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

FAQs

Are Seattle home prices dropping? ›

Summary: Seattle housing prices by bedroom type for July 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.2%, 2 bedroom homes increased by 2.2%, 3 bedroom homes increased by 1.7%, 4 bedroom homes decreased by 0.1%, and 5+ bedroom homes increased by 1.4%.

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.

As expected, starter homes in Seattle are more affordable than the average home (all price brackets combined; see methodology for details). In order to afford any median-priced home in the area, you'll need to make $214,904 (as of October 2023).

Despite a building boom in recent years, Washington is not on track to add enough housing to meet residents' needs over the next two decades, a red flag for the state's affordability crisis.

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.

Home prices could rise further by the end of 2024.

According to Zillow, the median home price for the state of Washington is approaching $600,000. House values were up by 4% over the past year when this article was published, and forecasts suggest they'll keep moving in that direction.

Credit score requirements vary by lender but often 640. Low mortgage insurance rates. WSHFC loans: May include competitive interest rates and down payment assistance.

Key Takeaways. The most overvalued markets to purchase a home tend to be located along the California coast, as well as in tourist-popular Hawaii, tech-heavy Seattle and holdover “Zoomtowns” in Colorado, Idaho and Utah.

Depending on the type of loan, your down payment might range from 3% to 20% of the purchase price. The full 20% is usually required in special situations, such as a second home in Washington state, very poor credit, or a conventional mortgage for an investment property.

Seattle ranks 27th on ConsumerAffairs' list of income needed to afford to live in the largest U.S. cities. 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. Tacoma ranked 63rd on the list with a median rent of $1,708.

What is middle class in Seattle, WA? ›

So what is the minimum annual income required in 2023 for a family of four to be middle class in Washington? According to the numbers, you would have to make $73,997 to be considered middle class in the Evergreen State. That is among the top 10 highest incomes needed of any state.

Seattle, WA: $48,959 take-home pay

According to a recent survey, 51% of people who earned more than $100,000 reported living paycheck to paycheck in 2022 – 7% higher than a year earlier.

Rental housing is unaffordable for many in our region. High housing costs continue to displace people from their homes, and some experience homelessness as a result. And homeownership — a primary way families create and pass on wealth — is increasingly out of reach for most households that don't already own a home.

What is the housing market like in Seattle today? In June 2024, Seattle home prices were up 3.6% compared to last year, selling for a median price of $855K. On average, homes in Seattle sell after 9 days on the market compared to 8 days last year. There were 731 homes sold in June this year, down from 873 last year.

The average market rent for a newly built 1-bedroom apartment in Seattle is $1,696, affordable to renters earning 104% AMI. Housing is considered affordable if its occupants pay no more than 30% of their income on rent and utilities or for mortgage, taxes and insurance.

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.

Rental rates in Q1 2024 were up 2.1% year-over-year to $1,971, marking a jump from $1,932 the previous quarter. With the recent deliveries adding a bit of vacancy to the market, we expect the trend of positive, but mild rental rate growth to continue into 2025.

The Seattle area will face a continued critical housing shortage for at least the next two decades, according to an analysis by the Urban Institute.

Between 2010 and 2024, Seattle's house prices increased more than two-fold, in part due to a boom in the tech industry. According to Zillow's Home Value Index, the average price for a typical single-family detached house in January 2010 was roughly $444,000, compared to $926,000 in 2024.