Lynnwood Real Estate Market: A 2022 Update for Home Buyers

September 1, 2018
Last updated:
January 17, 2022
Post cover image
In This Article

This article is part of an ongoing series for home buyers across the Seattle metro area. In previous reports, we looked at real estate conditions in places like Bellevue and Kirkland. Today, we’ll examine the housing market in nearby Lynnwood, Washington.

Are you planning to buy a home in Lynnwood, WA some time in 2022? If you, you will find the following information useful. Let’s take a closer look at the housing market in Lynnwood in 2022.

At a glance:

Lynnwood is a city of about 38,000 people located a few miles north of Seattle. As of January 2022, the median home price was around $724,460, a 28.8% increase since the same month last year, it’s significantly lower than the median house value in Seattle

This makes Lynnwood a possible alternative for home buyers who want to live in the Seattle area but cannot afford to buy within the city itself.

How the Lynnwood Housing Market Is Similar to Seattle

As of January 2022, the median home value in Seattle was more than $160,000 higher than the median for Lynnwood. That’s based on Zillow’s pricing data and MLS reports. More specifically, Seattle’s current median home price is $888,202, compared to Lynnwood’s average price of $724,460.

But these two markets do have some other things in common, such as a lack of housing supply.

In both cities, there just aren’t enough homes on the market to satisfy the level of demand from buyers. Inventory has remained very tight in both Seattle and Lynnwood, keeping the market very competitive for buyers looking to make a purchase in 2022.

A “balanced” real estate market has somewhere around a 5- to 6-month supply of homes for sale. Most cities across the U.S. are below that level right now, but things are particularly tight across the Seattle metro area. In fact, this area is currently home to some of the most constrained real estate markets in the country.

As of January 2022, both the Seattle and Lynnwood real estate markets had a relatively short supply of homes with less than 1-month supply. That’s well below the 5- to 6-months supply that characterizes a balanced market.

On the bright side, there is expected to be a lot of development on the horizon in Lynnwood, which will hopefully alleviate some of the burden buyers feel in terms of housing inventory available.

As you might imagine, this supply-and-demand imbalance is making things pretty competitive for home buyers. In Lynnwood, homes listed for sale spent an average number of days on the market for 6 days, which is relatively short compared to the national average.

So we’re talking about a very competitive market with limited inventory and fairly quick home sales. That’s something Lynnwood has in common with Seattle, it’s neighbor to the south.

Anyone planning to buy a home in Lynnwood during 2022 will likely encounter similar conditions.

Today’s Mortgage Rates

Home Prices Still Climbing in the Lynnwood Area

The median home value in Lynnwood, Washington was $724,460 as of January 2022, according to Zillow, with a median sales price of around $770,000, according to RedFin. The average home sells for around 6% over the listing price. So that gives you some idea as to where the local real estate market is, in terms of pricing.

Over the last few years, home prices in Lynnwood have followed a steady upward path. The median value rose by 28.8% over the last year alone (as of January 2022). And they’re expected to continue climbing over the next 12 months as well.

In closing, five quick tips for Lynnwood home buyers in 2022:

  1. Give yourself plenty of lead time when house hunting, due to low supply.
  2. Be prepared for some “lively” competition from other buyers.
  3. Make your first offer a strong one, backed up by recent sales data/prices.
  4. Get an experienced Lynnwood real estate agent on your side to help navigate the market.

Consider buying sooner rather than later to avoid (possibly) higher housing costs.

Get an Instant Mortgage Rate Quote Today

Need Financing in Lynwood?

If you are looking to buy a home in Lynnwood in 2022, then you’ll likely need a mortgage to finance it. If so, Sammamish Mortgage can help. We are a local, family-owned company based in Washington and serving buyers in Oregon, Colorado, Idaho, and Washington State. We have plenty of mortgage programs available for you to consider. Please contact us if you need a mortgage loan to buy a home in Lynnwood, or if you just have financing-related questions.

Other Blogs You May Like
Idaho Mortgage Lender: 15 Tips For Finding The Right Lender
March 27, 2024
11 min read
Idaho Mortgage Lender: 15 Tips For Finding The Right Lender
If you are ready to buy a home in Idaho, you need a home loan that fits your specific needs as a...
Seattle Mortgage Lender: 15 Tips for Finding the Right Lender
March 27, 2024
9 min read
Seattle Mortgage Lender: 15 Tips for Finding the Right Lender
If you are ready to buy a home in Seattle, WA, you need a home loan that fits your specific needs...
Show 202 more posts
from this category

Connect with a Mortgage Advisor Today!

Whether you’re buying a home or ready to refinance, our professionals can help.

Compare Mortgage Rates in Your Area Instantly

No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.

Subscribe to our newsletter