Seattle Metro areas housing prices are up 10.8% over the past year.
This is more than DOUBLE the national average of 5.2% Only Portland had a larger price increase with prices rising by 12.3% over the last year.
Since 2012 prices of homes in the Greater Seattle area have increased by 50% At this time housing prices in Seattle have reached an all time high. The S&P/Case-Shiller Home Price Indices show the top 20 markets in the U.S. You can see this data here.
The rapid increase in values is creating tension for buyers. Coupled with limited inventory levels especially at the lower price points in the market. Buyers are finding themselves involved in multiple offer scenarios, and having to agree to pay the difference if the home they are buying does not appraise for the amount they are paying for it. If that is not enough rental prices are increasing and the amount of rental properties available is limited.
Looks like 2016 will be the year of frustration for buyers in the Greater Seattle area.
If you are looking to sell your home in Seattle now would be an excellent time to speak with a Realtor® We happen to know a lot of them! Let us handle the interviewing and introduce you to an amazing agent who will position your home to receive the maximum attention possible. Call 253-236-3544 today to begin!