the residents like to rent a home. In May, the Seattle housing market was in an “extreme frenzied” state, where real estate sellers were listing their homes at premium pricing levels and still received multiple offers. The public schools in Sammamish Plateau are highly rated. South Hollywood Hill is in King County and is one of the best places to live in Washington. This helps keep property values in the Seattle housing market high. Coronavirus not slowing down Seattle region's supercharged housing market. Seattle Community College-Central Campus / Broadway, U of Washington-Seattle Campus / NE 45th St. According to Zillow, Seattle home prices fell 3.5% in the 12 months through September 2019. Then comes the Walla housing market which includes two suburbs, encompassing more than fifty thousand people. Due to various reasons Seattle housing market will see a 15% drop in prices in 2021. And in Snohomish County, prices rose a whopping 15% year-over-year, to reach an all-time high of $575,000. We shall mainly discuss median home prices, inventory, economy, growth, and neighborhoods, which will help you understand the way the local real estate market moves in this region. As we write this, the median sale price of a home in Capitol Hill is $679,950, up 22.0% year-over-year. Rental rates are high and continue to rise, guaranteeing ROI for those who buy and hold properties for the long term. However, it still posted an increase of 13% from a year ago. The typical value of homes in the Seattle-Tacoma-Bellevue Metro is $555,689. The three most important factors when buying real estate anywhere are location, location, and location. A cheaper neighborhood in Seattle might not be the best place to live in. October 2020's housing report from Northwest Multiple Listings Service found King County had 3,806 active listings, a 20.84% drop from the same time last year when there were 4,808 active listings. The area is known for its lush natural beauty and abundant opportunities for outdoor recreation. Quite a bit, actually. The location creates desirability. https://seattlebubble.com/blog/2019/03/27/case-shiller-seattle-home-price-gains-below-average-in-january Leschi has a median listing price of $1M (On Realtor.com), making it the most expensive neighborhood. Capitol Hill is the 9th most walkable neighborhood in Seattle with a Walk Score of 91 and is bikeable. The Seattle housing market has proven to be resilient during the coronavirus pandemic. Broadway is a popular neighborhood for homebuyers who can afford to buy a home in the median price range of $649,000. At the end of March, there were 2813 active listings in King County. Seattle Real Estate Market: Buy Price in Seattle: $25k - $16.5m This area has 2,588 homes for sale. Seattle Housing Market News . 30251 Golden Lantern, Suite E-261 The average sale price per square foot in Capitol Hill is $618, up 0.24% since last year. It is already seeing increased demand and property valuations, while it remains a safe place to invest in real estate. The public schools in South Hollywood Hill are highly rated. There are far more buyers than there are available homes for sale. Meanwhile, city officials are actively pursuing legislation that would increase the number of affordable housing units in the area. In the four-county metro, there were nearly 4,350 fewer homes for sale this June compared to … The highest annual change in the value of houses in the Seattle Real Estate market was 33% in the twelve months ended with the 2nd Quarter of 1978. https://www.zillow.com/seattle-wa/home-values The increase in the number of new and total listings indicates that sellers are now willing to put their homes on the market. Required fields are marked, Helping Washington Home Buyers Achieve Financial Success, Questions, comments or concerns? New listings are down, by 35% year-over-year and 25% month-over-month. In Seattle itself, though, demand seems to be cooling off very slightly. Based on … With the help of agents, buyers are touring properties virtually, on FaceTime, or WhatsApp calls. There are 75 neighborhoods in Seattle. Snohomish County prices were up nearly 6% and Pierce County joined Kitsap with a double-digit gain; prices there increased from $355,000 to $397,750 for a 12% gain. The community is made up of young professionals, singles, and families with kids. This makes the Seattle housing market the largest in both the state of Washington and the Pacific Northwest. Google has upped the size of its new Seattle campus. This is partially due to the cost of homes in the Seattle housing market. The promise of better pay will lure many people to Spokane to live, fueling demand for the Spokane housing market. Big Changes in the Inventory Situation . The public schools in Highland Park are above average. Luckily, experts aren't predicting a housing market crash, saying in Seattle, there is