Is Seattle housing market hot?

In one of the most expensive housing markets in the country, nearly one in four homes is selling for all cash. The level of cash purchases is up slightly from about 22% in the same period last year and roughly 20% in 2019. …

Why are house prices rising in Seattle?

For more than a year, a flood of buyer demand, a tight supply of homes and super-low interest rates have fueled wild growth in housing markets all over the country. While there are some recent signs buyer demand could finally be slipping, things were still red-hot in April.

Are house prices in Seattle falling?

The Seattle-area housing market has officially entered a summer slowdown marked by more houses for sale and a drop in the number of home sales compared to the previous month. The shift is typical of this time of year, though the pandemic upended the market’s usual timelines last summer.

What is the average house price in Seattle?

The average sale price for Seattle homes is $826,374. In comparison 5 years ago the average sales price was $598,698… a 38% increase in equity. As Seattle condos fell out of favor the average sales price for a condo has gone from it’s peak price in March 2019 of $684,534 to just $555,980. Listings are selling at 102.5% of their list price.

What is the housing market like in Seattle?

As more homes are brought into the market, prices are expected to moderate. That said, the Seattle housing market is still more affordable than most, though not by much. By the end of last year, Seattle homeowners spent nearly 15 percent of their income on their mortgage premium.

What is the real estate market in Seattle?

The Seattle real estate market is “self-correcting” in response to a rapid rise in home prices that has created affordability issues for many residents and would-be buyers. Meanwhile, city officials are actively pursuing legislation that would increase the number of affordable housing units in the area.

Will Seattle house prices drop?

to lowest point in two years – down $116,000 since last spring Originally published February 7, 2019 at 2:20 pm Updated February 7, 2019 at 7:52 pm