Will Seattle continue to maintain its status as one of the hottest real estate markets in the US in 2020 and beyond? Find out in this quick Seattle real estate update.
Market Forecast & Real Estate Stats
Here are the latest notable statistics about the Seattle real estate market.
The median home value in Seattle is $741,843 and has declined 2.3% over the previous year
The median home value in Seattle is predicted to grow by 4.2% in the next year
The median list price per square foot in Seattle is $286
7.1% of listings have had their prices cut in the past month
The average home in Seattle spends 58 days on the market
Compared to last year, the Seattle real estate market has grown quite a bit stronger. Home values have recovered from a slight dip, and the average listing time is down to 58 days compared to 84 days in January 2019.
Most & Least Expensive Areas
Some of the most expensive areas in Seattle include:
East Queen Anne – Median home value of $870,700
Downtown Seattle – Median home value of $684,200
Eastlake – Median home value of $602,000
A few of the more affordable areas in Seattle include the following neighborhoods:
Belltown – Median home value of $509,100
Uptown – Median home value of $447,400
First Hill – Median home value of $424,100
Is It Time To Buy Or Sell?
Despite high overall prices, Seattle is a buyer’s market. The high cost of homes in the area has priced out many buyers, and home values have slipped as a result. This dip is predicted to be temporary, though – so interested buyers should strike now, before prices begin to rise again.
Proudly Providing Home Inspection Services
In Depth Home Inspections, LLC strives to be the leading home inspection service provider in Seattle and the surrounding areas including Everett, Lynnwood, Kirkland, Woodinville, Bainbridge, Bothell, Redmond, Edmonds, & Shoreline.