What’s Happening With Seattle’s Housing Market?

Luxury home in the Pacific Northwest photographed with a drone a

The Pacific Northwest is one of the most sought after places to live in the US. Washington as a whole has seen house prices jumping up 23.3% compared to last year, with Seattle spiking even more. The trend isn’t slowing down though, prompting many movers to speed up their plans to relocate.

Seattle Awaits With Open Arms

At the same time, it awaits those with open wallets too. Seattle set a record for median single-family home listing prices of $737,800. This is up 26.1 percent year-over-year with nearly 70% of sales being made ABOVE asking price. The median final sale value is even higher, just over $856,000. That being said, the city of Seattle is one of the only cities in Washington that is seeing this demand squeeze start to lessen, creating a market that’s more hospitable to buyers.

There is a saving grace that helps to offset some of the rising prices. Interest rates are extremely low helping hopeful future homeowners keep their payments on budget while still being able to send off an agreeable bid on their dream home.

Washington’s Digital Crown Jewel

Seattle will always be one of the first highlights when it comes to what makes Washington such a great place to live. So much so that tech titans Microsoft and Amazon have made the city their home, helping to propel Seattle to the top of the list of cities to find tech jobs in. Even outside of the tech industry, minimum wage for most jobs is $15-16 an hour which allows for those who want to live near Seattle but aren’t interested in a tech career the chance to experience everything the city has to offer.

Seattle has even more to offer when you start heading outside city limits. The sprawling mountainsides and endless trails provide hundreds of hours of activities to keep you and your family having fun all year long.

Living In Seattle Means Vacation Is Only Hours Away

Living in Seattle means the perfect dream vacation setting every single day. So where do you go to get away when you live in Seattle? The Pacific Northwest’s offerings extend outside Jet City with Crystal Mountain Resorts bringing the best skiing and snowboarding in the state to visitors with pristine slopes that are maintained at all times. Wanting to fully get out of Washington for a spell? Many Seattle residents would suggest taking a trip to Portland, OR to still get that progressive city vibe but with a much different personality.

Even though prices are rising, the mad dash for homes after the pandemic and material price crisis is slowing down meaning home values will go back to a healthier increase rate making the time to buy whenever you’re ready.

If you are, skip the line and get started by seeing what you could be pre-approved for. Otherwise, we encourage you to reach out to the Potempa Team directly to discuss your home loan goals and find you a solution that fits.

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