How Much Are Seattle Housing Costs in 2024?

June 8, 2022
Last updated:
January 30, 2024
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Thinking about buying a home in Seattle? Better check those Seattle prices first – the market in Seattle is all about sellers and real estate is still very pricey in many desirable neighborhoods.

Knowing the average Seattle housing cost in 2024 can help you decide if it’s the right time to buy a home in Seattle this year or wait a little longer for the market to cool.

Estimated Seattle Housing Cost in 2024

Washington State’s spring and summer housing forecast is remaining solidly on the side of sellers for the time being, which can be difficult if you are a potential buyer looking at estimated Seattle housing cost and comparing it to your income. The average price of a single-family home in the Seattle area keeps going up and up, despite the slight rise in interest rates.

The typical value of homes in Seattle is currently $815,865 according to Zillow – that means plenty of homes are over $1 million, since this value is seasonally adjusted and only includes the middle price tier of homes. Overall, Seattle home values have gone up 16.4% over the past year, following a trend that dates back 24 months and counting.

Today’s Seattle Mortgage Rates

Housing Market Trends In Seattle

Seattle real estate trends are making history right now. Many buyers are still getting priced out of the market, and inventory stays tight especially in rarified neighborhoods where there seems to be barely a week or two inventory, houses are going for up to six figures over asking, and the time on the market is days if not hours. 

Overall, according to Zillow, nearly 60% of homes nationwide are selling within 22 days. The median days on market is 27, and in Seattle it’s only five. If you’re buying a home in Seattle, be prepared to hustle. 

What does this mean? Would-be buyers are settling into condos or apartments, adding to the strain renters are experiencing. Prices for a two-bedroom apartment in Seattle are averaging over $2,000 per month, making it difficult for many people to afford to live in the city.  

While there are some early signs that demand is slowing down, such as Google searches for buying a home in Seattle declining slightly, and interest rates going up, real estate agents are still staying busy as demand is high for the homes on the market. Until inventory goes up, the seller’s market is bound to continue.

Today’s Seattle Mortgage Rates

Effects On Seattle’s Metro Area

People who are seeing working from home as a long-term viable solution are seeking to get out of the Seattle metro area and move somewhere more affordable. This means renewed interest in areas further out including the still highly desirable cities of

  • Lakewood
  • Olympia
  • Everett
  • Bremerton
  • Tacoma

As people shift out of Seattle or are priced out of the market there, they can find a palace to settle in these regions, which offer more home for the money and prices not as amplified as Seattle proper. Commuting is still an option with most located along the corridor, and with flexible hours, rush traffic can be avoided.

Getting Financed for a Home in Seattle

The average interest rate for a 30-year mortgage is 5.750% this week. Mortgage rates have decreased slightly, so this is something to watch if you’re thinking about buying a home in Seattle. 

At some point, the mortgage rates will drive home prices back down, but will the interest then be unaffordable long term? You want to buy in the sweet spot. Getting pre-approved now can leave you positioned to buy if the perfect home shows up on your radar.

Remember, the better your credit, and the higher your down payment, the better your interest rate will likely be. Don’t forget to check your debt-to-income (DTI) ratio, and remember that homeowners associations (HOAs) abound in Seattle and any HOA dues will be counted as part of your monthly mortgage payment, which can affect the maximum amount you can borrow.

Loan limits for most of Seattle top out at a little over $977,500, so be aware if you select a home with a bigger price tag you may need a jumbo loan. Check Seattle mortgage rates before you buy to see where you stand.

Now you know everything there is to be known about the current Seattle housing cost, your home financing options, and real estate market challenges, and where to get started. You’re ready to apply for a mortgage and begin your journey to home ownership in the beautiful PNW. 

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Why Choose Sammamish Mortgage?

At Sammamish, we believe educating homeowners is the best path forward to financial success. That’s why we put so much effort into our blog articles, to help create a resource for homeowners and homebuyers. Whether you’re looking for a condo mortgage or planning on becoming a real estate investment buyer, we can help. 

Sammamish Mortgage has been in business since 1992, and has assisted many home buyers in the Pacific Northwest. If you are looking for mortgage financing in Washington State, we can help. Sammamish Mortgage offers mortgage programs in Colorado, Idaho, Oregon and Washington including our Diamond Homebuyer program.

Contact us if you have any mortgage-related questions or concerns. If you are ready to move forward, you can view rates, obtain a customized instant rate quote, or apply instantly directly from our website.

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