Denver, Colorado continues to woo homebuyers as home prices rose by 10.20 percent as of June according to the Case-Shiller 20-City Home Price Index. The Mile-High City was the only city included in the index that posted double-digit year-over-year growth in June. San Francisco, California posted a 9.50 percent year-over-year gain in home prices and Dallas, Texas rounds out the top three cities posting highest year-over-year home price growth with a reading of 8.20 percent.
Summary: The booming real estate market has slowed on the sound. This 2019 East Side Seattle Housing Market Forecast Starts with a broad look at the market as a whole and then drills down the values to expect from “Eastside” homes in Belleview, Bothell, Issaquah, Kenmore, Kirkland, Renton, Redmond, Sammamish, and Woodinville.
Housing markets located in Seattle’s Eastside area all have maintained favorable forecasts through February 2019, but are beginning to taper off. In fact, with current median home values at $490,00 prices on Seattle’s popular East Side have enjoyed steady growth since February 2012 when the average home price for the area was $254,000, almost doubling in value over the past 7 years. Despite cooling national forecasts, for most Eastside housing markets are still performing well. According to Eric Fox, VP of statistical modeling for statistical housing data publisher Veros;
“We do not see a significant depreciation,” Fox said, “but simply a slowing down of most markets. The overall housing market is still expected to remain healthy as the fundamentals remain solid including historically low interest rates and a strong economy with low unemployment rates.”
Of course, this shouldn’t come as a surprise to anyone who has been following real estate trends in the Seattle metro area. Tight supply and strong demand have boosted home prices over the last couple of years. With Amazon’s latest move, skyrocketing home values on Seattle’s Eastside, as well as the broader metro area, have risen much faster than the national average.
Related: Seattle real estate predictions
Home Price Forecasts for Seattle Eastside Cities
In June, real estate data provider Zillow updated its long-range forecasts for housing markets across Seattle’s Eastside. They expect prices to cool over the next 12 months. However, other forecasters site a recent tech boom for a shortage of more affordable housing and the push for some home buyers to move to neighboring cities like Tacoma or Olympia Washington where the average home lists for about $600,000 cheaper. They also anticipate that these cities will continue to outpace national home-price trends
Here is a summary forecasts for key cities in the Seattle Eastside area:
- Bellevue, Washington. Researchers expect home prices in Bellevue to decline by 2.3%over the next 12 months. This forecast was issued in May 2019 so it extends into summer of 2020. Home prices in Bellevue declined by 1.6% over the last 12 months.
- Bothell, Washington. This Seattle Eastside city has slowed a little, with prices expected to decline by 3% between now and June 2020. House values fell 1% over the last year, according to the company’s latest assessment.
- Issaquah, Washington. Issaquah has a 12-month forecast projecting a 4.2% drop in median home value.
- Kenmore, Washington. Kenmore as well has experienced a general slowing of the market witnessing a 2.3% decrease in home value while expecting another drop.
- Kirkland, Washington. The Kirkland housing market has seen a decline of 3.5% and is forecasted to drop 2.9% over the next year which will bring prices more in line with what we saw in the Fall of 2017.
- Renton, Washington. The city’s long-range outlook closely matches those listed above, with the expectation of a 1.8% decline in home values through the summer of 2020. Prices dropped by 2% over the previous 12 months.
- Redmond, Washington. Par for the course. The housing economists at Zillow predict a drop of 2% over the next year, following a 2.4% decline over the last 12 months. View an in-depth forecast for Redmond.
- Sammamish, Washington. Sammamish is one of the pricier cities in Seattle’s Eastside. According to recent estimates, the median home value has now climbed above $900,000. Prices are expected to soften over the next year and likely beyond that as well, with a one-year forecast for a 2.4% decrease.
- Woodinville, Washington. The real estate market of Woodinville has performed about the same as its neighbors with, a 12-month home price projection of -2.1%.
Granted, these are just forecasts based on current market trends. They are the equivalent of an educated guess. So,its important to remember there are a lot of influencing factors. The key takeaway here is that home prices in Seattle’s Eastside are predicted to experience a general cooling and reflect a marginal decline in value. Additionally, the general consensus is that house values in these Eastside real estate markets will remain steady due to a low unemployment rate and robust tech economy.
Disclaimer: This article includes projections and forecasts for the Seattle Eastside real estate market extending into the summer of 2020. These statements were provided by third parties not associated with our company. We have compiled and presented them here as an educational service to our blog readers.