King County Housing Forecasts Stretching Into Late 2022

Published:
September 26, 2017
Last updated:
November 30, 2022
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What can buyers looking in King County, Washington expect from the housing market going into 2022? Prices increased quickly throughout the year, prompting buyers to get into the market sooner before prices really started to take off.

The competition remained as strong in the first half of 2022 as it was throughout 2021. Prices continued to increase at a healthy pace, and the rising home values are expected to continue, albeit at a slower pace throughout the coming months. In fact, King County’s real estate market is still considered quite hot right now.

King County Housing Market Forecasts Through End Of 2022

King County housing predictions suggest that home prices will continue to rise through EOY 2022.

According to Zillow, median home prices in King County increased 20.6% over the course of 2022.

As of August 2022, the median home value for King County was $933,537. That’s an increase of nearly $100,000 over the past year.

This is largely the result of higher demand and tight inventory across the county, as well as continued pent-up demand among buyers who delayed their entrance into the real estate market as a result of the health crisis.

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Expect Continued Inventory Shortages in King County in 2022

As we’ve already discussed, the King County housing market will continue to be hot in 2022 and will be characterized by soaring home prices. And it is still characterized by tight inventory. That means buyers will still be facing tough competition among other buyers.

Right now, there is only about a half month supply of available housing for buyers. That’s a significant shortage and is far below the 5- to 6-month supply that’s characteristic of a balanced market.

However, now may be a great time for buyers to get into the market before prices really start to take off, as well as to take advantage of continued low mortgage rates.

Related: Will King County loan limits rise?

According to Zillow, the median home value in Washington is $627,555. The value of homes in Washington state have increased by 21.2% over the past year, with economists expecting them to increase at a healthy pace over the next year, though perhaps not as sharply.

How King County Buyers Can Succeed in 2022

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 2022 (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 have been helping borrowers realize their dreams of homeownership since 1992, offering plenty of mortgage programs to make that happen. Contact us today if you have questions about applying for a mortgage.

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