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Many home buyers across King County, Washington are setting their sights on the remaining months of 2024 when it comes to whether or not to buy a home. And many share the same questions: Is it a good time to buy a home in King County? What will the real estate market be like next year?
We’ve created a King County mortgage and home buying guide for 2024, to help you make an informed decision about when to buy. Here’s an updated look at current mortgage and housing market trends for the county, as of October 2024.
The prices of homes in King County rose sharply from 2012 to mid-2018. But since then, price appreciation has slowed. In fact, home prices actually fell from mid-2018 through mid-2019. However, home prices have been soaring over recent months, so you can expect prices to be higher by the end of 2024 compared to where they were at the start of the year.
According to Zillow, the median price paid for a single-family home across King County is $847,324 as of October 2024. That was an increase of roughly 4.6% from the same month a year earlier. But prices are expected to increase more this year.
So that’s the first thing you should know, if you’re planning to buy a home in King County in 2024. As a result of steady and significant price growth, buyers across the county will encounter higher housing costs in 2024.
King County home buyers should be prepared for fierce competition in 2024 due to a shortage of housing inventory across the county.
Like most of Washington State, the real estate market in King County has suffered from limited supply over recent years. And these conditions will likely continue further into 2024 and 2025.
According to housing experts, a “balanced” real estate market has about five to six months worth of supply. As of late 2024, King County, Washington had only a 2-month supply of homes. That’s well below the national average.
Additionally, homes spent a median of just 17 days on the market before going under contract.
All of these trends indicate a strong seller’s market. High demand and low inventory have created a highly competitive market for home buyers in King County, Washington, and across the broader Seattle metro area.
In previous blog posts, we explained that mortgage requirements have eased a bit over the last few years. This applies to debt ratios, credit scores, and other criteria used to approve borrowers for home loans.
However, it’s still relatively challenging to get a mortgage these days, especially as home price rise and rates remain high.
Mortgage rates for King County, Washington have been hovering around the mid 6% mark. According to an October 16, 2024 report by Freddie Mac, the average rate for a 30-year fixed home loan was 6.44%. So, interest rates continue to remain relatively high for King County home buyers and mortgage shoppers.
The latest data from Freddie Mac suggests that rates will not budge much until the end of 2024.
So that’s a look at the King County housing market and mortgage trends for 2024. If you’d like to learn more about this subject, check out these housing forecasts for the area.
If you have questions about applying for a home loan in King County – or anywhere else in Washington State – we can help. Sammamish Mortgage can provide you with a rate quote as well as an estimate of your monthly payments on various mortgage programs. We help borrowers in the entire Pacific Northwest, including Washington, Oregon, Idaho, and Colorado, and have been since 1992. Visit our website to get an instant rate quote or contact us today if you have questions about mortgages.
Whether you’re buying a home or ready to refinance, our professionals can help.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.