A recent forecast suggests that the real estate markets in Seattle, Bellingham and Kennewick could see the largest home-price gains of any metro area between now and March 2019.
At the end of March 2018, Veros Real Estate Solutions published an update to its “VeroFORECAST,” which predicts national real estate market trends over the next 12 months. The company analyzes trends and data from roughly 340 metropolitan areas across the United States.
Washington State Housing Markets Top the List
In their latest forecast, the company’s analysts predicted that Washington State would have four of the top five markets for home-price appreciation over the next year or so. The housing markets in Seattle, Bellingham and Kennewick earned the top three spots in this ranking. Mount Vernon also cracked into the top five.
The below shows the metro areas that received the strongest housing market forecasts. The numbers shown after each metro indicate the company’s projection for year-over-year home price gains through March 2019.
Top 5 projected appreciating markets:
- Seattle-Tacoma-Bellevue, WA: 11.1%
- Bellingham, WA: 10.1%
- Kennewick-Pasco-Richland, WA: 10.0%
- Denver-Aurora-Broomfield, CO: 9.9%
- Mount Vernon-Anacortes, WA: 9.9%
According to the report, the company “predicts continuing strength in the housing market with [home prices in the] top markets rising 10 percent over the next 12 months … data shows Denver Metro Area has entered the Top 5 Markets still dominated by regions in Washington State.”
It’s really not surprising to learn that four of the five fastest appreciating markets are expected to be in Washington State. The state as a whole (and the Seattle area in particular) attracts new residents from all over the country. Meanwhile, there aren’t enough homes listed for sale to meet demand in most cities across the state. This supply-and-demand imbalance puts upward pressure on home values.
What It Means for Home Buyers
Home buyers in Washington State who are “on the fence” about their timing might benefit from buying sooner rather than later. If house prices in the state do continue rising, as predicted, those buyers who postpone their purchases could end up paying more.
The forecast above — which singles out Seattle, Bellingham and Kennewick as three of the strongest metros for price growth — is just one of several reports we’ve seen in recent months. The general consensus and forecast from housing analysts appears to be that Washington State real estate markets will perform strongly into 2019.
Over the last year or so, the median home value for the state as a whole rose by around 11% according to Zillow. And the company recently predicted that prices would continue rising over the coming months.
Granted, housing market forecasts are the equivalent of an educated guess. They are based on ever-changing trends and conditions. So they can be fallible at times. The big takeaway here is that home prices in some Washington real estate markets are expected to outperform the national average through the rest of 2018 and into 2019.
Disclaimer: This article contains housing market predictions and commentary relating to Seattle, Bellingham, and other Washington cities. This information was provided by third parties not associated with our company. We’ve presented it here as an educational service to our readers.