Single-Family House Prices: The typical King County home sold for $745,000 in October, down from September’s all-time high of $753,600 but still nearly 13% more than the same month last year. It has ranked among the top 5 fastest growing cities since 2010, hitting a 3.1% annual growth in 2016. Here are some of the best neighborhoods in the Seattle metro area where you can buy a house or an investment property.–Information/page/Latest-Press-Release Canada has limited the ability of foreign buyers to buy up properties in Canada, a major reason why Vancouver became one of the most overvalued real estate markets in the world. The historical change in home prices for Seattle-Bellevue-Everett, WA is shown below for the three-time period. Most of these variables are difficult to predict in advance. 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%). As of now, Seattle prices are up across the board. He’s also the host of the top-rated podcast – Passive Real Estate Investing. And the real estate industry has quickly adapted to restrictions due to the novel coronavirus pandemic by conducting business using technologies such as virtual showings and e-signing to help buyers and sellers with their housing needs in the face of these challenges. Around a third of people in the U.S. rent. 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. Here are our Seattle housing market predictions for next year. Seattle's real estate market has always been strong. 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. This is partially due to the cost of homes in the Seattle housing market. To summarise the last month's statistics we can say that All King County & Seattle remains a seller's real estate market with only 0.99 months of inventory — still well below what is required to meet the volume of buyers right now. And so for all those reasons and more, rising property values are a positive development for homeowners and sellers in the Seattle area. The Seattle housing market is not likely to go through any kind of cooling-down phase in the foreseeable future. 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%. September’s 6.54 million in sales has left the market with only 2.7 … As of October, the Index sits at around 120. In June, home prices in King County had a small increase of nearly 5.9% (rising from $637,675 to $675,000). This puts Seattle in the top 10% nationally for real estate appreciation. This makes the Seattle housing market the largest in both the state of Washington and the Pacific Northwest. They’re probably going to continue to rent instead of buying homes. It means that there is a situation in which demand exceeds supply. Mashvisor’s data also shows that Seattle real estate investors are continuing to enjoy a good return on investment on rental properties: 2020 has been a generally positive year for Seattle real estate. As we write this, the rental pricing for One Bedroom Apartments in Capitol Hill ranges from $655 to $9,585 with an average monthly rent of $2,488. What are the Seattle real estate market predictions for 2020? And in Snohomish County, prices rose a whopping 15% year-over-year, to reach an all-time high of $575,000. Sylvia is the Content Marketing Manager at Mashvisor. Marco Santarelli is an investor, author, Inc. 5000 entrepreneur, and the founder of Norada Real Estate Investments – a nationwide provider of turnkey cash-flow investment property. Sellers, brokers, and homebuyers seem to be adjusting to restrictions imposed on the real estate industry because of the coronavirus pandemic. Over the last thirty years, it is up 497%. As per the foreclosure data by Zillow, in Seattle 0.1 homes are foreclosed (per 10,000). Though real estate capital markets have settled, most anticipate overall real estate prices to fall 5-10% as income is curtailed for several years. But keep in mind that home prices are unlikely to fall to the bargain-basement prices many were hoping for. , the Seattle metro area crossed the benchmark for recovery back in June 2020 and has been doing well ever since. This is an advantage to sellers right since there aren't as many homes to sell compared to normal trends. Some of the information contained in this article was pulled from third party sites mentioned under references. Not only is it a large city, but it’s quite infamous for being expensive, having the 9th highest cost of living in the nation. Seattle has long been a second-tier technology hub, bolstered by companies like Boeing, Amazon, F5, and Real Networks. With this, the, Even more remarkable, Seattle recorded a 7% YoY increase in house prices in July, the second-largest gains among the top 20 cities tracked by the, Looking at Zillow’s Seattle real estate market forecast for, With Seattle real estate market trends expected to essentially continue on the same trajectory, a seller’s market is in the 2021 forecast. Incredibly intrusive and endlessly proliferating regulation only makes it harder for businesses to operate. Seattle is a fairly walkable city in King County of Washington. Stay up to date with the latest tips for Traditional & Airbnb Investments. The Kind County also recorded a steep price rise of 10.57% year-over-year, and it is currently holding at $680,000. In the Seattle housing market forecast 2021 is rising prices. Positive forecast for home values in the next twelve months – 6-8% appreciation is expected. Capitol Hill is the 9th most walkable neighborhood in Seattle with a Walk Score of 91 and is bikeable. For the past 5 years, we have seen 50% price growth in this market which has priced out many middle-class buyers. During the same time, the median home price in the city has shot up from $420,000 to $720,000 (according to the Northwest MLS) and home prices in the metro area as a whole have gone up 47 percent. In Seattle itself, though, demand seems to be cooling off very slightly. Quite a bit, actually. Closed sales were up by nearly 40% compared to October 2019. Much of this growth in the local housing market can likely be attributed to growth at Amazon. Where To Buy Seattle Investment Properties? Other types of housing that are prevalent in the market include single-family detached homes, duplexes, rowhouses, and homes converted to apartments.