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Pacific Northwest Real Estate Market Update - January 2021 - Your Home in Washington
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Pacific Northwest Real Estate Market Update – January 2021

23 Jan Pacific Northwest Real Estate Market Update – January 2021

Posted at 14:21h in real estate, Real Estate Market Updates, Seattle Washington Neighborhoods by
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There is insatiable buyer demand across Western Washington. Last month, this demand was the highest in Pierce and Whatcom counties. Prices for homes in these counties are up 20% or more. Across the area, single-family homes have appreciated 12.6% compared to one year ago. Condos have also increased in value, seeing a 1.8% rise in prices from last year.

Interest rates are expected to stay at record lows. These low rates are motivating people who were just thinking about buying a home to act.  We are continuing to see a trend towards moving to the suburbs. It is expected that this strong buyer demand coupled with a low inventory of available homes will carry into 2021. 

For Sellers: You don’t have to wait until spring to sell your home. Buyer demand is strong now. Listing before the busy spring buying season may draw more attention to your home since there is less competition. 

For Buyers: Some buyers are seeing a land purchase as the cheaper option since there is tough competition for houses right now. Buying land is a strong investment, but not necessarily a “cheap” one. A land purchase might have the same long terms costs as buying a home in the right priced market. Since the home is already built, it will be move-in ready and have the chance to appreciate in value. However, buying land still has many advantages. If you are interested in learning more about buying land, keep an eye out for our upcoming land-buying checklist and blog-post.

Three Takeaways

  1. Home values have appreciated 12.6% since this time last year.
  2. There continues to be a shortage of available homes.
  3. Median home prices by county: 

King County: $725,000
Snohomish:   $549,950
Pierce:             $419,500
Kitsap:            $415,000
Jefferson:       $453,103  
Clallam:         $350,000
Whatcom:      $445,000
Clark:             $400,000 

Reaching Your Real Estate Goals

If you are a seller, let’s talk about how to best take advantage of the high demand from buyers. We’ll develop a strong pricing strategy and a plan for safely showing your home. 

If you are a buyer, low interest rates make this a great time to buy. Don’t be deterred by the low inventory. There are still a lot of great homes out there! Together we will find one that meets your needs and budget. 

Home-Buyer Class

Please join me on Saturday, February 13th at 10 AM for a 40-minute class that will include everything you need to know about home buying. Learn about unexpected costs, the current real estate market, types of financing, what happens when you’re under contract, and more. This class is free. Please invite a friend and come and join us. 

Click this link to sign up:  https://northernescapehomes.com/.

Photo by Eric Zhang on Unsplash