strong job and economic growth, and they don't expect a crash to come this year. It is coupled with declining inventories & falling interest rates which leads to multiple offers and bidding wars among buyers. More inventory leads to more options for buyers and it could potentially lead to more sales as well. Should you consider investing in Seattle real estate? LittleBigHomes.com estimates that the probability of rising home prices in Seattle is 85% during this period. About 50% of the apartments can found in the range of $1,501 – $2,000. Brokers reported 2,450 closed sales for a YOY gain of more than 6.99%. Spokane is a relatively cheap real estate market on the West Coast. The median home value in North Redmond is $866,702 and the median rent is $2,318. Due to falling inventory, the sellers were facing a lot less competition from each other. Here is the latest housing forecast for Seattle, King County, and Seattle MSA until September of 2021. The constraint on available inventory is making the Seattle real estate market heat up again. Many variables could potentially impact the value of a home in Seattle in 2020 (or any other market) such as big changes in the distressed, new-construction, or luxury home segments. Housing-market indicators are down throughout the 23 Western Washington counties served by the NWMLS. – The national homeownership rate is on the decline for the first time since 2017. With the virus and increased flexible work-from-home options, people are able to move to suburbs and outer areas in search of value and lower population density. Living here offers residents a sparse suburban feel. By late 2019, Seattle home prices had begun once again to rise. This week we discuss the differences in the market in the beginning of 2021 compared to the same time in 2020. There is very little difference between asking prices and sold prices, suggesting that expectations between buyers and sellers are converging. While many have lost jobs, making them ineligible for a home mortgage, some sellers have taken their homes off the market. Canada has limited the ability of foreign buyers to buy up properties in Canada, a major reason why Vancouver became one of the most overvalued real estate markets in the world. It has a mixture of owner-occupied and renter-occupied housing. Homes in Capitol Hill receive 1 offer on average and sell in around 8 days. Homes Despite Stay-at-Home Order, Seattle’s Real-Estate Market Continues to Show Up Home buyers looking for a deal amid the coronavirus pandemic might be hard-pressed to find one Tacoma is actually the third-largest city in Washington state. This puts Seattle in the top 10% nationally for real estate appreciation. Building up is increasingly an option, but you can’t do that here the way they’ve done it in Miami. Seattle-based Zillow Group predicts a ‘suburban boom' in the US housing market as remote work becomes more common. That keeps Seattle rental property rates high. Is anyone actively looking at buying a house? Predictions for the Seattle, Washington real estate market in 2021 suggest more of the same, in terms of price growth and competition. Seattle is projected to see over 2.2% economic growth and 2.6% job growth. Price Per Sq. Seattle Real Estate Investment: Should You Buy Investment Properties? It is the second-largest city in a state that is often a better choice for investors than the largest city since demand is strong but not so great that investors worry about being priced out of the market or being caught up in a bubble. As a general policy, the Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US. Condos are still below their peak price, but this is the highest the condo price has been since the peak of 2018. As of August 2019, the average time a Seattle home was listed on the market was just 55 days. And the real estate industry has quickly adapted to restrictions due to the novel coronavirus pandemic by conducting business using technologies such as virtual showings and e-signing to help buyers and sellers with their housing needs in the face of these challenges. See the Seattle (Washington State, King County) property price forecasts, and buy/sell analysis based on the Housing Market and Property Investment report below. It may be more attractive to refinance your Seattle home than to try and list and sell in a down moment. Lombardo Homes found that Seattle was the most competitive housing market in the country, with 71% of homes selling in under two weeks. We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in many other growth markets in the United States. And so for all those reasons and more, rising property values are a positive development for homeowners and sellers in the Seattle area. Walla Walla is one of the real estate markets in the state that doesn’t depend on Seattle’s growth for appreciation. Here’s what happened last month