The stay at home order continues to affect our industry in many ways, but it does not seem to be having a lasting impact on the Seattle housing market and residential real estate sales. Seattle Real Estate Market 2020 Overview. However, homes in the 500k-1m price range sold the fastest. Pending Sales Increased to 1,385 (Highest Number of Pending Sales in more than 15 years). The median price of an average house in Seattle was 745295 USD on 2021-01-20. According to both Zillow and John L Scott’s massive data set we should be just getting geared up for real estate for the new year. Most homes get multiple offers, often with waived contingencies. Seattle Real Estate Forecast, Housing Market Prediction . The But since then, prices have been on the rise, and have risen quite a bit. If you’re a buyer you will want to position yourself to create a buyer advantage when competing with other buyers and walk in confidence when making an offer. Last year, at this time, the median price in King County was $605,000. Listings are selling at 100% of their list price. The Seattle Housing Market saw 717 new listings, 1,386 homes were for sale, while 1,008 homes sold in December in Seattle. That is down 52 from the previous month, up 153 from last year, and up 104 from 5 years ago. And housing inventory again shrunk by nearly 43%. According to Zillow, home prices will rise by another 11.1% throughout 2021. The average sale price of a home in Seattle was $725K last month, up 7.4% since last year. With only 1.3 months of supply if no other homes were listed in the next 40 days we would run out of houses to buy. The increase of 0.9% was a small, but important step in the process of the Seattle real estate market bottoming out and stabilizing. We have already seen where a low inventory should drive up prices. Your localized Home & Energy weather forecast, from AccuWeather, provides you with the tailored weather forecast that you need to plan your day's activities Houses in the 750k-1mil price range are selling 64% of the time in the first 30 days. The combination of high demand and low inventory is sure to make it so. Graph Credits: Zillow. Home buyers across the state pay an average of $4,530. Based on our forecasts, a long-term increase is expected, the predicted price of an average home in the "Seattle" area is 856077 USD by 2026-01-31. School service boundaries are intended to be used as reference only. Interest Rates hit another all time low and averaged 2.77% in December. Home Prices are Forecast to Drop. Use this tool to get an instant estimation of the value of your home. These house price trends are likely to continue in 2021. The gain was slightly above Zillow’s forecast, and we expect another 5.5 percent year-over-year increase in November. More specifically, Washington was ranked fifth in the nation overall. Seattle home price growth slowed again in the latest period, dropping to fourth highest in the nation after reigning as No. Currently, it’s a little bit over $700,000. According to the US Census Bureau Seattle the fastest growing city of the decade in the country. The average home is selling in just 31 days. According to ClosingCorp (a data company that serves the real estate industry), Washington was among the top 10 states for most expensive closing costs. study prepared by the Washington State Economic and Revenue Forecast Council, 30+ Questions To Ask A Real Estate Agent Today, Percentage of Homes That Go Pending In First 30 Days. In today’s instant-response market, it’s key to ensure you’re ready to act when the timing is right and make sure you are Buyer Ready Day One. With 753,675 people, 323,446 houses or apartments, and a median cost of homes of $789,023, Seattle house prices are not only among the most expensive in Washington, Seattle real estate also is some of the most expensive in all of America. Only showing 5 of If you are buying the interest rates have never been lower! That buyers are so hungry for inventory that lower quality inventory is selling. The real estate data firm Zillow also issued a strong forecast for the Seattle-area housing market, going into 2021. The jury is still out on the job market and population growth. Use our complete list of NWMLS search tools to find your Snohomish County Dream Home. 4, 2020. 1,386 homes were for sale during the month. Home prices were steady in October, gaining 5.5 percent year-over-year, the same as September, according to the Case-Shiller home price index. 1.3 months of inventory available in Seattle, 31 was the average days on market for a home to sell in Seattle, 100% was the average listing price vs. sales price percentage, $479 was the average price per square foot in Seattle, 56% of homes sold in the first 30 days in Seattle. In December, the company wrote: “Seattle home values have gone up 10.6% over the past year and Zillow predicts they will rise 8.7% in the next year.” The median house value for the city was around $783,000, as of late November 2020. It shows us the current home price appreciation forecast of 4.5% till Jan 2021. Similarly, sale prices for homes in Southwest and Southeast King County rose by 5% over the previous year, to $439,000 and $480,000 respectively. Homes in Seattle receive 4 offers on average and sell in around 13 days. The majority of national economists have suggested that it will be the real estate market that pulls up the economy, and so far it is playing out. According to Zillow, it’s going to be more affordable to invest in Seattle real estate next year than it’s been in years. Seattle Housing Market Forecast Report January 19, 2021. Home prices had a softer landing as well, dropping just 15.2% over the past three years, about half the national average. Prices on last month’s closed sales of single family homes and condos rose 8.75% from a year ago. New listings decreased again in December. Seattle Housing Market Information. By Claire Boeing-Reicher - Matthew Speakman on May. In addition, many people have converted to working from home and no longer need to be commuting distance from Seattle or Bellevue. People have had plenty of time to think about what they want their home to be and have decided they need to make adjustments. Every month we gather all the facts, data and statistics about the Seattle Housing Market and share them with you. The average sale price for Seattle homes is $828,335. The major indicators are still above average for Seattle but much cooler than their neighboring counties to the north and south. According to Redfin, the rise in homebuyer interest is largely due to buyers being priced out of Seattle. As I have been reporting for the last 9 months that buyer indicators have never really declined, and we are continuing to see the seller indicators hit all time highs. Homes are selling at a rapid pace, the Interest Rates are still at below average lows. We can consult with you to be up-to-date with current market intensity and pricing, get pre-approved or fully underwritten through a lender, and receive email/text notification of newly listed properties. Zillow Forecasts a Dip in Home Prices, Rebounding By Next Year. We will discuss the 3 major factors in determining the strength of the market. In 2017, Seattle home prices hit a record high of $700,000 within the city limits in April and the median rent in the same area hit $2,000 per month. Seattle’s brisk real estate market might take a slight breather in December, but the demand should return in January. If you are selling the average sales price is at all time highs, and 56% of homes are selling in the first 30 days. That's may not seem like a big drop but compared to Seattle home pricing trends over the last few years, which have been in the double-digits, it's significant. For 2018, Zillow predicts home prices and rents will continue to rise, just more slowly. The Seattle Real Estate Market Analysis For January 2021, Enjoy My Seattle Housing Market Report in 60 Seconds Video, “Over the past year, Washington’s ranking in economic growth and competitiveness rose from fifth highest to fourth highest in the nation, according to a September. Seattle Housing Market Forecast. Looking at Zillow’s Seattle real estate market forecast for house price appreciation, this prediction is confirmed. 89 elementary schools. Be sure to subscribe to our newsletter to get updated information about the Snohomish County. Zillow forecasts a steady 5.5 percent annual gain for November. King County's median price increased by 13.22% to $685,000. Showing that despite the crisis, with interest rates low, buyers are out there. The data tells a story about the current state of our local residential real estate market. We should continue to see a surging to frenzy market for the foreseeable future. As Seattle condos are falling out of favor the average sales price for a condo has went into a free fall, dropping $114K in the last 2 months. There were 19 offers…. Market Stats, Neighborhoods, Video, Parks, Schools, Homes For Sale and more. The median sales price last month was $639,000 in King and $344,000 in Kitsap. The average homes sell for around list price and go pending in around.