–Information/page/Latest-Press-Release,,,,,,,,,,,,,,,,,,,,,,,,,, Seattle Housing Market 2020: Prices And Trends (YTD Summary). The rest of Seattle is zoned low, preventing demand from being met by building condo towers., Foreclosure Statistics Real estate may feel the effect of COVID-19 until the end of 2021 — and possibly even longer. Facebook has been on a hiring spree in the Seattle area, particularly for its virtual reality arm Oculus, which is growing fast in Microsoft’s backyard of Redmond. 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., Neighborhoods info & rent prices Nov 23, 2020 By Ralph McLaughlin. That's how the housing prices increase in a region. Zillow sees property values going up by 5.6% from now through August 2021. Really, the Seattle housing market is thriving. 98133 zip code has the lowest foreclosure rate, where 1 in every 22521 housing units becomes delinquent. It is one of the city's most popular nightlife and entertainment districts. Moreover, it's even harder to take out a mortgage for those who have student loan debt. Here are the best places to invest in real estate in Seattle. has extensive experience investing in turnkey real estate and cash-flow properties. While that will slow somewhat in 2018, the market shows few signs of actually cooling off. About 50% of the apartments can found in the range of $1,501 – $2,000. The median sales price in Seattle increased by 2.62% to $749,000, and months of inventory equaled 1.6. You should focus on neighborhoods with relatively high population density and employment growth. 30251 Golden Lantern, Suite E-261 Marchand said current market forecasts show the market may not cool off until 2021. Skip Seattle and Silicon Valley and invest in the future growth of Spokane. The mortgage rate forecast for 2021 is that rates will remain low. of active listings at the end of March was 9,418. The percent of delinquent mortgages in Seattle is 0.2%, which is lower than the national value of 1.1%. A college town with a single university sees property values rise and fall relative to the popularity of the university. ® 2021 Housing Market Forecast. North Redmond is in King County and is one of the best places to live in Washington. We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in many other growth markets in the United States. The forecasts center around a baseline prediction of a 4.9% decrease in United States GDP in 2020 and a subsequent 5.7% increase in 2021. This is largely due to a sharp increase in listings, as sellers begin to outnumber buyers within the city. Seattle Community College-Central Campus / Broadway, U of Washington-Seattle Campus / NE 45th St., Why Invest In Seattle At the same time, buyer demand remained as before. Although October saw a bit of reprieve from the relentless price increases, the King County home values are forecasted to see a steady appreciation in the next year as well. Not only is it a large city, but it’s quite infamous for being expensive, having the 9th highest cost of living in the nation. ... Seattle-Tacoma-Bellevue, Wash. 8.9%. Seattle has long been second to Silicon Valley, but its strong economy, diverse population, and better regulatory climate are bringing refugees from California and migrants from around the country and world to live here. October created a better environment for buyers as new listings went up by 40% in Seattle and 32% in King County. This shows that rent prices are very high in Seattle. With the help of agents, buyers are touring properties virtually, on FaceTime, or WhatsApp calls. The average rent for a studio apartment in Seattle, WA is $1,452. Pierce County is where most of the metro area’s cheapest homes can be found. Here are the ten neighborhoods in Seattle having the highest real estate appreciation rates since 2000—List by However, there are many compelling reasons to invest in Seattle. It is hard to build in the mountains. As of October 2020, the average rent for an apartment in Seattle, WA is $1930 which is a 12.28% decrease from last year when the average rent was $2167, and a 7.25% decrease from last month when the average rent was $2070. So will the Seattle housing market crash in 2021? The United States is pretty friendly to foreign real estate buyers.'s forecast and housing market predictions on key trends that will shape the year ahead. Covid-19 pandemic slowed down the volume of sales and the pace of sales in the Seattle area. Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. Prices were up nearly 6.7% in Snohomish County and more than 7.7% in Kitsap County. Pending sales are outpacing new listings and inventory continues to shrink. The pandemic caused some sellers to take a pause which resulted in the Seattle housing market facing even more of a decline in inventory. They might even take a downturn. Richmond Beach, where renters pay $1,354/mo on average. In 2018, prices took a steep drop. The trajectory has shifted from last December to an upward trend. The constraint on available inventory is making the Seattle real estate market heat up again. This drop is likely due to the fact that homeowners in the, Even if these homeowners were to flood back into the market in 2021, it probably won’t be enough listings to boost the housing inventory in the, Although everyone expected demand for real estate and home sales to plummet across the US housing market due to COVID-19, it simply hasn’t. Looking at Zillow’s Seattle real estate market forecast