The year 2020 has been a busy one for the real estate market. But what will 2021 be like? Check out this infographic to learn more.
Are you thinking of buying a home in Washington State some time in 2021? Are Seattle and Everett on your shortlist?
In This Article:
- Quick Facts: Everett and Seattle, Washington
- The Cost of Buying a Home
- Is 2021 a Good Time to Buy?
This article compares the real estate markets in Seattle and Everett, Washington from a home buyer’s perspective. As of February 2021, homes are still a lot more affordable in Everett.
With its bustling job market and plentiful attractions, Seattle remains a top spot for home buyers in the Pacific Northwest. But the city has become increasingly pricey over the last few years, with a median home value that’s now over $813,154.
There are alternatives, though. While home values have risen all across the metro area, some cities offer relative bargains. Take nearby Everett, Washington. The city’s median home value is just over half that of Seattle’s.
Quick Facts: Everett and Seattle, Washington
- Everett is the largest city by population within Snohomish County, and it’s the seventh largest in the state of Washington. When last measured, the city had a population of around 112,249 people. Top employers include Boeing, Naval Station Everett, and the state government.
- Seattle is by far the largest city in Washington, in terms of population. It’s also the seat of King County. Over 776,555 residents call it home, according to the latest Census Bureau data. Major employers in the city include Amazon, Starbucks and Weyerhaeuser.
The Cost of Buying a Home
From a cost perspective, there are dramatic differences between the real estate markets in Everett and Seattle, Washington. Home buyers considering a purchase should know that the median home value in Seattle was more than $300,000 higher than the median in nearby Everett, as of February 2021.
- Seattle: Data reported by Zillow earlier this month showed that the median price for a house in Seattle is around $813,154 in February 2021. That was an increase of 8.7% since the same time last year.
- Everett: Home buyers can clearly get more for their money in Everett, Washington. According to the real estate information company Zillow, the median home value in Everett was $495,958 as of February 2021. That followed a gain of 13.8% over the last year or so.
Granted, price isn’t the only factor to consider when buying a home in Seattle or Everett in 2021. But it’s a major consideration, especially given the dramatic cost gap between these two cities.
What these two cities have in common is that prices have risen sharply over the last couple of years.
And while Seattle currently has the higher house prices by far over Everett, the recent year-over-year gains have shown that Everett has seen faster price appreciation.
More specifically, home prices in King County increased 10.8% year over year, while prices in Snohomish County soared 13.7% over the same time period.
Is 2021 a Good Time to Buy?
The bottom line to all of this is that home buyers can find more affordable properties in Everett, when compared to the much pricier Seattle real estate market. But both of these markets have constrained inventory, leaving fewer homes on the market for buyers to snatch up. There currently aren’t enough homes listed for sale to meet the demand from buyers. (This is true for both cities)
So, is it a good time to buy in Everett or Seattle? Should you make a purchase in 2021?
While there are many factors that go into this kind of decision, cost and resale potential top the list. Costs in Seattle are already high, though things have simmered down somewhat. And costs in Everett, though much cheaper than Seattle, are on the increase.
So buyers in the Seattle metro area who postpone their purchases until later in 2021 (or next year) could encounter higher housing costs.
Need a Home Loan in Everett or Seattle?
Will you need mortgage financing to buy a home in Washington State? We can help. Sammamish Mortgage has been serving buyers across Washington, Colorado, Idaho, and Oregon since 1992. We offer a wide variety of mortgage programs with flexible qualification criteria. Please contact us today with any financing-related questions you have.