Everett, WA Real Estate Market Forecast for 2024

December 21, 2016
Last updated:
January 12, 2024
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Washington State is home to a lot of hot housing markets, and Everett happens to be one of them. The real estate market this past year was somewhat healthy, but where will things go in 2024 in Everett, WA?

Home prices in Everett, Washington have been rising quickly over recent years. In fact, the real estate market in Everett has been decent over the past year and is expected to continue to be healthy over the coming months in 2024.

Everett Real Estate Forecast: Prices to Continue Rising in 2024

According to the housing research team at Zillow, the median home price in Everett, Washington rose by 3.7% year-over-year from January 2023 to January 2024. The median price was around $600,962 when this article was published, in January 2024. The median price per square foot was $356.

Experts do not see much slowdown in price increases in sight, predominantly as a result of continued constraints in housing inventory.

Home-price appreciation has been steady in Everett, and the forecast for the city’s real estate market is still strong compared to the national outlook.

Essentially, the Everett real estate market is relatively comparable to statewide and nation-wide occurrences, as the Washington State and US housing markets are both very hot, much like that of Everett.

While Everett has plenty to offer on its own, the city also benefits from its close proximity to the Seattle Metro Area. The population of the broader metro area has risen steadily in recent years, bringing more home buyers into the real estate market and boosting home prices.

Seattle is very high up on the list for population growth among the nation’s 50 largest cities. This is partly why nearby cities like Tacoma and Everett have such strong real estate forecasts for 2024.

Higher Loan Limits in 2024

Here’s some good news for Everett home buyers and mortgage shoppers. In 2024, FHA and conforming loan limits are higher than they were in 2023. Federal housing officials made these changes in response to the significant home-price gains that occurred during 2023.

In 2024, the loan limit for a single-family property in Everett (Snohomish County) is $977,500. This applies to conventional and FHA-insured home loans. For VA loans, loan limits have been eliminated, except for those who already have more than one VA loan or who have defaulted on a loan in the past.

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Mortgage Rates Remain Relatively Stable

Here is another trend and forecast that is affecting the Everett, Washington real estate market in 2024. In November 2018, mortgage rates began a declining trend and dipped to an all-time low several times throughout 2020.

Right now, mortgage rates for a 30-year fixed-rate mortgage is currently at 6.62% as of early 2024. The Mortgage Bankers Association (MBA) expects rates to dip to around 6% by the end of 2024.

With rising home prices and decreasing interest rates, home buyers considering a purchase might want to move sooner rather than later. Postponing a purchase until later in 2024 could result in higher housing costs.

Disclaimer: This article includes forecasts and predictions for the Everett, Washington real estate market in 2024. Data and projections were provided by third parties not associated with our company. We have compiled them here as an educational service to our readers.

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Have Questions About Mortgages in Everett, WA?

Is buying a home in Everett on your radar for 2024? If so, get your mortgage with Sammamish Mortgage! We are a local, family-owned company based in Bellevue, Washington and currently lend in all of Washington, Oregon, Idaho and Colorado. We have been offering a number of mortgage programs for you to choose from since 1992. Please contact us if you have mortgage-related questions.

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