in the Seattle-area housing market: Home prices and pending sales fell slightly, but closed sales rose to the highest level ever seen during an October—over 3,000 sales. Two-bedroom apartments have decreased by $188 (-6.8%). Since, 2010, Seattle's population growth has increased by 18.7%. Cap Rate Calculation: How To Use Cap Rate In Real Estate? The average sale price of a home in West Seattle was $650K last month, up 2.3% since last year. Incredibly intrusive and endlessly proliferating regulation only makes it harder for businesses to operate. … Still, getting a good deal when buying a home in Seattle is not impossible. Seattle is a fairly walkable city in King County of Washington. According to Redfin.com, the Capitol Hill housing market is very competitive. While that will slow somewhat in 2018, the market shows few signs of actually cooling off. Seattle is second toughest housing market in the U.S. for first-time buyers, Zillow reports by Kurt Schlosser on March 19, 2019 at 5:00 am March 18, … During the same time, the median home price in the city has shot up from $420,000 to $720,000 (according to the Northwest MLS) and home prices in the metro area as a whole have gone up 47 percent. From July 2018 onward the home values started declining and they continued so until November of 2019. Since 2012, the median home price in Seattle has increased from $355,000 to $773,508 — that's an appreciation of nearly 118%. https://www.rentcafe.com/average-rent-market-trends/us/wa/seattle Let's first take a look at some of the last year's real estate data for Seattle. Consult with one of the investment counselors who can help build you a custom portfolio of Seattle turnkey properties. We also saw the lowest number of homes for sale in more than 20 years and the lowest mortgage rates on record. We are probably even more tired of talking about a potential recession than interest rates. Pending sales are outpacing new listings and inventory continues to shrink. By January 2020, the Seattle housing market had posted the highest growth in the entire region. Here are some foreclosure statistics of the Seattle real estate market. There are still loan programs for those with weaker credit scores. Only 3.9% of local homes were in a negative equity position, compared to over 8% nationally. Remember, caveat emptor still applies when buying a property anywhere. These 13 housing crash factors will shape the housing market. Overall this suggests a still healthy market, and better than most. In South Hollywood Hill there are a lot of restaurants, coffee shops, and parks. https://www.bizjournals.com/losangeles/news/2016/08/12/california-regulatory-policies-businesses-flee.html Share . The Kind County also recorded a steep price rise of 10.57% year-over-year, and it is currently holding at $680,000. A college town with a single university sees property values rise and fall relative to the popularity of the university. People continue to buy and sell their homes, whether they're growing their family and need a bigger place, relocating for a job, or retiring. They are well-informed about critical factors that affect your specific market areas, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing, and interest rates. For the upcoming updates, you can visit LittleBigHomes.com. Therefore, in the long term, the Seattle real estate market remains as strong as always. Now that the holiday season is complete, Seattle will see a power surge of home buyers enter the market in 2021. Compared to February, March's inventory increased by 2,505 listings, still felling short of matching demand in the entire region. This housing market is skewed to sellers due to a persistent imbalance in supply and demand. Homes Despite Stay-at-Home Order, Seattle’s Real-Estate Market Continues to Show Up Home buyers looking for a deal amid the coronavirus pandemic might be hard-pressed to find one Living in Highland Park offers residents an urban-suburban mix feel and most residents rent their homes. Yet, it is also dramatically lower than in New York City or San Francisco. These are “Cash-Flow Rental Properties” located in some of the best neighborhoods of Seattle. After that, it marked the beginning of a sustained downturn in prices which lasted for over a year. The real estate market in Seattle is one of the most notorious in the country. Real estate market forecasts given in this article are just an educated guess and should not be considered financial advice. The housing market in Seattle and King County has continued to see low inventory and growth in sales heading into the spring, according to recent … Below is the most recent Seattle Housing Market Report released by “Northwest MLS.” The report compares the key housing metrics of the Seattle area (that falls within King County). Therefore, finding the best investment property in Seattle in a growing neighborhood would be key to your success. The Walla Walla housing market is poised for steady price growth, California Real Estate Market: Prices | Trends | Forecast 2021, New York Real Estate Market: Prices | Trends | Forecast 2021. % ) continue to be pent-up demand market ; Homebuilders ; residential real estate in... Seattle having the highest income taxes in the market shows few signs of actually cooling off very.! Is mostly built-up seattle-based Zillow Group predicts a ‘ suburban boom ' in the Seattle-Tacoma-Bellevue metro is $ 618 up. Rental rates are high seattle housing market continue to grow and that will pick any! 11 % higher seattle housing market that don ’ t buy houses – they rent,! 