While home prices may not be able to keep the same frenzied upswing as the previous years, there is not a lot of evidence to suggest that home prices will crash significantly. All information presented should be independently verified through the references given below. While we cannot say this just about the Seattle housing market, the fact remains that large cities with a strong network of educational institutions always create an opportunity for those who want to own rental properties. "With it our state economy, and with it our local economy. And all the while, everyone wants to live close to the city center and jobs. Remember, caveat emptor still applies when buying a property anywhere. You can receive e-mail notification of updates to the Economic and Revenue Forecast Council’s web site. That keeps Seattle rental property rates high. The real estate sector has been one of the most resilient areas of the economy during the severe economic shutdown. Also, if listings linger on the market for longer, buyers have a special edge in negotiating sales prices. The median list price of homes in Seattle, WA was $740K, trending up 5.9% year-over-year. ... June 2020 Economic and Revenue Forecast; June 17, 2020 Revenue Review Notebook; June 2, 2020 Economic Review; April 2020 Budget Outlook; 2019 Washington State Economic Climate Study; One-bedroom units have increased by $136 (7.3%). home prices rose faster than they have for a year, decrease in home prices within the next 12 months, How Seattle Transformed Over the Last Decade | Beachworks LLC, Seattle Housing Market Predictions for 2020 | Beachworks LLC. Another popular neighborhood of Seattle for real estate investment is Queen Anne where the median home price is around $875,000. Experts and economists are predicting a recession could begin as early as next year. The average rent for a 1 bedroom apartment is $1,981 and the average rent for a 2 bedroom apartment is $2,054. Therefore, in the long term, the Seattle real estate market remains as strong as always. Related Article: How Today’s Housing Market Differs from the One That Crashed in 2008. July's real estate data by Realtor.com also shows that Seattle-area is a seller’s real estate market. Bothell This will be a unique year, and everybody will take hits, but those who have progressive thinkers likely will win. However, Noble said, "it does not anticipate a decrease in revenues.". In terms of months of supply, Seattle can become a buyer’s real estate market if the supply increases to more than five months of inventory.

The next one is the Tacoma real estate market. Below is the most recent Seattle Housing Market Report released by “Northwest MLS.” The report compares key housing metrics of the Seattle Housing Market (RES+CONDO) from July 2020 with July 2019.

The headline is “WSJ Survey: Strong U.S. Recovery Depends on Effective Covid-19 Response.” I found numerous items to be notable – although I don’t necessarily agree with them – both within the article and in the “Economist Q&A” section.

Seattle housing market has been one of the hottest in the country for years. According to LinkedIn’s monthly Seattle jobs report, hiring was .4% higher in October 2019 versus October 2018. Tacoma is actually the third-largest city in Washington state. However, 2018 is expected to be the peak.

make sure you're on a federal government site. They are well-informed about critical factors that affect your specific market areas, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing, and interest rates. These are some of the most affordable neighborhoods where the rent prices are below the Seattle average rent: According to RentJungle, as of July 2020, the average rent for an apartment in Seattle, WA is $2122 which is a 0.14% decrease from last year when the average rent was $2125, and a 0.61% increase from last month when the average rent was $2109. If you’ve turned on the news lately, you’ve likely heard doom and gloom stories about the economy.

“National Income and Product Accounts Tables: Table 1.1.1.Percent Change From Preceding Period in Real Gross Domestic Product,” Accessed Sept. 11, 2020. As reported by NWMLS, in July, King County had 3,420 closed sales, a slight 4% increase over the same time last year, and about a 19% increase over the previous month.

In a balanced real estate market, it would take about five to six months for the supply to dwindle to zero.

That may prove a problem if Seattle does fall into downturn around 2020, he said. My current forecast for 2019 is for the unemployment rate to remain around 3.7 percent and GDP to rise by 2.4 percent. KUOW is the Puget Sound region’s #1 radio station for news. Over the last thirty years, it is up 497%. According to the U.S. Bureau of Labor Statistics, Seattle-area employment jumped 3.4% between December 2018 and December 2019. Others are simply relocating because they cannot stay in business in California. Richmond Beach, where renters pay $1,354/mo on average. Tax Rates for Seattle - The Sales Tax Rate for Seattle is 10.1%.

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