Back to Blog

The Cost of Buying a Home in Seattle, Updated for 2021

Sammamish Mortgage
Published:
September 7, 2017
Last updated:
February 26, 2021
The Cost of Buying a Home in Seattle Updated for

The cost of buying a home in Seattle, Washington has risen steadily and sharply over the last couple of years. But a recent decrease in mortgage rates could give home buyers a bit more breathing room.

In This Article

Are you planning to buy a home in Seattle at some point in 2021? 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 2021.

Seattle Home Buying Costs on the Rise

According to data published recently by real estate research firm, Zillow, the median single-family home price in Seattle increased 8.7% in February 2021 compared to a year earlier. The median price rose to $813,154 in February and continue to be on the rise.

In King County as a whole, the median home price increased 10.8% in February, compared to the same month last year.

Given these high prices that continue to increase, buyers wishing to get into the market in 2021 will encounter higher costs.

A Forecast for Continued Appreciation

No matter how you slice it, the cost of buying a home in the Seattle metro area is higher now than it was last year. And they are expected to continue increasing over the coming months. More specifically, it’s expected that prices could rise another 8% by the fall.

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 before prices continue to take off and mortgage interest rates continue to stay low.

Today’s Seattle Mortgage Rates Apr, 16, Fri, 2021

Mortgage Rates Remain Low

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 good news for home buyers. In February 2021, mortgage rates sit at 2.81% for a 30-year fixed-rate mortgage and are near historic lows.

The same week last year, 30-year fixed home loans had an average rate of 3.49%. So we have come down quite a bit since then. Still, high home prices in Seattle have offset this decline in mortgage rates. But the fact that rates are very low right now is making home buying more affordable in the city.

The bottom line for home buyers in the Seattle metro area is that housing costs may remain stable over the coming months thanks to low rates. So now might be a good time to make that purchase.

Disclaimer: This article contains data, trends and forecasts relating to the Seattle real estate market in 2021. 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.

Get an Instant Mortgage Rate Quote Today

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.

Other Blogs You May Like
Income Needed to Buy a Home in the Seattle Area, 2021 Income Needed to Buy a Home in the Seattle Area, 2021
April 14, 2021

The median price of homes in the Seattle metro area has gone up over the years, though they have slowed down over the past 12 months. But exactly what type of income do you need to be able to afford…

Read more
5 Tips for Buying Your First Condo in Portland, Oregon 5 Tips for Buying Your First Condo in Portland, Oregon
April 8, 2021

Gearing up to buy your first condo in Portland, Oregon? It’s a smart move. Portland is a great city, and condominium life is a good way to experience it without the maintenance hassles of a traditional detached home. But there…

Read more
11 Best Neighborhoods in Portland Oregon 11 Best Neighborhoods in Portland Oregon
April 8, 2021

Summary: Portland, OR has quickly become a highly attractive place for people to flock to. Its natural beauty, thriving economy, and affordable housing market make it a great place to live. This article will list some of the best neighborhoods…

Read more
Here’s How You Can Buy The Home Of Your Dreams Now That Things Are Opening Up Here’s How You Can Buy The Home Of Your Dreams Now That Things Are Opening Up
April 7, 2021

As economies begin to relax COVID-19 restrictions, the real estate business is also enjoying greater freedom to conduct transactions. With housing supplies low and buyer demand high, home seekers must be diligent and patient to find the right property.

Read more
Buying a House in Oregon With Little to No Money Down Buying a House in Oregon With Little to No Money Down
April 5, 2021

For many home buyers in Oregon, the down payment represents the biggest obstacle to homeownership. But it may only be a perceived obstacle. The truth is, there are several ways for buyers to reduce their down-payment expenses when buying a…

Read more
How Does Earnest Money Work for Oregon Home Buyers? How Does Earnest Money Work for Oregon Home Buyers?
April 5, 2021

Home buyers in Oregon tend to have a lot of questions about earnest money deposits. First-time buyers, in particular, want to know how earnest money works, how much they should pay, etc. And we have your answers! Here’s an overview…

Read more
Rent Or Own? Which Makes More Sense For You? Rent Or Own? Which Makes More Sense For You?
April 2, 2021

Should you rent or bite the bullet and make a home purchase? It’s a question that many people ask themselves. But while renting may offer more flexibility and not require as much of a commitment, there are certain benefits of…

Read more
5 Homebuying Acronyms You Need to Know 5 Homebuying Acronyms You Need to Know
April 1, 2021

Buying a home and scouring listings typically requires a little inside knowledge in the lingo that is used. Check out this infographic to get familiar with some homebuying acronyms you should know.

Read more
The Escrow Process in Washington State The Escrow Process in Washington State
April 1, 2021

For some home buyers in Washington State, the escrow process can seem like a mysterious step along the path to homeownership. This is especially true for first-time buyers who have never been through it before. Today, we will shed some…

Read more
3 Ways to Prevent Your Offer on a Home From Being Rejected 3 Ways to Prevent Your Offer on a Home From Being Rejected
April 1, 2021

Summary: Finding the home of your dreams takes a lot of time and effort. You don’t want to risk losing out on a deal when you put in an offer. This article will discuss ways to help ensure your offer…

Read more

Begin your home loan process today! Our mortgage advisors are standing by. Request a free personalized rate quote. (425) 401-8787