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King County Housing Forecasts Stretching Into 2020

King County Housing Forecasts Stretching Into 2020

Summary: What can buyers looking in King County, Washington expect from the housing market going into 2020? Prices will increase very slightly and remain relatively stable throughout the year.

What can home buyers expect from the King County, Washington real estate market in 2020? While the competition might still be somewhat strong, it won’t be too hot in 2020. Prices will increase slightly, but not as much as they did in 2019.  In fact, King County’s housing market is only somewhat warm.

King County Housing Market Forecasts Through 2020

King County housing predictions suggest that home prices could continue rising slowly through 2020, though they’re more likely to flatten to some degree.

According to a Zillow, median home prices in King County dipped by 2.48% over the second half of 2019.

As of January 2020, the median home value for King County was about $629,000. That’s a decrease from $645,000 six months earlier.

This is largely the result of more listings coming out and more inventory alleviating pressure and giving buyers more to choose from.

Related: 5 things buyers should know in 2020

More affordable and mid-price ranges are expected going forward through 2020. Price appreciation is anticipated to stay relatively steady and rise very modestly over the next few months.

The economists at Zillow, for example, expect the median house value for the county to increase only by 1.6% over the next year. That’s just one of several projections that suggest a continued steadiness in home prices countywide.

View Washington State Mortgage Rates Aug, 07, Fri, 2020

Expect Continued Inventory Shortages in King County in 2020

While it’s not necessarily a sizzling hot seller’s market as it was not long ago in King County, the market is still characterized by tight inventory. That means buyers will still be facing tough competition among other buyers.

However, now may be a great time for buyers to get into the market with steady price increases and continued low mortgage rates.

Related: Will King County loan limits rise?

According to Zillow, the median home value in Washington is $409,000. The value of homes in Washington state have increased by 3.6% over the past year, with economists at Zillow expecting them to will increase 3.3% over the next year.

How King County Buyers Can Succeed in 2020

Not long ago, we published a “survival guide” for first-time buyers in the 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 2020 (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.

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Looking to Apply For a Mortgage in King County?

At Sammamish Mortgage, we offer various mortgage programs to buyers in King County, as well as the rest of Washington State. We also serve the greater Pacific Northwest region, including Colorado, Idaho, and Oregon. We are a family-run business and strive to help borrowers realize their dreams of homeownership. Contact us today if you have questions about applying for a mortgage.

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