The Seattle housing market is still cooling off, but remains one of the hottest housing markets in 2019. After the market slowed in 2018, the growth rate decline levelled off. This immediately followed a 21 month period in which Seattle had been the hottest urban housing marketing in the US. 2019 forecasts predict home prices will modestly rise by 1.1%, and monthly rent prices should maintain their current averages.
The market is undergoing a correction, benefitting many would-be home owners. Homes in Seattle are sitting on the market longer than they have in the past few years. Seattle is still a very hot housing market, but the slowdown may provide opportunities for those looking to jump in. Mortgage rates should increase slightly in 2019.
The data has not been released yet, but rental prices have begun to dip slightly in the second half of 2018. It appears the construction boom that Seattle has experienced over the past few years has been matched by new renters in the market. The cooling of the red hot housing market may lead renters to become first time home owners.
These factors combine to form a strong housing market in Seattle for 2019. Those looking to buy a house will likely find more opportunities than they could have in 2018, though competition will still be high. The Seattle population continues to grow by the tens of thousands every year, and buyer competition should remain high.
These findings represent less investment potential than in 2018, but the 2019 market should still have plenty of opportunities for savvy investors. Would-be property owners are still investing in pre-construction condos, and exploring the surplus of supply. These trends represent the housing market from a holistic perspective, but the prime investments will still be in the individual niches of the market.
Smart buyers know that real estate in some neighborhoods are better investments than others. Within the city, homes in the Boren Ave./Madison St., 12th Ave. S/S King St., Mars Hill Graduate School/Elliott Ave., Cornish College of the Arts/Stewart St., and James St./Boren Ave. neighborhoods are appreciating at the fastest rates. Housing prices should continue to rise in the short term, but it is not clear how long that trend will continue. The Seattle Housing Market in 2019 could indicate the housing market in Seattle is nearing a peak. The additional surplus of homes in the market indicate uncertainty about the present and future of the market. Perhaps owners who have waited out the rapid rise in real estate values are finally hoping to cash in on their long term investments. Either way, the research indicates that the Seattle housing market will continue to grow and flourish in 2019.
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