The Cost of Buying a Home in Seattle, Updated for 2024

Published:
September 7, 2017
Last updated:
January 12, 2024
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The cost of buying a home in Seattle, Washington has risen steadily and sharply over the last couple of years. But continued low mortgage rates could give home buyers a bit more breathing room.

Are you planning to buy a home in Seattle at some point in 2024? If so, are you familiar with home prices in the city? Let’s dive in deeper into the real estate market in Seattle to find out how much it will cost you to buy a home in Seattle in 2024.

Seattle Home Prices Stable 

According to data published recently by real estate research firm, Zillow, the median single-family home price in Seattle decreased 1.3% by January 2024, compared to a year earlier. The median price dipped to $815,865. In King County as a whole, the median home price also decreased year-over-year.

Given these high prices that continue to increase, buyers wishing to get into the market in 2024 will encounter higher costs.

A Forecast for Continued Appreciation

Despite slight decreased over the past 12 months, home prices in Seattle are increasing. Experts expect home prices to steadily increase over the coming months.

Seattle homeowners who got into the market during the rise in home prices years back are enjoying unprecedented returns on their investments. For today’s buyers, now may be a great time to enter the real estate market in Seattle.

Today’s Seattle Mortgage Rates

Mortgage Rates Have Climbed

Overall, the cost of buying a home in Seattle is quite a bit more compared to other parts of the state or country. But, as already mentioned, there is some worrisome news for home buyers. In January 2024, mortgage rates sat at 6.62% for a 30-year fixed-rate mortgage, which is rather high.

High home prices in Seattle and rising inflation and mortgage rates are making home buying less affordable in the city. The good news is that rates are starting to dip, and should be lower by the end of 2024.

Disclaimer: This article contains data, trends and forecasts relating to the Seattle real estate market in 2024. This information was gathered from third-party sources not associated with our company. We have presented it here as an educational service to our readers.

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Have Questions About Mortgages in Seattle?

Sammamish Mortgage is a local, family-owned company based in Bellevue, Washington. We serve the entire state, as well as the broader Pacific Northwest region, including Idaho, Oregon, and Colorado. We have been offering a wide variety of mortgage programs and tools with flexible qualification criteria since 1992. Please contact us if you have mortgage-related questions.

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