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All homebuyers want to know what their homes are worth, whether they’re trying to sell or whether they simply want to know how much equity they have in their homes. Likewise, buyers also want to know what property values currently are in Washington State in order to understand what they are up against and what they can afford.
The question is, where will property values be as we head further into 2021?
Are you planning to buy a home in Washington State in 2021 or beyond? Or are you a homeowner looking to sell your home in the near future or may want to refinance?
Either way, understanding what property values currently are and where they are expected to be in the near future can be very helpful. So, what are homes currently worth in Washington State? Will they appreciate, depreciate, or remain the same throughout 2021?
The average home price in the state of Washington has been increasing over the past year. The same can be said for most counties and cities throughout the Evergreen State. In fact, the housing market across Washington has been hot, with very little inventory available to cater to the heavy demand among homebuyers.
The peak Washington State housing market values occurred in the summer of 2018, but then stagnated for another year or so. Over the past year and a half, however, home prices in WA state have been increasing and have been on an upward trend since mid-2019.
Home prices are increasing in most states and cities across the US in 2021. In fact, the national housing market is considered to be very hot right now, according to real estate research firm Zillow, as is the housing market in Washington State. As such, you can consider prices to appreciate at a healthy pace throughout 2021.
According to Zillow, the rate of increase in home prices in Washington slowed dramatically from mid-2018 to mid-2019 compared to the rate they were climbing from 2012 to early 2018. During this time, the price of homes in the state increased by almost 80%. But even though the climb stagnated for a few months, prices are back on an uptrend.
The current average price for a home in Washington State is $458,313, according to Zillow, and are expected to continue increasing by double digits over the next 12 months.
Having said that, the exact increase in property value 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, with average prices pulled from RedFin.
While the above numbers are quite high compared to other markets in the state, they are indicative of an expensive Seattle market. The city of Seattle has long had very high housing prices, especially when compared to other centers across the state and the country. So, it’s not surprising that the prices listed above are as high as they are.
Currently, the average home price in the city of Seattle is $804,504, while the average price for a home in the Seattle Metro Area is $539,000. Both the Seattle Metro Area housing market and Seattle proper are hot right now and are expected to remain as such over the next year.
If you own a home in Seattle, you can expect the value of your home to increase over the next few months. The amount that it will increase by will depend on exactly where you live.
For instance, prices in the Capitol Hill area increased by 24.7% over the past 12 months, while home prices in Columbia City increased by 24.1% over the same time period, according to Redfin.
The housing market in Washington has 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. Washington State is currently seeing a hot housing market right now, so let’s hope it will continue to be into the near future.
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.
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 since 1992, and we’re ready to help you do the same. We offer many mortgage programs throughout Washington, Idaho, Colorado, and Oregon. Get in touch with Sammamish Mortgage today.
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