The Cost of Buying a Home in Seattle, Updated for Late 2022

Published:
September 7, 2017
Last updated:
August 12, 2022
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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.

In This Article

Are you planning to buy a home in Seattle at some point in 2022? 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

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 14.5% by August, 2022 compared to a year earlier. The median price rose to $982,604. In King County as a whole, the median home price increased 20.7% as of August, 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% to 14% by the end of the year.

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 rising mortgage interest rates get any higher.

Today’s Seattle Mortgage Rates

Mortgage Rates Are Climbing Fast

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 February 2021, mortgage rates sat at 2.81% for a 30-year fixed-rate mortgage and were near historic lows.

As of now, 30-year fixed home loans have an average rate of 5.60%. So we have gone up quite a bit since then. High home prices in Seattle and rising inflation and mortgage rates are making home buying less 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 rising 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 2022. 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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