Let’s take a look at the recent Seattle real estate trends.
Whether you’re looking to buy your dream home or considering a move out of your current property, it’s important to consider the market insights of your neighborhood and region. Here, we’ll dive into the projected real estate trends for 2019 in Seattle and the surrounding area.
Seattle Housing Market Highlights
Let’s take a look at Seattle’s housing trends. One way to understand market growth versus downfall is by comparing this year’s data to past information. Here, the Northwest Multiple Listing Services provided asnapshot of trendscomparing Seattle’s housing market in December 2018 and December 2017.
According to the local MLS, the median closing price for residential homes is up 4% and the closing price has shot up 5.5% for new construction properties. These numbers suggest that Seattle’s real estate market could be headed toward positive growth in 2019.
Real Estate Predictions for Seattle in 2019
The trend toward growth—or at least stability—in Seattle real estate is supported by many. In fact, based on Zillow’s data, Seattle properties are forecasted to increase 0.7% in home value over the course of the year. Although this number may not indicate drastic change, it does support the direction of general improvement for homes in Seattle and the surrounding communities.
Is the Housing Market Cooling?
Throughout the country, the housing market witnessed growth in 2018. Therefore, we could begin to see the national market cool off in 2019. In fact, some real estate regions of the United States are already taking hit to their housing markets. Nevertheless, Seattle is a real estate hotspot, and homes are projected to sustain value during this period. However, the potential for softened growth in Seattle could occur throughout the year, but a major cool off in the housing market is not yet predicted.
How to Find the Best Home Value
Whether the housing market is heating up or cooling off, it’s important to look for the best value. Buyers and sellers alike can take a methodological approach to home sales, and their realtor can help them navigate the ever-changing trends of real estate.
It’s important to remember that real estate forecasts can change throughout the year, and every neighborhood and home is unique. However, analyzing real estate trends allows us to make informed decisions about home sales and purchases. If you’re ready to buy or sell in the Seattle area, please reach out. It would be my pleasure to discuss your home plan with you.