Forecast for the 2017 Seattle Area Housing Market

 

The 2016 Seattle area housing market story will probably not come as a surprise to anyone: inventory was low, prices were up, multiple offers were the norm, and median prices have finally rebounded to 2007 levels. So what can we expect for 2017? Across the board, analysts are predicting a slowdown and a return to more normal growth rates in the housing market nationally. The Pacific Northwest, however, may tell a slightly different story in 2017 as the supply-and-demand situation (low inventory, despite high numbers of people migrating to our area) isn’t likely to change significantly. That said, in terms of home price appreciation, forecasts for 2017 suggest that Seattle, Portland and other real estate markets in the Pacific Northwest will continue to outpace the nation in 2017. However, this doesn’t necessarily mean the continuation of the crazy growth we’ve seen in the past few years. Due to a number of factors including rising mortgage rates, a projected slight increase in inventory levels, uncertainty about the political landscape and a natural tendency for housing price growth to slow down after a period of accelerated growth, most analysts are predicting the local price increase to be between 7% to 8% this year as compared to last year’s 10% to 12%. All said still good news for Seattle area home owners. Stay tuned for more as the 2017 story unfolds!

Posted on January 27, 2017 at 2:13 am
Tamara Stangeby | Category: Urban Natural Homes | Tagged ,

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