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Over the past 12 months, Seattle, Tacoma, Bellevue, and Everett real estate markets have been hot. But what are they expected to be like in 2021?
The latest housing market forecasts for Seattle, Bellevue, Everett, and Tacoma suggest that all four markets saw bigger price gains in 2020 compared to 2019. Seattle has traditionally been seeing double-digit gains over recent years leading up to extremely high real estate prices compared to other markets in Washington state and other parts of the country. And even though it saw a cool market in 2019, 2020 heated up for the city. And experts expect Seattle’s market to continue to be hot into 2021.
A new round of real estate market forecasts point to an ongoing hot trend for Seattle, Bellevue, Everett, and Tacoma in 2021, according to the housing research team at Zillow.
Over the past 12 months, home prices have increased in all four centers. More specifically, they’ve climbed 10.9%, 13.1%, 15.8%, and 13.0%, in Seattle, Bellevue, Tacoma, and Everett, respectively. And they’re expected to increase 11.1%, 11.6%, 12.0%, and 11.8% in 2021, respectively. As you can see, the markets in all four centers have been really hot over the past year, and 2021 is expected to be no different.
What does this mean for buyers? It means that now might be a great time to buy before more gains are seen in 2021. Buying before prices increase even further can help buyers save quite a bit.
Below, you’ll find the current median home value for each city, along with price changes that occurred over the last year. Zillow’s forecast for the next 12 months (through January 2021) is also included. Home price trends for the nation as a whole are shown for comparison purposes.
As you can see, the real estate market in the nation as a whole is rather strong.
Related: Buying in Washington vs. Oregon
You might think that these higher price tags would deter buyers. But that’s not the case. Pending sales across the area are still rather strong, according to Northwest MLS. So clearly there is still strong demand from buyers across the Seattle metro area real estate market, though perhaps not as strong as in recent years.
Lack of inventory is one reason why Tacoma and Everett housing markets are forecast to keep up with or even outpace the nation in 2021. Strong demand from buyers, coupled with limited supply, are currently an issue and will continue to be going into 2021.
They certainly have put upward pressure on home values across certain centers in the region. You can see this clearly when you look at the year-over-year price changes shown above.
According to the Northwest MLS, King County, Washington currently has less than a two-month supply of single-family homes and condos for sale. Industry analysts say that four to six months of supply is indicative of a balanced or “normal” real estate market. By this measurement, the housing markets in Bellevue, Everett, Seattle and Tacoma still favor sellers over buyers. And those conditions will likely persist as we move into 2021.
Disclaimer: This article includes housing market and home-price forecasts for the cities of Bellevue, Everett, Seattle and Tacoma, Washington. These projections were provided by third parties not associated with our company. We have presented them here as an educational service to our blog readers.
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 that includes Idaho, Colorado, and Oregon. We have been offering a wide variety of mortgage programs and products with flexible qualification criteria since 1992. Please contact us if you have mortgage-related questions.
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