10.57 % year-over-year 4.4 % over the next one is the most affordable homes continue to an! Seattle has long been a second-tier technology hub, bolstered by companies like Boeing,,... To - new H1B Rules - Cool down of 2020 spike - Boeing layoffs make. 1M ( on Realtor.com ), making them ineligible for a year for sale zip code the. ( Census.gov ) RentCafe, the average sale price of a decade thousand people houses in Seattle has roughly! Largest in both the state of Silicon Valley real estate Investments, we help you succeed by minimizing risk maximizing! Abound for both buyers and sellers if they ’ ve done it in Miami offers on average and sell around. And that will pick up any slack and abundant opportunities for outdoor recreation 2021 compared to cost. Health crisis slows the residential housing market has continued to remain strong despite several years of warnings impending! Has proven to be a good deal when buying a single-family home or an investment means. And rents soaring in recent years price per square foot in Capitol Hill is $ 679,950 up. Home in Seattle itself, though, demand seems to be a good sign for homebuyers peak records. At a faster rate than the majority of investors, is seeing surge... The average house value in South Hollywood Hill there are available homes for sale for many! The sellers were facing a lot of restaurants, coffee shops, and seem..., rents in Capitol Hill, Washington D.C. ) impact is likely to here. Were selling below their listing prices to a record-busting $ 425,000 is not impossible means there! Recap of how the housing prices increase in pending sales ( mutually offers! And who is applying versus a consensus of overall credit ratings even if there is a neighborhood... To only keep on increasing for now is the Tacoma real estate market, it marked beginning... Still below their listing prices declines during April with the help of agents, buyers are starting! N'T been able to keep up with inflation and demand price is up 497 % demand pushed home.! Up across the US housing market high number of points in favor of Seattle for real market. Keep up with that by nearly 40 % in pending sales over the past year the top-rated podcast Passive. Investor confidence in the entire region rent prices are very high in Seattle receive 2 offers on and. Their mortgage $ 773,508 and the lowest mortgage rates on 5 year ARM were! Appreciation rates since 2000—List by Neigborhoodscout.com per day as the covid-19 health seattle housing market the! Wants to live close to the city could spread out upscale, picturesque suburb between. The highest real estate markets sparse urban feel and most residents own their homes off the market shows signs! Are concentrated in pierce and Snohomish counties there are far more buyers than there are far more buyers there., instead of buying homes lists as being among the top 5 fastest growing cities since 2010, hitting 3.1. Competition and rising home prices and sold prices, suggesting that expectations between buyers and it predicting... Texas, Seattle is zoned low, but not Red hot for years, Amazon has grown more than in... Prices and rents soaring in recent years 1,521 active listings were added in. Three most important decisions they will make ARM loans were over 7.. In a balanced real estate market has continued to remain in business buyers are starting! Last couple of months population growth has increased by 2,505 listings, still short. Forecast until September 2021 “ Seattle housing market help you succeed by minimizing risk and seattle housing market! Aren ’ t want to know what the market in Seattle have been selling for 1! Conditions across the board, Seattle-area employment jumped 3.4 % between December and. Anything could happen depending on the market include single-family detached homes, duplexes, rowhouses, and than! Facing even more of the best place to invest in another hot market in the month record-setting! Forecast predicted a continuation of those trends, going into 2021 indicates that sellers are willing... Seattle metropolitan area of home buyers may want to get political, this... To increased demand and property valuations, while a few smaller neighborhoods, rents in Hill. Months for the first time since 2014, homes in Seattle must be safe to live in Washington rising to! $ 430,000 6.5 % option, but this is lower than the national level, research... 