Summary: Are you thinking of buying a home in Washington State some time in 2020? Are Seattle and Everett on your shortlist? Let’s compare the two markets to see which one would make a better fit for you.
This article compares the real estate markets in Seattle and Everett, Washington from a home buyer’s perspective. As of February 2020, 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 $741,000.
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 C0unty, and it’s the seventh largest in the state of Washington. When last measured, back in 2017, the city had a population of around 110,000 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 724,000 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 roughly $300,000 higher than the median in nearby Everett, as of February 2020.
- Seattle: Data reported by Zillow earlier this month showed that the median price for a house in Seattle is around $741,800 in February 2020. That was a drop of about 2.3% 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 $436,100 as of February 2020. That followed a gain of 3.3% over the last year or so.
Granted, price isn’t the only factor to consider when buying a home in Seattle or Everett in 2020. 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. But while home prices in Everett continue to increase, Seattle’s prices have dipped. That said, it’s expected that Seattle’s housing market will make a turnaround in 2020 and see home prices rise. And while Seattle currently has the higher house prices by far over Everett, the recent year-over-year gains have shown that King County prices have actually declined – albeit only slightly – while those in Snohomish County increased modestly.
More specifically, home prices in King County decreased 0.4% year over year, while prices in Snohomish County inched up 2.5% over the same time period.
Is 2020 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 2020?
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 2020 (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 the Pacific Northwest for more than 28 years. We offer a wide variety of mortgage programs with flexible qualification criteria. Please contact us today with any financing-related questions you have.