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 hot throughout 2021, and is expected to be very healthy in 2022.
Here’s a look ahead at 2022 housing market trends and forecasts for Bellevue, Kirkland, Redmond, Sammamish, and other cities that make up the Eastside.
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.
The number of homes for sale is very tight right now in Seattle and the surrounding King County. More specifically, there is less than a 1-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 2022.
While housing market conditions can vary from one area to the next, all of these cities shared some things in common as of December 2021:
Bellevue and Sammamish are two of the most expensive real estate markets in the Eastside and across the broader Seattle metro area. As of December 2021, the price in Seattle is $874,877, and the median home value in Bellevue is $1,279,662.
But Mercer Island tops them all and is something of an anomaly. The median price in that real estate market was about $2,016,888 as of December 2021.
The median home values in Issaquah and Kirkland were $1,015,699 and $1,045,399, respectively, as of December 2021. 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 hot in 2022.
Thanks to incredibly low mortgage rates these days, home buyers within the Eastside real estate market are able to obtain more affordable mortgages.
Mortgage rates have been on a steady decline since late 2018, though they’ve inched up slightly since the beginning of 2021. Today, the rate for a 30-year fixed-rate mortgage sits at 3.11%.
The bottom line is that it’s a different housing market today than in recent years. That said, rates may be slightly higher in 2022 compared to 2021. According to the Mortgage Bankers Association (MBA), rates are expected to end off 2022 at 4%, though this is still rather low compared to years past.
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.
Whether you’re buying a home or ready to refinance, our professionals can help.
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