Summary: Where will property values be as we head into the second half of 2019? And what about 2020? Since the housing market crash over a decade ago, housing prices have steadily risen after crashing. But where will they be over the next few months?
Washington State Housing Market Trends: Will Home Property Values Increase in 2019/2020?
Since the housing market began to crash in 2006, property values across the country have been volatile and unpredictable. When examined at the state level, most of the 50 U.S. states have fully recovered from the housing market bubble that led to an economic crisis, though a handful still have yet to make a full recovery. The Washington State housing market is one of the few that has managed to recover its strength and home property values have been steadily increasing towards normalcy.
The peak Washington State housing market values occurred in the summer of 2018, but have been steadily declining over the last 12 months.
Home prices are increasing in many states and cities across the US in 2019. But it’s predicted that home prices in Washington state will either stabilize throughout the remainder of 2019 or only increase very slightly over the next few months.
According to Zillow, the rate of increase in home prices in Washington have slowed dramatically compared to the rate they were climbing from 2012 to early 2019. During this time, the price of homes in the state increased by almost 80%. But the climb has started to dissipate, and the climate of the real estate market in Washington state has calmed down somewhat.
Will the home property values increase in 2019 or 2020? – It’s possible that they will, however, it may depend on where your home is located in Washington. If we focus on specific areas in the different Seattle neighborhoods we might get a better picture. Below are the median listing prices for four of Seattle’s more popular neighborhoods (median prices reflect homes placed on the market in the last eight months)
- Seattle – Capitol Hill median listing price: $597,129
- Seattle – Ballard/Fremont median listing price: $793,000
- Seattle – Columbia/Rainier Valley median listing price: $615,000
- Seattle – Queen Anne/Lake Union median listing price: $982,475
While the above numbers are quite high compared to other markets in the state, the Seattle housing market has cooled. In fact, it may be the coolest part of the state. Prices in Seattle skyrocketed from 2012 to 2018, but have actually dipped since their peak in the summer of 2018.
If you own a home in Seattle, there may be a chance that the value may dip slightly over the next few months. Depending on when you bought the property, it may or may not be worth more than its purchase price; however, year over year trends for the Washington State housing market suggest that property values are still steadily increasing, though not as quickly as they have been over the past few years.The housing market in Washington may have fully recovered since the housing crash over a decade ago, and the state seems to be doing better than many other housing markets in the United States. And we hope it will continue to do so.
If you are a Washington State first time home buyer, then it will be important for you to research the past market trends for neighborhoods you are interested in. Give yourself plenty of time to find the perfect home for you and your family, along with the best interest rates on your home mortgage Washington State brokers can offer.
Need a mortgage?
If you are a homebuyer looking to secure a mortgage to make a purchase in Washington state, Sammamish Mortgage is ready to help. We’ve been helping buyers in Washington and the rest of the Pacific Northwest get the mortgage they need to buy a home, and we’re ready to help you do the same. Get in touch with Sammamish Mortgage today.