What can home buyers expect from the King County, Washington real estate market in 2018? High competition, tight supply, and rising prices. That’s the general consensus among housing economists and analysts who have offered their forecasts for the King County real estate market into 2018.
King County Housing Market Forecasts Through Fall 2018
King County housing predictions suggest that home prices could continue rising through the end of this year and into next. This should come as no surprise when you look at current trends across the county.
According to a September 2017 report from the Northwest Multiple Listing Service, the median price for a single-family home in King County rose 18.2% in August compared to the same month last year. That was the biggest year-over-year price increase for August since records began in 2000.
As of September, the median home value for King County was up to $650,000. That’s an increase of more than $100,000 from the same month a year earlier.
This is largely the result of lopsided supply and demand. According to recent real estate reports, housing markets across King County are still suffering from a lack of inventory. There are plenty of buyers entering the market, but not enough properties to go around.
This is keeping upward pressure on home values, as we enter the fall of 2017. It’s also a primary factor in the housing market forecasts being issued for King County.
The economists at Zillow, for example, expect the median house value for the county to rise by another 6% over the next 12 months ending in September 2018. That’s just one of several projections that suggest a continued rise in home prices countywide.
Washington State Home Prices Set Records During 2017
While the trend toward rising home values is most pronounced within King County and the Seattle metro area, it’s occurring statewide as well. In fact, the real estate market in Washington set records during the second quarter of 2017.
According to the Washington Center for Real Estate Research at UW, the state’s median home selling price climbed to $337,700 during the second quarter of this year, a gain of 6.6% from the same time period last year. That was the highest median sales price ever recorded in the state of Washington.
Of course, you don’t have to be an economists to see that rising home values are likely to continue in 2018. The low supply of existing homes, coupled with steady demand from buyers, will probably keep pushing prices higher.
How King County Buyers Can Succeed in 2018
At the end of 2016, we published a “survival guide” for first-time buyers in the red-hot Seattle housing market. Many of those lessons can be applied across King County as well. Home buyers countywide can benefit from those lessons. Here are some of the highlights:
- When buying a home in King County, Washington, be prepared for some healthy competition from other buyers. The current inventory situation across the county makes for a competitive real estate market.
- Do some budgeting ahead of time to determine how much you can afford to pay each month in housing costs. While you’re at it, research recent sales prices in the area where you want to buy. This will help you narrow your search and make a strong, realistic offer when the right property comes along.
- Getting pre-approved for a mortgage loan is also beneficial, when buying a home in a competitive real estate market like King County. Most sellers will expect it. Being pre-approved by a lender will also help you focus your home search to the kinds of properties you can afford. This kind of efficiency is important in a hot housing market.
Disclaimer: This article includes forecasts and predictions for the King County real estate market through 2018 (among other data). Those projections were offered by third parties not associated with our company. We have presented them here as an educational service to our readers.