Summary: This article is part of an ongoing series that examines some of the real estate markets in the Seattle metropolitan area. In previous reports, we’ve looked at places like Redmond, Kirkland and Bellevue.
Buying a home requires careful consideration and plenty of research in order to make sure you’re making the right move. Today, we are setting our sights on the housing market in Bothell, Washington. This information will be useful to anyone planning to buy a home in Bothell, WA in 2020.
The Bothell, WA Housing Market: 2020
At a glance: Bothell is a city of about 45,000 people that is located in both King and Snohomish counties. It falls within the Seattle metro area. As of February 2020, the median home value in Bothell was around $6516,000. That’s well above the statewide median, but still more affordable than Seattle.
Here are three things you should know, if you’re thinking about buying a home in Bothell in 2020:
1. Home prices have stabilized, but are expected to climb in 2020.
According to Zillow, the median home value in Bothell climbed to around $651,000 as of February 2020. That was a modest gain of 0.6% over the same month a year earlier. While prices may have risen sharply from 2012 to 2018, they started slowing down as of mid-2018 to recently.
Having said that, experts anticipate that the prices for homes in Bothell will increase at a much faster pace throughout 2020 compared to the past couple of years. More specifically, Zillow predicts an increase of 4.1% over the next 12 months.
Home buyers in Bothell should know that the current housing market is fairly tight, from an inventory standpoint. This is true across the broader Seattle metro area as well. In most of these markets, there just aren’t enough homes listed for sale to meet the demand from buyers.
Even though the amount of inventory has increased slightly, the demand continues to soar. As such, buyers are snatching up homes faster than the supply can keep up. Conditions are still tight by historical standards. The real estate market in Bothell currently has about a 1.5-month supply of homes for sale. That’s much lower than what is considered to be a balanced market, which is anywhere between 5- to 6-months supply.
Bottom line: Those buying a home in Bothell later in 2020 may notice that there may not be much inventory to choose from compared to those who purchased in the past.
3. Strong demand is keeping the market competitive.
As mentioned, despite the gradual increase in housing stock, the real estate market in Bothell is still highly competitive. The same could be said for nearly every city in the Seattle metro area. And here again, a lopsided supply-and-demand picture takes most of the credit.
According to Redfin, homes usually sell after receiving one offer and sell very close to listing price. Hot homes in the city can go pending in as little as 6 days. This indicates a very active and competitive housing market where homes tend to go under contract fairly quickly. Multiple-offer scenarios are still a common occurrence as well.
The take-home message for home buyers: More homes are coming onto the market across the Seattle metro area, but it’s still a highly competitive real estate market in Bothell, due to tight supply conditions. Meanwhile, house values continue to climb. So buyers who are ready to move forward might want to do it sooner rather than later, to avoid higher costs.
View related articles in this home-buying series:
Disclaimer: This article includes real estate data, commentary and forecasts for the Bothell, Washington real estate market. That information was gathered from third-party sources not associated with our company. We’ve presented it here as an educational service to our readers.
Have Questions About Mortgages in Bothell?
Are you thinking of buying a home in Bothell, or just have some questions about mortgages? If so, Sammamish Mortgage is ready to help. We are a local, family-owned company based in Bellevue, Washington. We serve the entire state, including Colorado, Oregon, Idaho, and Washington and have plenty of mortgage programs to offer. Please contact us if you have mortgage-related questions.