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.
The following information will be useful for anyone who is planning to buy a home in Lynnwood in 2018 or 2019.
At a glance:
Lynnwood is a city of about 36,500 people located a few miles north of Seattle. As of August 2018, the median home price was around $493,000. While that’s more than double the national average, 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 summer 2018, the median home value in Seattle was more than $200,000 higher than the median for Lynnwood. That’s based on Zillow’s pricing data and MLS reports.
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. While inventory in the area has grown a bit over the last year, things are still pretty tight.
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 July 2018, both the Seattle and Lynnwood real estate markets had about a 1.3-month supply of homes for sale (notice the decimal point there).
As you might imagine, this supply-and-demand imbalance is making things pretty competitive for home buyers. In Lynnwood, homes listed for sale during the month of July spent a median of about nine days on the market before getting an offer. By contrast, the nation as a whole had a “median days on market” of 32 during that month.
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 the latter part of 2018 or early 2019 will likely encounter similar conditions.
Home Prices Still Climbing in the Lynnwood Area
The median home value in Lynnwood, Washington was $493,100 as of August 2018, according to Zillow. MLS data showed a median sales price of around $506,000 in July. 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 more than 10% over the last year alone (as of September 2018). And they’re expected to continue climbing over the coming months, though possibly at a slower pace than previous years.
This is another important factor for those planning to buy a home in Lynnwood. Buyers who postpone their purchases until later in 2018, or push them into 2019, could very well encounter higher housing costs. That’s the real estate reality across the entire Seattle metro area right now.
In closing, five quick tips for Lynnwood home buyers in 2018 / 2019:
- Give yourself plenty of lead time when house hunting, due to low supply.
- Be prepared for some “lively” competition from other buyers.
- Make your first offer a strong one, backed up by recent sales data/prices.
- 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.