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The housing prices in Seattle have been very healthy over the past year, and they’re expected to remain hot over the course of 2024. Buyers should make a move soon as prices are expected to increase quite quickly in Seattle in 2024.
Recent housing market trends and forecasts for Seattle, Washington suggest that housing prices would rise throughout 2024.
Related: Forecast: Washington Housing Market to be Hot in 2024
After peaking in the summer of 2018, housing prices in Seattle were on a steady decline from mid-2018 to mid-2019. But since then, prices have been on the rise, and have risen quite a bit, expect for the past year.
Over the past 12 months, home prices in Seattle have dipped 1.3% and now sit at $815,865. According to experts, home prices will rise at a steady pace throughout 2024.
This is a big difference from where the Seattle housing market was just a couple of years ago compared to how the market is behaving today.
The supply situation in Seattle has been rather tight over the past few years along with the high level of demand in the area, which is what has largely contributed to the rapid price gains in the area.
Right now, there is just a 0.41-month supply of inventory available in Seattle, and just a 0.38-month supply in all of King County. That is extremely limited inventory and is driving home prices up as demand far outweighs supply.
In addition to the rise in inventory in Seattle, homes are taking less time to sell. As of January 2024, the median number of days on the market for homes in Seattle was 15, according to Redfin. The housing market in Seattle is hot, especially as the tech sector continues to increasingly bolster the market and increase demand.
Based on the above-mentioned trends, now may seem like a great time to buy in Seattle before prices really start to take off. And mortgage rates are expected to decline despite being rather high right now, making a mortgage much more affordable down the line.
Related: Seattle Home Buyer Guide
Disclaimer: This story contains real estate trends and housing predictions for Seattle, Washington, extending into 2024. These statements and projections were made by third parties not associated with our company. We have compiled them here as a service to our blog readers.
Will you need mortgage financing to buy a home in Seattle? We can help. Sammamish Mortgage has been serving buyers across the Pacific Northwest since 1992. We offer a wide variety of mortgage programs and products with flexible qualification criteria in WA, OR, CO, and ID. Please contact us today with any financing-related questions you have.
Whether you’re buying a home or ready to refinance, our professionals can help.
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