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 2024?
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 experts expect Seattle’s market to continue to be hot into 2024.
Housing Forecasts for Bellevue, Everett, Seattle, and Tacoma
A new round of real estate market forecasts points to an ongoing hot trend for Seattle, Bellevue, Everett, and Tacoma in 2024, according to the housing research team at Zillow.
Over the past 12 months, home prices have increased in some centers, and dipped in others. What does this mean for buyers? Could it be a great time to buy before more gains are seen in 2024? Buying before prices increase even further can help buyers save quite a bit.
Related: Tacoma Gets Highest Home-Price Outlook Among Seattle-Area Cities
Below, you’ll find the current median home value for each city, along with price changes that occurred over the last year. Home price trends for the nation as a whole are shown for comparison purposes.
- Bellevue: $1,300,183 // -0.1% change
- Everett: $600,962 // +3.7% change
- Seattle: $815,865 // -1.3% change
- Tacoma: $458,396// +1.6% change
- U.S. average: $342,685// +2.6% change
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 Still a Driving Factor
Lack of inventory is one reason why Tacoma and Everett housing markets are forecast to keep up with or even outpace the nation in 2024. Strong demand from buyers, coupled with limited supply, are currently an issue and will continue to be going into 2024.
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 a 0.38-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 2024.
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.
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