If you're thinking about putting the house on the market, or are simply curious about its value in the current economic atmosphere, it's essential to get an honest assessment of its value.
Summary: The housing prices in Seattle are cooling, with prices lower than they were the same time last year. This presents buyers with a great opportunity to get into the market. But buyers should make a move soon as prices are expected to increase in Seattle in 2020.
Recent housing market trends and forecasts for Seattle, Washington suggest that housing prices won’t rise that much in 2020 as they have in years past. It seems as though Seattle housing prices have peaked, with the local market consider “cool” right now.
Housing Prices Increasing Into 2020
After peaking in the summer of 2018, housing prices in Seattle have been on a steady decline since, going from $752,000 in June 2018 to $728,000 by October 2019. But after declining 2.3% over the past 12 months, prices in Seattle are starting to come back slightly, and are now at $741,800 as of January 2020. Real estate research firm Zillow anticipates that prices should pick up over the next year.
This is a big difference from where the Seattle housing market has been over the previous six years up to mid-2018, where housing prices increased over 115%. During those years, average home prices in Seattle were increasing at a faster pace compared to most other centers across the nation.
Cool Seattle Housing Market Right Now, But Warming Into 2020
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. But today, the inventory situation is much different.
The inventory situation in the Seattle real estate market has improved slightly over the past couple of months, which is helping to give buyers more to choose from. While still a far cry from a balanced market, the housing supply in Seattle and surrounding King County looks like it is improving right now and should continue to do so into the next few months.
The market has been cool for a while in Seattle, and continues to be as of January 2020. But according to Zillow, the market should warm up into 2020. More specifically, the real estate research firm predicts prices in Seattle will increase 4.2% over the next 12 months.
Homes Spending Less Time on the Market
In addition to the rise in inventory in Seattle, homes are taking less time to sell. As of the end of January 2020, the median number of days on the market for homes in Seattle was 28, according to Redfin. The housing market in Seattle is warming up, especially as the tech sector continues to increasingly bolster the market and increase demand.
A Good Time to Buy in Seattle
Based on the above-mentioned trends, now may seem like a great time to buy in Seattle. Prices are much lower than they were a year ago, 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 2020. 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.
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