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The median household income in the Seattle metro area rose by about 15% during the 10-year period mentioned above. This means that home values in the area have risen nearly 7 times as much as incomes. In terms of dollars, higher mortgage rates have a greater impact on more expensive residences.
The average home sells for 1% above the asking price and goes pending in 7 days. Hot homes in Northwest Seattle can sell for 3% above the list price and go pending in 5 days or less. In August 2022, West Seattle home prices were up 9.5% compared to last year, selling for a median price of $805K.
Real Estate Market Trends - Seattle Area Prices Continue Upward March
“We’ve seen a lot of really tight inventory, and that’s kind of the main narrative of the housing market these days,” said Young. One big reason for the price jump is a surge in luxury home sales. Sales of homes priced at $1 million or more rose 29 percent over this time last year, according to NWMLS. Seattle’s median home sale price climbed to $819,500 in March, gaining nearly $43,000 in value over last month’s record numbers. Many homes get multiple offers, some with waived contingencies. The percentage of housing units in the city that are occupied by the property owner versus occupied by a tenant .
Feel free to contact us today if you have questions about applying for a mortgage. As of the first week of December 2022, the rate for a 30-year fixed-rate mortgage was 6.49%. Higher mortgage payments mean less money to spend on other things. Tacoma’s median home price is currently $500,011, an increase of 7.3%. And in Federal Way, the median home price is $593,734, which is 11.3% higher than it was one year ago. In December 2022, the median home price in the city of Seattle has risen to around $927,525.
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SeattlePI reporter Zosha Millman can be reached at Follow Zosha on Twitter at @zosham. Why industry players see The Seattle metro area as the best place for business in 2018. We make it easy for you to find the right financing solutions, so you can get the home you want. School service boundaries are intended to be used as reference only. To verify enrollment eligibility for a property, contact the school directly.
Seattle real estate appreciated 137.11% over the last ten years, which is an average annual home appreciation rate of 9.02%, putting Seattle in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Seattle definitely has a track record of being one of the best long term real estate investments in America through the last ten years. Seattle housing prices are going to rise in 2023 albeit at a slower rate. Let us look at the price trends recorded by Zillow over the past few years. For the past 6 to 7 years an extreme drop in inventory led to an astronomical rise in Seattle home prices, as buyers competed over a dwindling number of properties on the market.
Zillow: Seattle housing prices will continue to climb in 2018, but not as quickly
The average property sold for 2% less in August than a month earlier, sliding from its peak. Many buyers, frustrated with losing out on bidding wars for homes in prime locations, are turning to suburban locations but not finding any relief there. Pierce and Snohomish counties, King County’s neighbors to the south and north, saw median price gains of 18 and 14.3 percent respectively over the last year. Median costs have risen 17 percent in the last year in Seattle, eclipsing other parts of King County.
The housing market in Northeast Seattle is extremely competitive. Homes in Northeast Seattle receive 4 offers on average and sell in around 9.5 days. The average sale price of a home in Northeast Seattle was $1.12M last month, up 8.7% since last year. The average sale price per square foot in Northeast Seattle is $611, up 4.1% since last year. The Northwest Seattle housing market is also very competitive.
Homes include single family houses as well as apartment and condominium units. The proportion of homes and apartments in the city built within a certain time period. Priced at $550,000, the home has been on the market for 25 days. There was a full-price offer but after the inspection, the buyer decided not to move forward. The buyer chose not to share the results of the inspection report.
The average sale price per square foot in Downtown Seattle is $737, down 10.9% since last year. Many homes in the West Seattle housing market receive multiple offers, some of which include waived contingencies. The average home sells for around the asking price and goes pending in 9 days. Hot homes in West Seattle can sell for 2% above the list price and go pending in 5 days or less.
The average home sells for 1% below the asking price and goes pending in 10 days. Hot homes in Central Seattle can sell for around the list price and go pending in 5 days or less. In August 2022, Northeast Seattle home prices were up 14.3% compared to last year, selling for a median price of $1.1M. On average, homes in Northeast Seattle sell after 7 days on the market compared to 6 days last year. There were 254 homes sold in August this year, down from 325 last year. Many homes in Northeast Seattle receive multiple offers, some of which include waived contingencies.
In Seattle, the gap between income and home-price growth is more pronounced than in many other U.S. cities. That’s partly because of the double-digit annual increases in home values that occurred during the middle part of this decade. Energy prices jumped 12.7 percent over the year, largely due to higher prices for gasoline (21.3 percent). Prices paid for natural gas service decreased 6.0 percent and prices for electricity declined 0.9 percent during the past year.
Here are some of the most competitive housing markets within Seattle, according to data provided by Redfin, a national real estate brokerage. In fact, a recent forecast for the Seattle housing market extending into the summer of 2018 suggests that the city will continue to outperform the nation as a whole, with annual price growth above 7%. Limited inventory is a leading cause for this bold prediction.
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