Snohomish County Real Estate Market Update
Snohomish County Real Estate Market Update
Snohomish County Housing Market
Updated for Winter/Spring 2022
Nicole Serviss, RE/MAX Elite
December 2021 Data
Home prices had already started to rise before the pandemic, but the pandemic created a rapid acceleration. In 2021, we saw the median home price increase by 22.5%, going from $571k to $700k.
Even Zillow predicted a strong real estate market this year and we got one.
Why the huge increase in prices? LOW INVENTORY.
We don’t have enough homes for sale. This makes for more competition between buyers to WIN the house in a bidding war, driving prices up.
Should we expect the same growth this year?
We still don't have enough homes on the market to cause a big shift. I would expect to continue to see prices rise over the next year.
Should wait for prices to drop before buying a house? No. We probably won’t see prices drop this year.
Interest rates are still very low but they are rising so your buying power is decreasing.
Love a good visual?
See the graphs below.
Median Sales Price —— Increased over the course of the year.
Homes for Sale —- Trending downward. We need more houses to come on the market for the market to balance out.
Median Price Per Square Foot —- Increased. As a seller, you’re getting more for your house now than ever before.
Curious to see what your house would sell for?
Interest Rates — Why They Play A Big Role
Here are the current national rates.
For now, rates are still low but they’re rising.
FAQS
Why have prices increased?
When you have a low number of homes for sale and a high demand for homes from buyers, you get buyers competing with each other to win. One of the best ways to do that is to offer to pay more money. Every time this happens, this helps the next future house sell for more as well because the overall value of the area increases.
Have a question you want answered?