Hottest Home Market in 2017

For the entire year of 2017, Seattle held the title of being the fastest-rising housing market in the Nation. Now, a few months into 2018, there’s no signs of our “hot market” slowing down. Even through winter, which is historically known to be a slow time for real estate, the market was still booming. It is a year-round battle for home buyers.

Single Family home prices for this area grew 12.7 % from a year prior. Seattle led the nation in home price increases for 16 months in a row. But not just Seattle is having a hot market, Las Vegas was second in the nation with prices rising 11.1%. San Francisco was third at 9.2% increase.  All of the nation has seen a rise of 6.3%, the most in three and a half years.

This booming market continues to worsen for buyers in the Seattle area because the shortage of homes for sale. The shortage of inventory is the lowest on records since 2000 in King County and the rising numbers of buyers is not helping the case. This is also causing rent for homes, condos, and apartments to rise dramatically.

On top of all of this, mortgage interest rates have been climbing up to their highest point in years. Adding a lot more money to the cost of a long term home loan here in the Seattle area. Property taxes are also rising quickly for people who already own a home.

All in all, the Real Estate Market is red hot and shows no sign of slowing down any time soon. Now is a GREAT time to list your home and get top dollar.

Please consider The Heilbrun Home Team for your real estate professional if you decide to list and/or buy a home during this time. We would LOVE to answer any real estate questions you may have, so feel free to reach out to us.