If you want to get your hands on a Seattle investment property today to enjoy some of the benefits it will bring in 2021 (cash flow and appreciation), start your search here at Mashvisor. The market in the Seattle suburb of Sammamish is currently very hot. Houses have surpassed the peak breaking records month over month. The median home value in North Delridge is $603,188. Seattle housing market has been one of the hottest in the country for years. However, demand is still rising and inventory still remains tight. You can’t realistically build on water. Will the 2021 US Housing Market Be a Buyer’s Market or a Seller’s Market? It has ranked among the top 5 fastest growing cities since 2010, hitting a 3.1% annual growth in 2016. Pending and closed sales in King County were both up as compared to the previous year. Right now the homebuyers are trying to take advantage of lower interest rates, and the local real estate agents are struggling to meet the demand. https://www.apartments.com/ Spokane’s economy, though, is seeing a surge of higher-wage jobs. The public schools in Highland Park are above average. To summarise the last month's statistics we can say that All King County & Seattle remains a seller's real estate market with only 0.99 months of inventory — still well below what is required to meet the volume of buyers right now. Nov 23, 2020 By Ralph McLaughlin. https://www.littlebighomes.com/real-estate-seattle.html Learn More: How to Find Investment Property in the Seattle Real Estate Market. We shall now do a quick recap of how the Seralle housing market has performed in 2020 so far. According to local realtors, as buyers seek to cash in on record-low interest rates the market is predicted to remain this way until at least April of next year. The public schools in Sammamish Plateau are highly rated. Not only is it a large city, but it’s quite infamous for being expensive, having the 9th highest cost of living in the nation. Well, to answer that question we should take a look at its economy and jobs. The supply of properties on the market in King County was drastically decreasing, down 40.7% by the end of February, from a year ago. This is good news for real estate investors looking to buy a rental property in a strong housing market. One-bedroom units have decreased by $181 (-9%). In the. However, in Seattle, the rate is over half. https://www.seattletimes.com/seattle-news/politics/seattle-approves-taller-buildings-in-uptown-doubling-heights-in-some-areas We can help you succeed by minimizing risk and maximizing the profitability of your investment property in Seattle. The trajectory has shifted from last December to an upward trend. Real estate may feel the effect of COVID-19 until the end of 2021 â and possibly even longer. There should be a natural and upcoming high demand for rental properties. Let's first take a look at some of the last year's real estate data for Seattle. ... Forecast key 2021 housing trends. The percent of Seattle homeowners underwater on their mortgage is 3.9%, which is lower than Seattle-Tacoma-Bellevue Metro at 4.2%. You need to drill deeper into local trends if you want to know what the market holds for the year ahead. We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in many other growth markets in the United States. While we may see sales cool down over the coming months from an unusually hot fall season but things could be extraordinary hot in the spring of 2021. Are you looking for an investment property in the Seattle real estate market? Between 2008 and 2018, over 535,000 homes have sold in the entire Seattle metro area. Therefore, it is an apt time to make a move. Furthermore, there are many reasons to consider investing in Tacoma real estate over homes and condominiums in nearby housing markets. Below is the most recent Seattle Housing Market Report released by “Northwest MLS.” The report compares the key housing metrics of the Seattle area (that falls within King County). Their data also shows that Seattle real estate appreciated 84.92% over the last ten years, which is an average annual home appreciation rate of 6.34%, putting Seattle in the top 10% nationally for real estate appreciation. If you are buying the interest rates have never been lower and this is typically the time of year when more listings start coming on the market. From July 2018 onward the home values started declining and they continued so until November of 2019. Therefore, buyers are also starting to find homes in the suburbs. Looking at Zillow’s Seattle real estate market forecast for house price appreciation, this prediction is confirmed. In 2018, Millennials made up about 22 percent of the population in the United States. Over the past 10 years, Amazon has grown more than tenfold in the city of Seattle, from about 4,000 employees in its hometown to over 45,000. If this price forecast is correct, the Seattle-Bellevue-Everett, WA home values will be higher in the 3rd Quarter of 2021 than they were in the 3rd Quarter of 2018. Not only is it a large city, but it’s quite infamous for being expensive, having the 9th highest cost of living in the nation. So if this was keeping you from buying an investment property in Seattle, there’s no need to worry. This drop is likely due to the fact that homeowners in the, Even if these homeowners were to flood back into the market in 2021, it probably won’t be enough listings to boost the housing inventory in the, Although everyone expected demand for real estate and home sales to plummet across the US housing market due to COVID-19, it simply hasn’t. Brokers reported 2,450 closed sales for a YOY gain of more than 6.99%. Additionally, this could mean a loss of renters for real estate investors. Laguna Niguel, CA 92677, Copyright 2018 Norada Real Estate Investments. The average rent for a 1 bedroom apartment is $1,981 and the average rent for a 2 bedroom apartment is $2,054. Let us look at the price trends recorded by Zillow over the past few years. Although COVID-19 had many predicting that major markets like Seattle would fall into a buyer’s market quickly, this simply has not been the case. Though real estate capital markets have settled, most anticipate overall real estate prices to fall 5-10% as income is curtailed for several years. According to Apartments.com, as of November 2020, the average apartment rent in Sammamish, WA is $1,587 for a studio, $1,808 for one-bedroom, $1,903 for two bedrooms, and $2,474 for three bedrooms. The average sale price of a home in Capitol Hill was $680K last month, up 22.0% since last year. The median home value in Walla Walla is $278,247 and home values have gone up 4.4% over the past year. There are far more buyers than there are available homes for sale. Two-bedroom apartments have decreased by $188 (-6.8%). The average rent for a studio apartment in Seattle, WA is $1,452. In a balanced real estate market, it would take about five to six months for the supply to dwindle to zero. This is lower than the Seattle-Tacoma-Bellevue Metro value of 0.8 and also lower than the national value of 1.2. https://www.geekwire.com/2018/amazon-responsible-seattles-housing-cooldown-real-estate-experts-weigh This is largely due to a sharp increase in listings, as sellers begin to outnumber buyers within the city. Corelogicâs forecast predicts home prices nationally will have fallen 6.6 percent year-over-year by May 2021. About 50% of the apartments can found in the range of $1,501 – $2,000. The median home value in North Redmond is $866,702 and the median rent is $2,318. The three most important factors when buying real estate anywhere are location, location, and location. Businesses aren’t just relocated to Seattle to tap into a growing, skilled labor market. , the Seattle metro area crossed the benchmark for recovery back in June 2020 and has been doing well ever since. In the past ten years, the annual real estate appreciation rate has amounted to nearly 6.5%. Price growth was even stronger elsewhere—21.6% in North Seattle, 11.46% in SE King, and 7.95% in SW King. This is the single most driving factor of Seattle home prices. The next one is the Tacoma real estate market. It caused some fraction of buyers to put off their planned home purchases and a portion of sellers to hold off on listing their homes. They might even take a downturn. This DC suburb just north of Georgetown has been seeing falling home prices, even though it has a pretty expensive housing market. Real estate prices are deeply cyclical and much of it is dependent on factors you can’t control. These house price trends are likely to continue in 2021. We shall mainly discuss median home prices, inventory, economy, growth, and neighborhoods, which will help you understand the way the local real estate market moves in this region.