Seattle WA Real Estate - Seattle WA Homes For Sale | Zillow (2024)

FAQs

Are Seattle home prices dropping? ›

Prices Cooling: There has been a recent dip in median sale price compared to median list price. Experts are now predicting a 2.2% decline in home prices over the next year, rather than the previously anticipated growth.

A Zillow analysis found that the typical person or family seeking to purchase a house in the Seattle area needed to make $214,000 a year, the fifth-highest income required and the highest outside California. That comes to $47,000 more than in 2020.

The median sale price of a starter home in Seattle is $535,000. In order to afford this, first-time homebuyers in Seattle should make $173,378 per year, up 8.4% from 2023. The median income in Seattle is $126,647, meaning the typical resident cannot afford a starter home.

Seattle, Washington

Prices have cooled off over the past year, dropping about 3%, according to the S&P CoreLogic Case-Shiller Seattle Home Price NSA Index, but Seattle remains one of the most expensive housing markets in the U.S. A booming tech scene certainly doesn't help matters.

Current Effect: Around 55.7% of homes in Seattle are flying off the market within the first 30 days. This means we're still seeing a "surging" level of sales activity. Buyers need to be quick and decisive, as homes are selling fast and often attracting multiple offers, usually above asking prices.

Seattle is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Most Seattle mortgage lenders require a minimum credit score of 620 as a major factor in their loan approval process and a 740 credit score to get the best rates on a conventional loan. Scores over 760 can get you the lowest mortgage insurance premiums and best rates on most Jumbo Loans.

$872,515. The average Seattle, WA home value is $872,515, up 4.2% over the past year and goes to pending in around 8 days.

With median rent at $2,179 (as of Feb. 2024), the salary needed for a single adult to make ends meet is $87,146 or an hourly wage of $41.90.

Seattle, WA

In Seattle, households earning up to $221,562 are still considered to be middle class. Those earning less than $74,223, however, haven't yet entered this middle income group.

How much is $100 000 salary in Seattle? ›

KOMO TV covered a new study that concluded a $100K salary in seattle will bring you about $49,000 worth of take-home pay. Of the 76 cities examined, Seattle ranked 67th. This too should be a wake up call.

Sellers can benefit from the market's vigor but should remain aware of the shifting dynamics as interest rates influence buyer enthusiasm. In conclusion, the Seattle housing market in May 2024 remains a complex landscape shaped by high demand, limited supply, and increasing costs.

The median home price in King County so far this year is down about 2% from the same time frame last year, according to the Northwest Multiple Listing Service. On the other hand, Zillow estimates Seattle-area home values will end 2023 up about 1% but will dip 1% by the end of 2024.

Broadmoor

With a median home price of $5,298,873 and a median rent of $1,984, Broadmoor is the most expensive neighborhood on our list. Based on the growth in home prices in Broadmoor over the last 3 years, it ranks No. 1 among all the neighborhoods in Seattle.

The expected increase might range from 1% to 3% in high-value areas like Seattle and Bellevue. Although there's anticipation for a decline in mortgage rates, significant relief for home affordability seems unlikely in 2024.

The short answer: Seattle is extremely unlikely to build its way to significantly lower home prices. More, and therefore denser, home construction could help ease prices. But not increasing home construction all but guarantees prices will keep climbing.

Unlike other capital cities in Australia, prices don't seem to be declining anytime soon in Perth. Demand will only increase due to the relative affordability of median house prices and high rental yields when compared to other metros nationally and the booming economy in Perth.

The reason for this appears to be primarily due to housing costs. While they've gone up pretty much everywhere in the past two years (the report shows rents in Seattle increased 13% since 2020), they've jumped even faster in many smaller cities — and in particular, in cities that have grown a lot since the pandemic.