for house price appreciation, this prediction is confirmed. According to, a real estate data provider, three and four-bedroom large apartment complexes are the most common housing units in Seattle's real estate market. A cheaper neighborhood should be determined by these factors – Overall Cost Of Living, Rent To Income Ratio, and Median Home Value To Income Ratio. King County saw a 19.37% increase in pending sales over the same time last year. You need to drill deeper into local trends if you want to know what the market holds for the year ahead. Here is a short and crisp Seattle housing market forecast for the 3 years ending with the 3rd Quarter of 2021. We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in many other growth markets in the United States. Are you looking for an investment property in the Seattle real estate market? Here are the numbers (RES+CONDO) for October 2020 compared with October 2019. Therefore, in the long term, the Seattle real estate market remains as strong as always. These 13 housing crash factors will shape the housing market. The Seattle housing market has proven to be resilient during the coronavirus pandemic. If a tenant breaks the lease without the landlord’s consent, the tenant is liable for rent through the end of the lease. Seattle has a roughly 3% unemployment rate, significantly lower than the 5% unemployment rate seen in Spokane. Referring back to Realtor’s data, we can see that the median list price for the Seattle metro area in September 2020 has actually gone up: Even more remarkable, Seattle recorded a 7% YoY increase in house prices in July, the second-largest gains among the top 20 cities tracked by the S&P CoreLogic Case-Shiller Index. The pending sales (mutually accepted offers) were 3,031, a year-over-year drop of 17.12%. Real estate market forecasts given in this article are just an educated guess and should not be considered financial advice. Industrial properties, data centers and single-family homes are expected to rise in value, while retail and hospitality will see the largest decline. Rents grew 2.2% year over year to $1,657, a slowdown from 3.4% annual growth in March. Capitol Hill is a densely populated residential district in Seattle (Not be confused by Capitol Hill, Washington D.C.). The increase in the number of new and total listings indicates that sellers are now willing to put their homes on the market. The public schools in Highland Park are above average. It’s clear that the Seattle housing market 2021 won’t see a boost in inventory due to out-migration. Washington State outlawed rent control, so you can raise rents to keep up with inflation and demand. Highland Park is a neighborhood in King County. While many businesses are moving to Texas, Seattle is closer both in culture and geography. Similar growth has been recorded by It depends on how much you are looking to spend and if you are wanting smaller investment properties or larger deals in Class A neighborhoods. According to local realtors, as buyers seek to cash in on record-low interest rates the market is predicted to remain this way until at least April of next year. This is the fastest among the 50 largest cities in the U.S ( Pending and closed sales in King County were both up as compared to the previous year. All you have to do is fill up this form and schedule a consultation at your convenience. This is lower than the Seattle-Tacoma-Bellevue Metro value of 0.8 and also lower than the national value of 1.2. The Highlands, where the average rent goes for $1,354/mo. North Delridge is quite an affordable neighborhood in Seattle. After a significant decline in the Seattle home prices in the past year, the prices have taken a good jump in the latest quarter of 2020. So many are speculating whether or not the Seattle housing market will be negatively impacted by the “urban exodus” – the move from large cities to smaller, suburban and rural areas in search of more space and, more importantly, affordability. These numbers can be positive or negative depending on which side of the fence you are — Buyer or Seller? The typical value of homes in the Seattle-Tacoma-Bellevue Metro is $555,689. It has a mixture of owner-occupied and renter-occupied housing. Even before the virus hit the region, it was quite evident that if the inventory crunches further, affordability will become a bigger issue in the Seattle real estate market in 2020, especially with homes in the lower tier. Compared to February, March's inventory increased by 2,505 listings, still felling short of matching demand in the entire region. Another prediction brought about by the coronavirus was the bursting of housing bubbles all across the nation and a housing market crash. Businesses aren’t just relocated to Seattle to tap into a growing, skilled labor market. This means residents find it much more affordable to live in a Seattle rental property than buying their own homes. As these trends will continue into 2021, there is no housing market crash in sight. Google has upped the size of its new Seattle campus. While many have lost jobs, making them ineligible for a home mortgage, some sellers have taken their homes off the market. Mashvisor’s data shows that the, Another prediction brought about by the coronavirus was the bursting of housing bubbles all across the nation and a housing market crash. Although affordability continues to be an issue for local residents, it does have a positive aspect for Seattle real estate investors. This helps keep property values in the Seattle housing market high. The Walla Walla housing market is poised for steady price growth, San Francisco Bay Area Real Estate Market & Investment 2021, California Real Estate Market: Prices | Trends | Forecast 2021, Las Vegas Real Estate Market: Prices | Trends | Forecast 2021.
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