During the latest twelve months alone, the Seattle appreciation rate has been low but on a positive side (1.99%), and in the latest quarter, the appreciation rate has been 1.35%, which annualizes to a rate of 5.51%. Housing-market indicators are down throughout the 23 Western Washington counties served by the NWMLS. The trajectory has shifted from last December to an upward trend. There has been a significant decrease in housing inventory, despite many homes coming on the market, [...] Read More. It lies in King County and is one of the best places to live in Washington. Buyers and investors should seize this moment of opportunity while rates are still low, and lock in great assets for the long term. $720,000. If they invest now, they could aim for a greater ROI, once the market bounces back in 2021 (hoping the crisis would be over by then). Is this going to be a good year to buy Seattle real estate? Seattle Trends / January 16, 2021 2370. The ongoing nationwide crisis has affected the real estate market of Seattle as well but not as much as we expected. From July 2018 onward the home values started declining and they continued so until November of 2019. The Seattle-area housing market has remained strong throughout 2020 despite the ongoing coronavirus pandemic upending nearly every part of life.. Still, getting a good deal when buying a home in Seattle is not impossible. That was a drop of 21.63% from the same month a year ago. The pandemic caused some sellers to take a pause which resulted in the Seattle housing market facing even more of a decline in inventory. Opportunities abound for both buyers and sellers if they’re willing to act quickly. Let us look at the price trends recorded by Zillow over the past few years. Homes in Pierce County saw a 13% price hike, to a record-busting $425,000. It’s currently considered a “very competitive market” by industry insiders, with houses staying on the market for only 32 days. The historical change in home prices for Seattle-Bellevue-Everett, WA is shown below for the three-time period. By late 2019, Seattle home prices had begun once again to rise. They’re choosing to rent over buying a single-family home or an apartment. Pierce County is where most of the metro area’s cheapest homes can be found. However, there are a number of points in favor of Seattle, especially in comparison to Oregon and California. Are you looking for an investment property in the Seattle real estate market? As a general policy, the Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US. In the four-county metro, there were nearly 4,350 fewer homes for sale this June compared to … https://www.seattlepi.com/coronavirus/article/best-time-to-buy-or-sell-a-house-during-pandemic-15287608.php, Foreclosure Statistics https://www.niche.com/places-to-live/search/best-neighborhoods-to-buy-a-house/m/seattle-metro-area/, Filed Under: Growth Markets, Housing Market, Real Estate Investing. North Redmond is in King County and is one of the best places to live in Washington. The inventory is low, but opportunities are there. In July, King County continues to have the highest median price for homes and condos at $670,000 (up 7.2% from a year ago). The chart below, created by Zillow, shows the growth of median home values since 2011 and their forecast until September 2021. According to Niche.com, living in South Hollywood Hill offers residents a sparse urban feel and most residents own their homes. Much of this growth in the local housing market can likely be attributed to growth at Amazon. Seattle housing market sees ‘massive changes’ in post-lockdown landscape. King County saw a 19.37% increase in pending sales over the same time last year. Highland Park home values have gone up 3.5% over the past year. South Hollywood Hill is in King County and is one of the best places to live in Washington. October 2020's housing report from Northwest Multiple Listings Service found King County had 3,806 active listings, a 20.84% drop from the same time last year when there were 4,808 active listings. https://www.littlebighomes.com/real-estate-seattle.html The housing market in Seattle and King County has continued to see low inventory and growth in sales heading into the spring, according to recent … One reason why Spokane long lagged behind Seattle was its higher unemployment rate. Home Price $451 Avg. Rents are likely to only keep on increasing for now. With the virus and increased flexible work-from-home options, people are able to move to suburbs and outer areas in search of value and lower population density. Pierce County prices, too, saw a slight dip from September’s record high of $434,999 to $430,000. Is anyone actively looking at buying a house? What’s in store for the Seattle housing market in 2020? The constraint on available inventory is making the Seattle real estate market heat up again. Leschi has a median listing price of $1M (On Realtor.com), making it the most expensive neighborhood. Over the past 10 years, Amazon has grown more than tenfold in Seattle, from about 4,000 employees to over 45,000. It had 1,521 active listings in October, a 15.97% increase year-over-year. It may be more attractive to refinance your Seattle home than to try and list and sell in a down moment. The location creates desirability. Luckily, experts aren't predicting a housing market crash, saying in Seattle, there is strong job and economic growth, and they don't expect a crash to come this year. The