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Seattle Housing Forecast Through 2019/2020: Prices Cooling

Seattle Housing Forecast Through 2019/2020: Prices Cooling

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.

Recent housing market trends and forecasts for Seattle, Washington suggest that housing prices will continue to decline into 2020 as they have over the past 12 months. It seems as though Seattle housing prices have peaked and are now cooling.

Related: Washington Housing Forecast for 2019

Housing Prices Declining 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 the current price of $714,600 as of July 2019. Real estate research firm Zillow anticipates that prices will continue to dip by another 3.9% 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.

Live Seattle Mortgage Rates Jan, 27, Mon, 2020

Cool Seattle Housing Market Forecast for 2019/2020

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.

There is currently more inventory available in the Seattle real estate market, which is among the reasons why the growth of housing prices has slowed over the recent past.

In fact, inventory has started to increase, according to Zillow.

Homes Spending More Time on the Market

In addition to the rise in inventory in Seattle, homes are also taking longer to sell. As of the end of January, 2019, the median number of days on the market for homes in Seattle was 47, which is about triple the amount of time from the same time 12 months before. For the first time in a while, buyers may have more negotiating power.

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 the market may be favoring buyers a bit more for the first time in a while.

Related: Seattle Home Buyer Guide

Disclaimer: This story contains real estate trends and housing predictions for Seattle, Washington, extending into 2018. 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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