The average sale price for Seattle homes is $828,335. In December of 2020, they predicted that the city’s median home value would rise by 11.1% over the next year. Use this tool to get an instant estimation of the value of your home. That number is usually closer to 30%. And housing inventory again shrunk by nearly 43%. Showing that despite the crisis, with interest rates low, buyers are out there. Interest Rates hit another all time low and averaged 2.77% in December. Last year, at this time, the median price in Seattle was $715,000. Separate ESD data reported that Washington added 52,500 jobs between October 2018 and October 2019, with 41,600 of those jobs in the Seattle metro area.”(Seattle Times). Be sure to subscribe to our newsletter to get updated information about the Snohomish County. We should continue to see a surging to frenzy market for the foreseeable future. People have had plenty of time to think about what they want their home to be and have decided they need to make adjustments. Low inventory means higher demand. We now have a sever shortage of inventory in Seattle at 1.3 months of supply but if we look to the north and south of Seattle we are seeing .4 months supply in both Snohomish and Pierce Counties. If you are buying the interest rates have never been lower! It shows us the current home price appreciation forecast of 4.5% till Jan 2021. Market Stats, Neighborhoods, Video, Parks, Schools, Homes For Sale and more. By Claire Boeing-Reicher - Matthew Speakman on May. New listings decreased again in December. The combination of high demand and low inventory is sure to make it so. Graph Credits: Zillow. Pending Sales Increased to 1,385 (Highest Number of Pending Sales in more than 15 years). “Over the past year, Washington’s ranking in economic growth and competitiveness rose from fifth highest to fourth highest in the nation, according to a September study prepared by the Washington State Economic and Revenue Forecast Council. Over the course of 2020, home prices in Seattle have risen 10.9% and now sit at $804,504. With only 1.3 months of supply if no other homes were listed in the next 40 days we would run out of houses to buy. If you are looking for homes from 0-500k you are seeing more inventory. Many homes get multiple offers, some with waived contingencies. Seattle Real Estate Market 2020 Overview. Higher demand drives the price up. This video is a quick recap of the 2020-year Seattle and Bellevue housing market and some predictions for 2021. As I have been reporting for the last 9 months that buyer indicators have never really declined, and we are continuing to see the seller indicators hit all time highs. In 2017, Seattle home prices hit a record high of $700,000 within the city limits in April and the median rent in the same area hit $2,000 per month. Currently, it’s a little bit over $700,000. Seller gave $8500 in closing credits and a new washer & dryer. Related: Seattle home price forecast. Although this year we have not really slowed down. Seattle home price growth slowed again in the latest period, dropping to fourth highest in the nation after reigning as No. The House Price Trend will be either UP or DOWN. 1,008 homes were sold in Seattle last month. Zillow forecasts a steady 5.5 percent annual gain for November. According to Redfin, the rise in homebuyer interest is largely due to buyers being priced out of Seattle. The average home is selling in just 31 days. Only showing 5 of How We Are Navigating Business During The Crisis. As you can see from the charts above unemployment is only slightly higher that it was prior to the event. The average days on market increased 31 days, the percentage of sale price to listing price decreased slightly to 100%, and the average sales price decreased. My clients offered an escalation up to $40k over asking price, waived their financing and appraisal, and asked for a short inspection contingency. As you can see from the table above anything below 5 months is considered low. Zillow Forecasts a Dip in Home Prices, Rebounding By Next Year. Median Home Value: $767,906 1-Year Appreciation Rate: +2.2% Median Home Value (1-Year Forecast):-1.7% Average Days On Market (Zillow): 42 Median Rent Price: $2,600 Price-To-Rent Ratio: 24.61 Seattle-Tacoma-Bellevue Unemployment Rate: 9.3% (latest estimate by the Bureau Of Labor Statistics). Seattle Real Estate Forecast, Housing Market Prediction . In December, the company wrote: “Seattle home values have gone up 10.6% over the past year and Zillow predicts they will rise 8.7% in the next year.” The median house value for the city was around $783,000, as of late November 2020. Listings are selling at 100% of their list price. The Seattle Housing Market saw 717 new listings, 1,386 homes were for sale, while 1,008 homes sold in December in Seattle. New Listings, Pendings and Solds are all way above average but the average sales price went down. Similarly, sale prices for homes in Southwest and Southeast King County rose by 5% over the previous year, to $439,000 and $480,000 respectively. We…, 10 most transit-friendly neighborhoods in Seattle, 10 most bikeable neighborhoods in Seattle, 10 most walkable neighborhoods in Seattle. Along with following all state mandated safety guidelines and taking extra precautions we are focusing on delivering Virtual Real Estate Services. The percentage of homes that sold in the first 30 days is 56%. We