To that end, I am providing the following charts and table. This is a change of -0.25% from last month and 6.82% from one year ago. We also show how each city, town or neighborhood's appreciation rate compares Based on the pioneering research of Robert J. Shiller and Karl E. Case the index is generally considered the leading measure of U.S. residential real estate prices. January 17, 2018 By Jeff Reynolds Leave a Comment. reflect appreciation rates for the neighborhood overall, not necessarily Now lets look at the number of homes available for sale. In the last 10 years, Seattle has experienced some of the highest home appreciation rates of any community in the nation. transactions to the FHFA. Along with growing consumer confidence, Oudil says supply played a key role in rising prices. By sending this Report you agree to NeighborhoodScout's, APPRECIATION RATE TRENDS AND HOUSING MARKET DATA. When I first noticed the U.S. housing bubble in spring of 2001, I never imagined it would last as long or get as big as it did. This Updated annually. Interpretation. In addition to information on the average price of Seattle real estate market listings, you'll also find info on the average days on market, the average price reduction, the average price of homes by bedroom, and other market data. are fed into NeighborhoodScout's search algorithms. amount exceeds the conforming loan limit. in the state of California. The data are merged with NeighborhoodScout vividly reveals such differences. In this example, the neighborhood is All the trademarks displayed on this page are the property of Location, Inc®. appreciation rate, and the average annual appreciation rate for each time one of the highest appreciating in the nation over the last 5-years, but is by Fannie Mae or Freddie Mac (by the FHFA). During that same time, the Seattle population grew from 616,627 to 704,352 – a near 15% increase. UCS is a blog specializing in Urban Living. Today, in all of Seattle there are 973. The charts show the vast difference between the price per home and the number of homes available. I'm the founder of UrbanCondoSpaces and I lead Seattle's number one condo team. Seattle real estate appreciated 84.92% over the last ten years, which is an average annual home appreciation rate of 6.34%, putting Seattle in the top 10% nationally for real estate appreciation. A while back (September 2006, to be more precise) the Seattle Times published a 22-year “analysis” of King County home prices, which essentially came to the conclusion that Seattle would be immune to the home price drops that were beginning to occur elsewhere around the country.Their graph of local home prices going back to 1984 was interesting, but I was frustrated by two things. to other cities, towns and neighborhoods in the nation, and within the same previous 29 years to establish price differentials on properties where more median house values in each neighborhood, and combine data from the United Conventional means that the mortgages The Survey of Construction does not collect sales information for multifamily buildings or for existing homes. Now, because we focus on the Seattle condo market as well, I want to show you how severe the decline of available homes is in Downtown Seattle. or neighborhood over the latest quarter, the last year, 2-years, 5-years, So a Case-Shiller value of 200 means house prices have doubled since January 2000. developed by Dr. Schiller, NeighborhoodScout's founder, are applied the underwriting guidelines of Fannie Mae or Freddie Mac and that doesn't The charts are mind-blowing.   Our data are designed to capture changes in the value of single-family homes This makes comparisons of house appreciation rates equally easy for professional The Home Price Index indicates that the Seattle Market is up 48% over the last 10 years. Seattle's housing was primarily built during this period, from the '40s through the '60s. All I can say is “wow”. Secondly, if you consider one simple economic factor (supply and demand), you’ll see how the dwindled number of homes for sale is 100% correlated to the massive increase in the sales price for a Seattle home. Inflation Adjusted Real Estate Prices- Lets take a look at the idea that housing prices always go up. Mortgage transactions on condominiums Read more. PDF versions will no longer be produced. or VA mortgages, are excluded, as are properties with mortgages whose principal In comparison 5 years ago the average sales price was $354,572. Real estate activity peaked in the summer of 2005, but home prices kept rising for another year. We have already seen where a low inventory should drive up prices. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Seattle - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Seattle real estate investment or home purchase decisions. Then proprietary algorithms Filed Under: All Condos, Home, In the news, Market News/Trends Tagged With: 10 years, Condo, Condos, Home, homes, Housing, Real Estate, Seattle. of the movement of single-family house prices. If you are a home buyer or real estate investor, Seattle definitely has a track record of being one of the best long term real estate investments in America through the last ten years. Housing Starts: New Privately Owned Units - Historical … I’m going to show you a 10 year history of the Seattle housing market. percentage change in the resale value of existing homes in that city, town These data are combined with the data of the This reflects a 86% decrease in inventory (or condos for sale). The average sale price for Seattle homes is $573,194. Our data are built upon Interpretation. We recently explored if now is the time to sell in this market – have a look at our post. are neither insured nor guaranteed by the FHA, VA, or other federal government One very important thing to keep in mind is that these are average appreciation rates for the city. With 744,955 people, 323,446 houses or apartments, and a median cost of homes of $774,806, Seattle house prices are not only among the most expensive in Washington, Seattle real estate also is some of the most expensive in all of America. 7,043,501 and 7,680,859. and even most neighborhoods in America. Census, and a weighted repeat sales index, meaning that they measure average The typical home value of homes in the United States is $262,604. within a city or town can have drastically different home appreciation rates. At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. creating an updated historical database that is then used to estimate the period (e.g., last 5-years: 84% total appreciation, Avg. [email protected] | 206.794.1118 per year: 16.8%). Historical Time Series. I’m going to show you the median price per unit in Seattle in comparison to the number of homes available for sale. not produce appreciation rates for neighborhoods that consist solely of These resultant neighborhood appreciation rates are a broad measure Neighborhood appreciation rate data are based on transactions involving Methodology: Home values. at the city, town and even the neighborhood level. city and town, approximately two months after the end of the previous quarter. Because of the density, these types of cities are often walkable and compact, and often have a lively downtown. The average sale price per square foot in Seattle is $468, up 3.5% since last year. Due most likely to pent-up demand following the Governor’s COVID-19 restrictions earlier in the spring and summer, the index showed Puget Sound residential home prices leaping by more than one […] There were 1.49 million previously owned homes on the market in August, down from 1.83 million a year ago. American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency. renters or have no single-family homes (dwellings without an entrance directly conforming, conventional mortgages. Interactive Chart Case-Shiller Home Price Index: Seattle, WA is at a current level of 266.02, down from 266.68 last month and up from 249.03 one year ago. Market Data, Property Search, Condo Profiles, Rental Information, Market Analysis & New Construction Updates, How To Review Downtown Seattle Condo Stats, Year Over Year, How to Compete In Seattle’s Booming Real Estate Market (Guest Post), 3 Reasons Why You Could Consider Selling Seattle Real Estate, Amazon To Buy 3 Blocks In The Denny Triangle, Market Mover For Seattle Real Estate, Losing a Home to Another Buyer; The Story of a Seattle Real Estate Recovery. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Seattle were at 1.35%, which equates to an annual appreciation rate of 5.51%. The real estate to gold ratio measures the amount of gold it takes to buy a single family home. The real estate market in Seattle is approaching year 4 of massive price gains. The price of houses in January 2000 is given the value of 100. securitized by Fannie Mae and Freddie Mac. or multi-unit properties are also excluded. The real estate market in Seattle is approaching year 4 of massive price gains. The median monthly gross residential rent in Seattle, WA (the Seattle-Tacoma-Bellevue metro area) was $1,621 in 2019 according to the Census ACS survey. You don’t have to be an expert or an economist to see how fast the price of a Seattle home has increased. At last month’s publication of the August Case Shiller Home Price Index results for Seattle, we noted an outsized monthly increase in the index results. Here are graphs of inflation-adjusted, historical housing prices. Raw data sources: neighborhood-specific median house values from the Census Bureau using However, as seen on the chart, prices rebounded shortly after in the beginning of 2017. The Home Price Index indicates that the Seattle market is up 48% over the last 10 years (data up to 3rd Quarter, 2018). Just since last year, the number of condos available for sale has declined 26%. Neighborhood appreciation rates from NeighborhoodScout are based on both median house value data reported by respondents via the U.S. Bureau of the The following data are for new, single-family houses only. price changes in repeat sales or refinancings on the same properties. The average sale price of a home in Seattle was $747K last month, up 6.9% since last year. Seattle has a mixture of owner-occupied and renter-occupied housing. The current level of housing starts as of October 2020 is 1,530.00 thousand homes. Sometimes it is easier to understand the housing data by looking at it versus reading about it. Each quarter, Fannie Mae and Freddie Mac provide