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Washington State continues to experience steady home price gains, according to recent reports.
Certain centers in Washington State, in particular, are seeing very hot housing markets, including Tacoma, Federal Way, and Kent, among others, as a result of low inventory and high demand. These are a few of the Washington State real estate market trends we are tracking, as we head further into 2021.
With the spring home-buying “season” right around the corner, buyers typically enter the real estate market in higher numbers. That’s usually what happens this time of year.
What will they find? Limited inventory and higher prices. However, with the current coronavirus pandemic affecting all aspects of the economy – including the real estate market – it may be tough to decipher how the spring real estate season will fare. Only time will tell if the market will be negatively affected. Those are the prominent trends in the Washington State real estate market right now.
According to recent data from Zillow, a real estate research company, home prices in Washington rose at a rate of 12.1% from January 2020 to January 2021. That’s an even higher rate of increase than the nationwide price hike of 8.4% over the same time period.
According to the latest data, the median home price for Washington State is now around $458,313, according to Zillow. Of course, it’s much higher in the Seattle metro area, but we’ll get to that in a moment.
Washington State home prices are higher now than they’ve ever been before, even during the last housing boom. And they were expected to rise throughout the remainder of 2021, despite the current health crisis.
Seattle and the surrounding King County is an exaggerated version of the real estate market trends happening across Washington State in 2021. In many cities, limited inventory and strong demand are pushing prices north. And nowhere is this trend more apparent than in Seattle.
In fact, recent data suggests that Seattle’s housing inventory is only slightly above a 1-month supply. That’s much lower than what is considered to be a balanced market in which there would be 5- to 6-months’ worth of inventory available for sale.
In Seattle, the median home price rose to $804,504 in January 2021, according to Zillow. That was an increase of 10.9% over January 2020. Seattle actually experienced a lull in the market from mid-2018 to mid-2019, but prices picked up since then. At the valley of home prices in July 2019, prices were $742,000, so they came back up quite a bit since then.
Washington State real estate market trends have created a sense of urgency among home buyers planning to enter the market.
But while home prices have been rising in Washington, mortgage rates, on the other hand, have been following a steady declining trend since late 2018. According to the latest survey by Freddie Mac, the average rate for a 30-year fixed mortgage loan fell to 2.77% for the week of January 21, 2021.
With rates this low, it may be a great time for buyers to get into the Washington housing market to take advantage of lower rates before home prices rise even more. It’s also a great time for homeowners to refinance their mortgage and lock in at today’s rock-bottom rates.
Stay informed: Do you want to keep up with real estate market trends in Washington State, and across the Pacific Northwest? Subscribe to our blog. It’s free, and it’s a great way to keep yourself up to speed on the latest developments.
If you are in need of the assistance of a seasoned mortgage broker, Sammamish Mortgage can help. We are a local, family-owned company based in Bellevue, Washington. We serve the entire state, as well as the broader Pacific Northwest region that includes Idaho, Colorado, and Oregon. We have been offering a wide variety of mortgage programs and products with flexible qualification criteria, and we’d love to help. Please contact us if you have mortgage-related questions.
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