US And Canada Report

Seattle Housing Market Predicted to Slow in 2018

Seattle Housing Market Predicted to Slow in 2018

Flexible Work Space

The Seattle housing market should slow down while continuing to grow in 2018. This comes after years of steady, precipitous growth in the housing marketing for the Seattle region.

After several years of very fast growth in the Seattle housing market, it looks like the market will continue to grow in 2018, just not nearly as rapidly as in previous years. Where 2017 saw 12.7 percent growth in housing prices, more than twice the national average, 2018 looks like it will be a comparatively slower rate of 5.4 percent.

This means a somewhat more affordable market for buyers. Seattle is still one of the hottest housing markets in the country, but the slowdown may provide opportunities for those looking to jump in.

Another helpful factor for buyers is the slowdown in rental prices. A construction boom in Seattle produced more apartments than renters could fill. This led to vacancies that afforded renters some negotiating power. As a result, rents are cooling off even faster than house prices in Seattle.

Both of these factors combine to mean a hot but not blazingly hot market in Seattle for 2018. Those looking to buy a house may find opportunities, though competition will still be high. The trend of bidding wars for houses may well continue, depending on just how far house prices drop in 2018.

Smart buyers know that jumping on these opportunities sooner rather than later will yield more benefits. The longer one waits, the more house prices may drop in Seattle. House prices should continue to rise in the short term, but it is not clear whether, or how much, they could fall in the future. The slow down in the seattle housing market forecast in 2018 could indicate the housing market in Seattle is nearing a peak. With rents and housing prices still massively outpacing the rate of inflation, there is a ton of uncertainty among both buyers and sellers. The constant influx of new residents to the area provide additional uncertainty.

This analysis was performed for Atlas Workbase, a premier workspace share located in the heart of downtown Seattle.

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