their most recent mortgage The median sales price is up 93% since the bottom in 2012. In addition the average home is selling for 1.6% higher than it is listed as. The raw raw version of … Other US patent applications are currently pending. Other types of housing that are prevalent in Seattle include single-family detached homes ( 41.82%), duplexes, homes converted to apartments or other small apartment buildings ( 6.33%), and a few row houses and other attached homes ( 5.18%). The data There were 5,085 homes available for sale in 2009. It is the biggest jump in house prices since April of 2018. properties are included. We show both the cumulative Relative to Washington, our data show that Seattle's latest annual appreciation rate is lower than 90% of the other cities and towns in Washington. as an accurate indicator of house price trends at the neighborhood level. A full 27.83% of the city's housing hails from this era. That's a decline of 0.07 points or 0.02% below the Seattle Home Price Index all time high. Download the spreadsheet The Shiller Case Homes Price Index seeks to measure the price of all existing single-family housing stock. single-family properties whose mortgages have been purchased or securitized Want more data, contact us. SEATTLE - Home prices in the Seattle metro area fell last month, according to a new report released Monday. Our nationally-comparable school ratings are covered under US Patent No. NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… For 2018, Zillow predicts home prices and rents will continue to rise, just more slowly. Note - beginning in November 2019, these tables will be available only in Excel format. The charts show the vast difference between the price per home and the number of homes available. The average size for a Seattle, WA apartment is 698 square feet, but this number varies greatly depending on unit type, with cheap and luxury alternatives for houses and apartments alike. As such, NeighborhoodScout does appreciation rates for each city, town and neighborhood within each time As you can see, median price per home is up 15.2% over last year, but up 93% since 2012. Different neighborhoods The median existing house price increased to a record USD 310,600. The all time high in the Seattle Home Price Index was 366.7 in the 2nd Quarter, of 2018. Historically a house in the US cost around 3 times the median annual income. NeighborhoodScout's proprietary algorithms developed by Dr. Schiller, Individual neighborhoods within Seattle differ in their investment potential, sometimes by a great deal. I’m the founder of UrbanCondoSpaces and I lead Seattle’s number one condo team. exceed the conforming loan limit, a figure linked to an index published by Here is the median sales price of a home/condo in Seattle. S&P/Case-Shiller WA-Seattle Home Price Index Index Jan 2000=100, Monthly Not Seasonally Adjusted Jan 1990 to Sep 2020 (1 day ago) Over the last thirty years, it is up 497%. Mortgages on properties financed by government-insured loans, such as FHA are used to identify repeat transactions for the most recent quarter, then Live. In 2017, Seattle home prices hit a record high of $700,000 within the city limits in April and the median rent in the same area hit $2,000 per month. United States home values have gone up 6.6% over the past year and Zillow predicts they will rise 7.9% in the next year. than one mortgage transaction has occurred. the Federal Housing Finance Board. Seattle Community College-Central Campus / Broadway, U of Washington-Seattle Campus / NE 45th St. Home Values, Rents: Reflects Q2 2020. Seattle real estate appreciated 84.92% over the last ten years, which is an average annual home appreciation rate of 6.34%, putting Seattle in the top 10% nationally for real estate appreciation. Year-on-year, existing home sales went up 10.5%. Other housing ages represented in Seattle include homes built before 1939 ( 26.03%) and housing constructed between 1970-1999 ( 24.73%). The S&P CoreLogic Case-Shiller 20-city home price index in the US rose 6.6% from a year earlier in September of 2020, following a 5.3% increase in the previous month and well above market expectations of a 5.1% gain. Homes in Seattle receive 4 offers on average and sell in around 8 days. UCS is a blog specializing in Urban Living. state (e.g., 9 relative to the nation, 5 relative to California [10 is highest]). Includes information on listings in the Seattle WA area as a whole as well as within individual neighborhoods and subdivisions in Seattle. During the housing bubble of 2006 the ratio reached 4.5 - in other words, the median price for a single family home in the United States cost 4.5 times the US median annual household income. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. entity. each individual house in the neighborhood. NeighborhoodScout has calculated and provides home appreciation rates as a period. Although the Seattle metro area continues to drive housing cost growth throughout the state, Washington has seen home prices grow faster than any other state in the country for three straight months. Copyright © 2000-2020 Location Inc®. Updated quarterly. Jeff Reynolds | Luxury Marketing Specialist
2020 seattle home prices historical graph