Seattle Real Estate Forecast 2018 Housing Price Predictions Condo Rental Prices

Seattle Real Estate Forecast 2018 Housing Price Predictions Condo Rental Prices

Seattle Real Estate Forecast 2018

Seattle Washington was rated the hottest city in America for real estate.  Migration (90,000 during a recent 12 month period), great jobs, and low availability of properties, is driving home and condo prices skyward.

Home prices were rising faster than San Francisco and the Bay Area and there’s plenty of talk of a housing crash in Seattle. With the new federal tax changes, some believe house prices will fall across the country.  So the question buyers and investors, and sellers too, is whether Seattle will be any different than the national housing trends through to 2020.

Being the home of Amazon, Microsoft, Boeing, Starbucks, Joint Base Lewis-McChord, Weyerhaueser, the Seattle region is a compelling place for business. and jobs.  The city is so prosperous and optimistic, buyers are certain to buy in the city.

An exodus of Asian and other International buyers from the Vancouver Real Estate Market has brought in an additional source of investors into the Seattle area. The forecast is for more foreign buyers taxes in Vancouver BC, so Asian buyers will Seattle, Redmond, Spokane, Tacoma and Bellevue alternatives.

Extra demand may come from Asian student housing buyers.

For rental property buyers, some are suggesting that there are still homes available in some Seattle neighorhoods. Those who know how to search for homes for sale might find that bargain.

The specter of a bubble and crash is real however, so home owners would be wise to get a home evaluation and prepare to sell home for the highest price. If you’re considering selling, take a look at the best renovations to consider to generate more interest in your property.

Seattle’s job market is brisk and high paying.  The jobless rate is still 3.7% currently (up lately from 2.7%) and the $15 minimum wage rate isn’t enough to pay the rent. 50% of renters are feeling burdened by the rent they pay which may raise issues for landlords and property managers.

Seattle housing photo courtesy of Beautiful Seattle Home Seattle housing photo courtesy of

Strong population growth, a strong tech sector, diverse economy, educated workforce, enticing geography and diverse recreation opportunities are drawing more new residents at twice the national average. Seattle is consistently named as one of the best cities in America.

Festivities on Lake Washington

For property investors, rental income suites will be in continuous demand throughout 2018 and 2019.  For homebuyers however, the day may have passed to find an affordable home in Seattle. If that’s the case, you may want o investigation the Boston real estate market, New York Real Estate market, Vancouver Real estate market, Houston real estate market, or the Miami real estate markets.

Sizzling High Home Prices Continues

The demand in 2018 will push up sizzling high housing and condo prices and it’s raising talk of a housing bubble and crash. Experts are calling for futher growth from 2018 through 2021.

Yet is this any different than national housing forecasts for cities like Los Angeles, San Francisco, Miami, Boston, Houston, or New York?

The HappyHome Team Gives their Outlook on the market

Seattle Realtor Christie Kinneard provides a quick update of the Seattle market, and condos, and where there are opportunities. She is changing her price points on the market because luxury homes are getting expensive and it’s all scarce.

In fact, experts called for growth under 3% but Seattle has outpaced that by far.  This trend to underestimation might continue as experts aren’t getting the national trends or the demand from property investors.

Although new housing construction is growing nationwide, availability is squeezed, even in Washington State. And with a lack of construction workers, there won’t be any easing of detached home prices or rental housing here. And with some Asian and other foreign buyers being locked out of the Vancouver housing market, they’re finding Seattle is a great place to park their money.

Zillow’s Predictions

Zillow predicts home prices in Seattle will rise by 6.2% in 2018 and average home prices will hit a lofty $702,000 by the end of the year. With multiple offers the norm, sellers won’t need bidding war strategies to get a record offer on the table or worry about the best home renovations to grow ROI.

Seattle Neighborhoods Average Home Price
East Queen Anne $821,600
Downtown Seattle $676,500
Denny Triangle $551,600
Eastlake $549,500
Capitol Hill $543,300
Westlake $513,500
Belltown $443,400
Uptown $382,800
First Hill $364,600

Metro Seattle Cities Average Home Price
Bellevue $730,000
Redmond $675,400
Seattle $592,200
Lynnwood $392,900
Renton $391,800
Kent $327,200
Federal Way $308,400
Everett $292,000
Tacoma $230,600

Seattle Home Prices fastest Rising in the US

According to a report in the Seattle Times, Seattle’s home prices have been on a scorching pace in the last 12 months.

1. Seattle +13.2%
2. Las Vegas +8.6%
3. San Diego +7.8%
4. Detroit +7.2%
5. Denver +7.2%
6. Portland +7.2%

The Seattle market is hot so the question is whether you should be buying a house or renting an apartment? And is the right time for property investment?  Zillow reports that nationwide, there are 12% fewer homes available than last year.  And this past summer, homes for sale fell 21% from 2016.

Rents have skyrocketed accordingly. The current average rent price in Seattle is over $2600.

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