If you have been putting off buying a home or investing in real estate in Renton, WA, because you want to time it with affordable mortgage rates, then the most recent economic data for the Renton real estate market can help. In this article, we’ll discuss current Renton real estate market trends, forecasts for 2024, and more.
At the moment, in the U.S., we are climbing back to more mortgage and refinancing activity following months of low applications due to high mortgage rates. This is especially true for major cities and suburbs in Washington state. Looking especially at the Renton real estate market, one thing is clear—2024 is a good year for those looking to purchase and sell real estate.
Homes in Renton are very much in demand, and home sales for both new as well as existing houses are high. According to RedFin, the Renton housing market is “very competitive.”
If this is your first time considering Renton or you are a first-time buyer, it is worth noting that Renton is a lively suburb of Seattle on the southeast shore of Lake Washington, situated in King County. Here you will find a thriving suburb that consists of 6 neighborhoods.
Overall, Renton does offer a variety of affordable housing, has ample green spaces, nearby beaches, a low crime rate, a top-rated educational system, and more. Yet depending on your desired location within this Seattle suburb, you can expect to see slightly higher home price tags.
And though it is much more affordable than living in Seattle, living in Renton, Washington, is still pretty expensive. For example, the cost of housing, in particular, is well above the national average due to the fact that it’s so close to Seattle.
Nevertheless, in terms of current market trends and 2024 predictions, Renton, much like the area itself, has a lot to offer.
Current Real Market Trends For Renton, WA
Presently, current market data shows that the median list price in Renton is $697,938, which is 1.9% higher than last year. In January 2024, the average house in Renton spent 31 days on the market, up 1 day from the same time last year.
Since Renton has so much to offer, it is not too surprising that most homes tend to get multiple offers.
As of January 2024, mortgage rates for a 30-year fixed-rate mortgage and 5/1 arms are much higher than they were last year. And the same is true for jumbo loans (30-year fixed-rate mortgages and 5/1 arms). So, Renton home buyers looking to get a mortgage right now will be faced with higher rates compared to where they were a year or two years ago.
Similarly, refinancing rates are higher than last year.
Having said that, rates are finally on their way down from their peak in October 2023.
Forecast For 2024
Renton is and has been one of the largest and most competitive markets in the state for some time now; however, the predicted future home values/prices within the Renton real estate market are high. But increased home values and prices mean that Renton can be a profitable property investment option for those looking to invest in real estate in this area or for homes for sale with good flipping profit.
As briefly mentioned, Renton is a part of King County, part of the Seattle-Bellevue-Everett WA Metropolitan Division, a term the U.S. Census Bureau uses to designate areas with strong economic ties.
As a result, housing market forecasts predict that this area will experience continued home-price appreciation over the coming months. Meanwhile, mortgage rates are expected to dip this year —though by how much will depend on the available home supply. Since there are so few homes on the market and so many buyers out there seeking properties to purchase—analysts predict that these housing market trends will likely persist throughout 2024 and possibly beyond that as well.
These trends are also expected to continue fueling the home price forecasts for the entire King County real estate market into 2024.
General Consensus: Increasing Rates
Given what has been happening with mortgage rates over the last few weeks, it’s difficult for experts to accurately predict what they will do over the course of 2024. That said, experts suggested that rates would dip down to around 6% by year-end, and by 5% by the end of 2025.
Right now, the rate for a 30-year fixed-rate mortgage is 6.6%. So, if you plan to purchase a home or refinance a current loan, this is definitely something to think about.
Rate Quotes For Renton Mortgage Shoppers
Ultimately, if you are trying to buy a home or refinance a property in Renton, there are plenty of things to take into consideration—as noted above. That said, if you do not know where to start, we can help. And with the proper assistance, you can figure out what makes the most sense for your financial situation and homeownership goals.
So what are you waiting for? Get answers to any questions you have about the local market or mortgages, access to rate insights, and more.
Disclaimer: This article includes mortgage rate forecasts and predictions from third-party sources not associated with our company. We have simply compiled this information as an educational service for our readers. Mortgage rates tend to vary based on geography, loan features, and credit qualifications. Please contact us if you would like to receive a quote or click the link below.
Ready To Buy A Home?
Do you have questions about mortgages, or would you like more information about the home buying or refi process in Renton? If so, Sammamish Mortgage can help. We are a local mortgage company from Bellevue, Washington, serving the entire state, as well as Oregon, Idaho, and Colorado. We offer many mortgage programs online to buyers all over the Pacific Northwest and have been in the business of doing so since 1992. Contact us today with any questions you have about mortgages.