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The Sammamish, Washington real estate market has changed significantly over the last few years. Let’s take a look at where the housing market in Sammamish is today and where it is expected to be throughout 2024.
Strong demand and a limited supply of homes have put upward pressure on prices, despite a temporary dip in prices over the past couple of years.
As a result, home buyers in the Sammamish area are encountering higher housing costs today than last year. Here are the latest trends and forecasts for the Sammamish real estate market in 2024.
Home prices in Sammamish have risen steadily over the past few years, with double-digit gains in much of the past decade year-over-year. And home prices continue to increase in the area.
According to the real estate information service Zillow, the median home value in Sammamish climbed to $1,612,501 as of October 2024. That marked a 9.8% increase over the same month in 2023. Additionally, the company’s long-range housing forecast for Sammamish, Washington predicts a continued gain in prices over the next 12 months.
That’s the first thing you should know if you plan to buy a house in the Sammamish area over the coming months. You will encounter slightly higher housing costs compared to those who purchased last year.
Looking forward, the general consensus is that prices in Sammamish will continue to increase over the months ahead. The current supply and demand situation will likely push house prices higher as we move further into 2024.
Related: Housing market conditions in Vancouver
Part of this growth can be attributed to the “Seattle effect.” With its strong tech industry and robust economy, Seattle is attracting residents from all over the country. And many of them are buying in surrounding cities. But the city of Sammamish itself also has plenty to offer, and these attributes contribute to steady population growth.
Over the years, Sammamish, Washington has found itself on numerous lists of the “best places to live” in the United States. It was even once ranked as the friendliest town in America by the publishers at Forbes. All of these factors increase demand for housing in Sammamish, and across the Seattle metro area. And this comes at a time when supply of homes is very limited.
In many parts of the metro area, there is less than a 2-month supply of homes available. A “balanced” real estate market is said to have about five to six months worth of supply. So the current housing market still favors sellers over buyers, as far as negotiating leverage goes.
The median household income in Sammamish, Washington is much higher than the national median. Even so, a lot of home buyers in the area still have to use mortgage loans because of the high cost of housing.
This means that mortgage rates are an important consideration for Sammamish home buyers. So what can we expect for the rest of 2024?
According to the latest forecast issued by the Mortgage Bankers Association (MBA), the average rate for a 30-year home loan is expected to dip to 6.4% by the end of 2024. It’s hovering around 6.44% right now, as of the third week of October 2024.
Mortgage rates have been on holding steady for the last few months.
Predictions by Zillow and other economists suggest that home prices will continue to rise over the months ahead. So, a strong case could be made for buying a home sooner rather than later.
Disclaimer: This article includes various predictions and forecasts relating to the real estate market in Sammamish, Washington. This information was provided by third parties not associated with our company. We have presented it here as an educational service to our readers.
Are you planning to buy a home in Sammamish, WA? If so, you’ll want to team up with a mortgage company to help finance this big purchase. Sammamish Mortgage has been helping borrowers succeed since 1992 and offer competitive rates on a variety of mortgage programs, including FHA, VA and conventional loans. We offer mortgage assistance to borrowers all across Washington, Oregon, Idaho, and Colorado. Visit our website to get an instant rate quote or contact us if you have any mortgage-related questions.
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.