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The housing prices in Seattle have been very healthy over the past year, and they’re expected to remain hot over the course of 2021. Buyers should make a move soon as prices are expected to increase quite quickly in Seattle in 2021.
Recent housing market trends and forecasts for Seattle, Washington suggest that housing prices would soar throughout 2021.
After peaking in the summer of 2018, housing prices in Seattle were on a steady decline from mid-2018 to mid-2019. But since then, prices have been on the rise, and have risen quite a bit.
Over the course of 2020, home prices in Seattle have risen 10.9% and now sit at $804,504. According to Zillow, home prices will rise by another 11.1% throughout 2021.
This is a big difference from where the Seattle housing market was from mid-2018 to mid-2019 to how the market is behaving today.
The supply situation in Seattle has been rather tight over the past few years along with the high level of demand in the area, which is what has largely contributed to the rapid price gains in the area.
Right now, there is just a 1.71-month supply of inventory available in Seattle, and just a 0.99-month supply in all of King County. That is extremely limited inventory and is driving home prices up as demand far outweighs supply.
In addition to the rise in inventory in Seattle, homes are taking less time to sell. As of January 2021, the median number of days on the market for homes in Seattle was 19, according to Redfin. The housing market in Seattle is hot, especially as the tech sector continues to increasingly bolster the market and increase demand.
Based on the above-mentioned trends, now may seem like a great time to buy in Seattle before prices really start to take off. And mortgage rates continue to be very low, making a mortgage much more affordable.
Related: Seattle Home Buyer Guide
Disclaimer: This story contains real estate trends and housing predictions for Seattle, Washington, extending into 2021. These statements and projections were made by third parties not associated with our company. We have compiled them here as a service to our blog readers.
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. We offer a wide variety of mortgage programs and products with flexible qualification criteria in WA, OR, CO, and ID. Please contact us today with any financing-related questions you have.
Thinking of buying a home in Sammamish, WA? If so, you should determine the average home price before you make a purchase. Read on to find out more.
S&P Case-Shiller Home Price Indices reported the fastest pace of U.S home price growth since 2005.