Knowing how much your home is worth is important, even if you don't plan to sell any time soon. Here are some tips to help you determine how much your home is worth in today's market.
Summary: 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 2020? If you, you will find the following information useful. Let’s take a closer look at the housing market in Lynnwood in 2020.
At a glance:
Lynnwood is a city of about 38,000 people located a few miles north of Seattle. As of February 2020, the median home price was around $520,100. 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 February 2020, 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. More specifically, Seattle’s current median home price is $752,100, compared to Lynnwood’s average price of $520,100.
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 2020.
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 February 2020, both the Seattle and Lynnwood real estate markets had a relatively short supply of homes and sit at around 1.6-months 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 24 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 2020 will likely encounter similar conditions.
Home Prices Still Climbing in the Lynnwood Area
The median home value in Lynnwood, Washington was $520,100 as of February 2020, according to Zillow, with a median sales price of around $478,900. 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 2.0% over the last year alone (as of February 2020). And they’re expected to continue climbing over the next 12 months at an even faster pace of 4.3%.
In closing, five quick tips for Lynnwood home buyers in 2020:
- 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.
Need Financing in Lynwood?
If you are looking to buy a home in Lynnwood in 2020, 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.