have seen the market go to a Surge status over the last few months and the inventory to a severe shortage. King County's median price increased by 13.22% to $685,000. In today’s instant-response market, it’s key to ensure you’re ready to act when the timing is right and make sure you are Buyer Ready Day One. 1,386 homes were for sale during the month. The increase of 0.9% was a small, but important step in the process of the Seattle real estate market bottoming out and stabilizing. Homes are selling at a rapid pace, the Interest Rates are still at below average lows. The According to Zillow, it’s going to be more affordable to invest in Seattle real estate next year than it’s been in years. We will discuss the 3 major factors in determining the strength of the market. We can consult with you to be up-to-date with current market intensity and pricing, get pre-approved or fully underwritten through a lender, and receive email/text notification of newly listed properties. For 2018, Zillow predicts home prices and rents will continue to rise, just more slowly. They lost to another offer that was a little lower, but was closing in 2 vs 4 weeks. 717 new listings went on the market this month. Home buyers across the state pay an average of $4,530. Seattle-area home prices higher than last year for third month in a row Dec. 31, 2019 at 6:49 am Updated Dec. 31, 2019 at 4:27 pm Homes in Seattle’s Eastlake neighborhood. City Population: 744,955 (latest estimate by the U.S. … by Mary Lee & Associates; Tuesday, May 15, 2018 9:53am; Marketplace; Low inventory and high buyer demand continue to push prices to record levels in the Seattle area. Average Sales Price Decreased by $42k ($828,335), New Listings Decreased to 717 (333 more than last year), Sold Homes Decreased to 1,008 (153 more than last year), Pending Sales Decreased to 886 (312 more than last year), Percentage of Sold Price to List Price Decreased to 100%, Interest Rates Decreased to a Phenomenal 2.77%, Home … If you are selling the average sales price is at all time highs, and 56% of homes are selling in the first 30 days. If you’re a buyer you will want to position yourself to create a buyer advantage when competing with other buyers and walk in confidence when making an offer. Mar 12, 2020 - Seattle Housing Market Forecast Report December 30, 2020. That is down 52 from the previous month, up 153 from last year, and up 104 from 5 years ago. The real estate data firm Zillow also issued a strong forecast for the Seattle-area housing market, going into 2021. In order for it to be a sellers market there must be buyers. The median sale price for a home in Seattle is $595,000, compared to $370,000 in Tacoma. Both of the these factors have driven people to the more affordable and more space that is available in Snohomish and Pierce County. Zillow Group, an online real estate tracking company, expects the median home price to drop by 2.6% from March 2019 to March 2020. According to a Seattle Times article written today by Eric Pryne, home prices in Seattle rose for the first time in two years. The Accuracy of the Trend Projection for Seattle is 91%. Your localized Home & Energy weather forecast, from AccuWeather, provides you with the tailored weather forecast that you need to plan your day's activities After looking at the comparable homes and seeing that this home had been on the market for 25 days, we determined a good value for the home was about 2% under list. Zillow reports that 5% of the listings in Bellevue had a price cut in Jan 2020, which is a good thing for buyers. Seattle's median price increased by 4.90% to $750,000. The average sale price per square foot in Seattle is $465, up 5.2% since last year. In conjunction with the fact that homes priced in the $250-350k range are only selling in the first 30 days 28% of the time compared to 60% of the time for homes priced from $500k to $1m. Copyright ©2021 John L. Scott Ballard | Madrona Group | Sitemap | Privacy Policy | Best Lynnwood Real Estate Agents | Agent Resources | DMCA, 30+ Questions To Ask Real Estate Agent Pros, Home Prices, Interest Rates, Real Estate Statistics, Video and Charts, The Seattle Housing Market Analysis INFOGRAPHIC. Related: Seattle ranks #2 for price growth 3. Based on our forecasts, a long-term increase is expected, the predicted price of an average home in the "Bellevue" area is 1095711 USD by 2026-01-31. Homes Details: Seattle Property Market Information Recommendations by the previous and the upcoming 36 months: buy or sell a home in Seattle?See the Seattle (Washington State, King County) property price forecasts, and buy/sell analysis based on the Housing Market and Property Investment report below. Home prices had a softer landing as well, dropping just 15.2% over the past three years, about half the national average. According to ClosingCorp (a data company that serves the real estate industry), Washington was among the top 10 states for most expensive closing costs. For a 5-year investment the profit is expected to be around +16.43% meaning that investing 100000 USD today may yield a profit of 116430 USD by 2026. Housing Market and Stock Market Forecasts Click here to navigate. That's may not seem like a big drop but compared to Seattle home pricing trends over the last few years, which have been in the double-digits, it's significant. 4, 2020. 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