The year 2020 has been a busy one for the real estate market. But what will 2021 be like? Check out this infographic to learn more.
Home prices are up from last year in Washington State and now sit at $458,300. As much as prices increased throughout 2020, they’re expected to rise even more in 2021. Low inventory is a big driver of rising home prices, which continues to be very tight in many housing centers across the state, especially in King and Pierce Counties. With mortgage interest rates hovering near historic lows, homebuyers have a chance to snag more affordable mortgages in 2021. As such, buyers may want to get into the Washington real estate market now while interest rates are still low and before home prices continue to increase even more.
Median Prices Up
The median sales price for a typical house in Washington State as of January 2021 is $458,300, up 12.2% from last year.
Median Prices to Rise in 2021
The housing market in Washington State is very hot right now. Zillow predicts prices will rise another 11.3% in 2021.
Closed Sales Are Up
The number of closed sales increased in the Pacific Northwest by 23% from November 2019 to November 2020.
King and Pierce Counties to Remain the State’s Hottest
Real estate experts say low inventory will mean the hottest housing market in years in King and Pierce Counties. Home prices are up 12.7% and 14.3% in King County and Pierce County, respectively, and they are expected to rise by 11.5% and 11.6% over the course of 2021.
Days on the Market
According to RedFin, listings spend an average of 10 days on the market before selling.
30-Year Fixed-Rate Mortgage Rate
Current mortgage rates in WA are currently 2.67% for a 30-year fixed-rate mortgage, 2.17% for a 15-year fixed-rate mortgage, and 2.71% for a 5/1 adjustable-rate mortgage (ARM), according to Freddie Mac.
Faster Sales and Higher Sale Prices
Homes on the market in Washington State are forecasted to sell faster and sell for more money in 2021.
Seattle Metro Area to See Major Price Gains
According to Realtor.com, home values in the Seattle-Tacoma-Bellevue metro area will increase by 9.7% in 2021.
Tight Housing Supply in Seattle
Seattle continues to see a shortage of housing inventory, with only a 1.6-month supply of homes available right now.
Seattle Home Prices Expected to Skyrocket in 2021
Seattle’s home prices are expected to rise by 11.1% through to the end of 2021.
Need a Home Loan in Washington State?
If you have questions about mortgages in Washington State or are ready to apply for one, we’re happy to help. Sammamish Mortgage is a mortgage firm in Bellevue, Washington, serving the entire state, as well as Colorado, Oregon, and Idaho. Our experts will walk you through our mortgage programs to see which one is best for you. Contact us today with any questions you have about home loans in Washington State.