worst annual change in home values in the Seattle Market was -11% in the twelve months ended with the 3rd Quarter of 2009. Even if retail home buyer activity does slow in 2020, Seattle housing market predictions from analytics firm Mashvisor suggest another strong year of real estate investment. As of January 2019, more than 70% of mortgage borrower who got loans had credit scores of 700 or higher according to Ellie Mae. There should be a natural and upcoming high demand for rental properties. The median sales price in Seattle increased by 2.62% to $749,000, and months of inventory equaled 1.6. The average sale price of a home in West Seattle was $650K last month, up 2.3% since last year. Pending and closed sales in King County were both up as compared to the previous year. Seattle’s nearly two dozen four-year colleges provide a literally diverse market for landlords catering to students, while the strong local job market means you can rent the property out to locals if the students move out. According to Niche.com, living in North Redmond offers residents a sparse urban feel and most residents own their homes. One-bedroom apartments in Seattle rent for $1830 a month on average (a, Two-bedroom apartment rents average $2167 (a, The average apartment rent over the prior 6 months in Seattle has decreased by $201 (-9.4%). Others buy the properties as a way to park money overseas in a relatively low tax jurisdiction with likely returns if they choose to sell later. New listings are down, by 35% year-over-year and 25% month-over-month. Here are some of the best neighborhoods in the Seattle metro area where you can buy a house or an investment property. The price range for a 2-bedroom apartment in Highland Park, Seattle, WA is between $1,899 and $1,939. Here are the numbers (RES+CONDO) for October 2020 compared with October 2019. Some of the other popular neighborhoods in Seattle where you can invest in Seattle investment properties are Maple Leaf, Central District, Phinney Ridge, Ballard, Columbia City, Belltown, Beacon Hill, Green Lake, West Seattle, Wallingford, Madison Park, Queen Anne, Magnolia, and Northgate. The uncertainty spilling over from the election could keep rates down for the foreseeable future. The Seattle-area housing market remained strong in November, even as the holiday season kicked off, normally signaling a slower market. Richmond Beach, where renters pay $1,354/mo on average. Seattle now ranks as the most competitive housing market in the nation, with 71% of homes selling in under two weeks, according to a new study released this week. This means you will certainly be able to profit from the large rental market in Seattle whether you buy and hold or buy and flip. People continue to buy and sell their homes, whether they're growing their family and need a bigger place, relocating for a job, or retiring. While this is one of the most restrictive areas of the country for landlords, Mashvisor points to the areas of Loyal Heights and Highland Park as being good for annual rental properties, and South Park, Cedar Park and Garfield for Airbnb rentals. https://www.nwmls.com/News–Information/page/Latest-Press-Release, https://www.zillow.com/seattle-wa/home-values, https://www.littlebighomes.com/real-estate-seattle.html, https://www.realtor.com/realestateandhomes-search/Seattle_WA/overview, https://www.rentcafe.com/average-rent-market-trends/us/wa/seattle, https://www.neighborhoodscout.com/wa/seattle/real-estate, https://seattlerealestatenews.com/category/info/seattle-monthly-housing-news, https://www.seattlepi.com/coronavirus/article/best-time-to-buy-or-sell-a-house-during-pandemic-15287608.php, https://www.realtytrac.com/statsandtrends/wa/king-county/seattle, https://www.rentjungle.com/average-rent-in-seattle-rent-trends/, https://www.rentcafe.com/average-rent-market-trends/us/wa/seattle/, https://www.collegesimply.com/colleges/washington/seattle/four-year-colleges, https://www.naahq.org/read/industry-insider/6-28-16/america-becoming-renters-nation, http://www.homebuyinginstitute.com/news/will-seattle-start-rising-again, https://www.geekwire.com/2018/amazon-responsible-seattles-housing-cooldown-real-estate-experts-weigh, https://www.cnbc.com/2018/08/02/seattle-housing-market-is-under-pressure-as-chinese-buying-dries-up.html, https://seattlebubble.com/blog/2019/03/27/case-shiller-seattle-home-price-gains-below-average-in-january, https://www.bizjournals.com/losangeles/news/2016/08/12/california-regulatory-policies-businesses-flee.html, https://www.linkedin.com/pulse/seattle-san-francisco-why-west-coast-tech-companies-both-shanahan, https://www.theurbanist.org/2014/09/02/85-foot-and-125-foot-height-limits-are-a-missed-opportunity, https://www.seattletimes.com/seattle-news/politics/seattle-approves-taller-buildings-in-uptown-doubling-heights-in-some-areas, https://www.seattlemag.com/news-and-features/seattle-housing-experiences-high-demands-tech-companies-continue-grow, https://www.thestranger.com/slog/2018/01/09/25692670/seattle-is-now-number-three-us-city-for-foreign-real-estate-investors, https://www.thestranger.com/news/feature/2016/01/27/23480634/what-you-need-to-know-about-your-rights-as-a-renter-in-seattle, https://www.apartmenthomeliving.com/seattle/, https://www.niche.com/places-to-live/search/best-neighborhoods-to-buy-a-house/m/seattle-metro-area/, Seattle Housing Market 2020: Prices And Trends (YTD Summary). 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