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Seattle’s home prices are some of the highest in Washington State and the country. They’ve increased over the past year and are expected to rise again into 2022. This article will outline the market in Seattle into the new year.
Seattle is notorious for having some of the highest home prices in the country. With prices topping $960K right now, that’s far out of reach for many would-be homebuyers who simply can’t afford those prices.
Current homeowners will enjoy the fact that prices in Seattle are expected to increase yet again into 2022, helping to build more equity into their homes. Will this be a short-term “blip,” or a sustained trend? Long-range forecasts for this market suggest that home values across the Seattle metro area will be higher later in 2022 than they are right now.
According to real estate research firm Zillow, home prices in Seattle increased 11.4% over the past year. Today, the average price for a home in the city is $960,925
A similar trend is being seen in King County as a whole. Prices in the county have increased 17% over the past year, and are expected to climb over the next year as well. As of the first week of September, 2022, the average price for a home in King County is $916,255
These trends are noteworthy because both buyers and homeowners should know where things stand price-wise. Buyers should know what types of prices they can expect, and homeowners should understand what their homes are worth, as well as how much equity they’re accumulating over time.
Analysts and economists are predicting that home prices in Seattle will be even higher in 2023 than they are right now. So that’s something to consider, if you’re planning to make a purchase in 2023.
As already stated, home prices are expected to rise quite a bit throughout the upcoming months.
The key takeaway here is that the Seattle real estate market — which has long been cited as one of the hottest markets in the country — is still seeing a price appreciation trend. This is good news for current homeowners. But it can make things more challenging for homebuyers. That’s why it may be a good idea to get into the market early in the year before prices start to take off.
With interest rates rising, mortgages are becoming less affordable. Considering this fact, now may be a great time to buy a home and get into the housing market before prices and interest rates start to increase even more.
There’s another sign that explains why home prices continue to rise in Seattle: tight inventory. Seattle is notorious for low inventory levels, and even though inventory may have shown signs of increasing recently, the availability of homes for buyers is still extremely low. It’s happening across King County as well.
Right now, King County has increased from a 0.7 month inventory to nearly 2 months, but it still isn’t a balanced market, which would be characterized by a 5- or 6-month-supply of housing.
If inventory continues to remain tight, it could affect home-price appreciation in the Seattle metro area well into 2023.
The city’s population continues to grow as well, creating more housing demand on both the rental and purchase side.
These are interesting times for the Seattle housing scene. We will continue to monitor these and other trends relevant to home buyers and homeowners in the area, and provide ongoing updates.
Will you need mortgage financing to buy a home in Seattle? We can help. Sammamish Mortgage has been serving buyers across the Pacific Northwest since 1992, including Washington, Idaho, Oregon, and Colorado. We offer a wide variety of mortgage products and programs with flexible qualification criteria. Please contact us today with any financing-related questions you have.
Whether you’re buying a home or ready to refinance, our professionals can help.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.