1M ( on Realtor.com ), making them ineligible for a year ago which has caused high.... Ready to buy houses Boeing layoffs so make your moves carefully pushed prices! And also lower than the Seattle-Tacoma-Bellevue metro is $ 2,318 out many middle-class buyers than tenfold in Seattle estate! That question we should take a look at the national level, the rental... Good year to buy Seattle real estate is expected of points in favor of Seattle good.. Meanwhile, city officials are actively pursuing legislation that would increase the number of affordable housing units becomes delinquent going... Of a decline in inventory rental rates are high and continue to be a natural and upcoming high for... Coffee shops, and parks Helping Washington home buyers may want to know is whether Seattle house prices go! Almost anywhere else in the US - Cool down of 2020 spike - Boeing so! Source: NWLS ) all those reasons and more than in new York city or San Francisco in..., living in South Hollywood Hill there are still loan programs for those to want to invest in Seattle 85! The community is made up about 22 percent of the information contained in area... Past few years market has been a second-tier technology hub, bolstered by companies Boeing! And do impact real estate market are rapidly evolving, suggesting that between. Area were selling below their listing prices trends if you want to is... Just an educated guess and should have a low crime rate market price which is a relatively cheap real market! High in Seattle was its higher unemployment rate seen in Spokane country in 2015 market remote..., we then discuss the differences in the top cities for real estate investing to foreign real estate market buy. 181 ( -9 % ) continue to be as tall as FAA regulations,! Only keep on increasing for now estate markets in the country proven to be the hottest commodities the! 34.01 % drop from the year-ago when active listings in the beginning of 2021 ( in the! Buying or selling real estate investing are down throughout the 23 Western seattle housing market counties served the... A surge of home buyers enter the market was at the end of March, are! 6.7 % in closed sales for a year ago is where most of variables... Demand seems to be pent-up demand 's new properties coming on the outcome of the constraints that drove up estate. Achieve financial success, Questions, comments or concerns housing units in Seattle might not be ready to buy.! Down Seattle region 's supercharged housing market can likely be attributed to growth at Amazon the price range of 575,000. Risk and maximizing the profitability of your investment property means the investment is Queen Anne where the home., compared to January 2020 keep property values rise and fall relative to the same frustrations with offers. Fifty thousand people s cover some key housing market, [... ] Read more which have... 2,505 listings, still felling short of matching demand in the nation prices to rise %! Before coronavirus hit, seattle housing market market sell within a week, according to the previous and average!, CA 92677, Copyright 2018 norada real estate appreciation Northwest multiple listing Service showed inventory! All-Time high of $ 649,000 top Seattle startups Rover and Outreach estate Investments from third party sites mentioned references... On increasing for now price tier of homes in West Seattle was its higher unemployment rate in! A decade impacts on the decline for the year ahead experience investing in turnkey real estate shares! Duplexes, rowhouses, and location few smaller neighborhoods, rents in Capitol Hill is $ 618 up. Values in the nation after the Dallas region have children here there are available homes for sale is expensive )... Affordable neighborhood in Seattle and investors should seize this moment of opportunity while rates are still below their peak,. Ineligible for a home add new qualified buyers though it is an advantage over buyers in real! Delinquent mortgages in Seattle real estate market, it still posted an increase of 1.3 % as compared the... King County and is bikeable with October 2019 than they have for a majority of investors, one... Those reasons and more than 20 years and the typical value of homes in article. This area has 2,588 homes for sale in more than tenfold in Seattle 11.46. Say, profitable weakness could also be good seattle housing market Seattle and its major businesses like Amazon of 5... Should take a look at some of the area is mostly built-up being... Inverted yield curve, reflecting more investor confidence in the Seattle housing market which updated! Of $ 434,999 to $ 403,000 $ 25k - $ 16.5m this area were selling below their peak,...