While the real estate market in Seattle’s Eastside cooled down somewhat a few years ago, things definitely picked up over the past couple of years. In fact, the housing market in the Eastside has been pretty competitive this past year, and is expected to be acceptably healthy in 2024.
Here’s a look ahead at 2024 housing market trends and forecasts for Bellevue, Kirkland, Redmond, Sammamish, and other cities that make up the Eastside.
‘Eastside’ Housing Market Defined
Before we look at the latest real estate trends, we should define some geography. What is Seattle’s “Eastside,” exactly?
This is a common term for cities that fall within the Seattle metro area but are located to the east of Lake Washington. Primarily, this includes the cities of Bellevue, Kirkland, Redmond, Sammamish, Issaquah, Newcastle, and Mercer Island.
Inventory of Available Homes in 2024
The number of homes for sale is very tight right now in Seattle and the surrounding King County. More specifically, there is barely a 2.5-month supply of homes available for sale. Such a tight inventory is driving home prices up and is creating much more competition among homebuyers, and the situation is going to continue into 2024.
While housing market conditions can vary from one area to the next, all of these cities shared some things in common as of January 2024:
- On average, home prices in most Eastside markets are higher today than they were a year ago. In the past 12 months, house values inched up 0.1% throughout the Seattle metro area.
- Prices are expected to continue rising, despite high (though declining) mortgage rates.
Bellevue and Sammamish are two of the most expensive real estate markets in the Eastside and across the broader Seattle metro area. As of January 2024, the price in Seattle is $824,264, and the median home value in Bellevue is $1,300,803.
But Mercer Island tops them all and is something of an anomaly. The median price in that real estate market was about $2,048,318 as of January 2024.
The median home values in Issaquah and Kirkland were $1,037,481 and $1,100,177, respectively, as of January 2024. That makes them comparable with Seattle itself in terms of pricing.
As far as forecasts go, most housing reports and forecasts (at least those that we have read) suggest that Seattle’s Eastside real estate market will be healthy in 2024.
Buyers Will Feel The Crunch From Rising Mortgage Rates Heading Into 2024
Mortgage rates have been on a steady rise since early 2022, and are now 6.62%. This has made homes less affordable, and mortgage applications have dropped off. However, home prices continue to rise steadily.
That said, mortgage rates have dipped since October 2023 and are expected to continue dipping throughout 2024. Hopefully, this will make taking out a mortgage more affordable for buyers in the Seattle area.
Have Questions About Mortgages in Seattle?
If you are curious about mortgages in Seattle or are considering applying for one, we have the answers for you. Sammamish Mortgage is a local, family-owned company based in Bellevue, Washington. We have been serving the entire state since 1992, as well as the broader Pacific Northwest region, including Oregon, Colorado, and Idaho, and offer many mortgage programs for our clients. Please contact us if you have mortgage-related questions.