The Seattle real estate market always looks nearly as expensive as an overheated market. After a significant decline in the Seattle home prices in the past year, the prices have taken a good jump in the latest quarter of 2020. The shortage of homes for sale in the Seattle housing market is causing prices to rise. And so for all those reasons and more, rising property values are a positive development for homeowners and sellers in the Seattle area. The ongoing nationwide crisis has affected the real estate market of Seattle as well but not as much as we expected.
It has shown a lot of resilience and is poised to bounce back with the opening of the economy. Despite the economic downturn and disruptions stemming from the coronavirus pandemic, the Seattle housing prices are keeping strong and steady. Right now the latest news is that Seattle’s housing market remains in a shortage with around one month of supply of properties on the market. There are far more buyers than there are available homes for sale. Homebuyers are trying to take advantage of lower interest rates, and the local real estate agents are struggling to meet the demand.