Home Value Appreciation Slows in Most Markets
While the Seattle-area market median home prices still saw an increase in 2018, the slowdown was significant. According to Zillow’s December 2018 report, Seattle was one of the 19 of the 35 markets that saw a significant drop in the rate of median home price increase.
According to the report, which we urge you to look at here, the Seattle-area market home value growth slowed by a staggering -7.4 percentage points – from 12.4 percent in 2017 to just 5% in 2018. This puts Seattle on top of the list of markets with biggest slowdowns, with San Jose in second place at -6.9% drop, Philadelphia in third with -3.4%, Sacramento in fourth with -3.3% and Los Angeles rounding up the top five, with a -3.1% drop.
In addition, while Seattle was third fastest growing market in 2017, it dropped to a 28thplace in 2018 – out of thirty-five total major areas studied. The report also contained some interesting nation-wide statistics worth reading up on. For example, in while the growth in 19 out of the 35 areas studied has slowed down, the median home price has increased 7.6% year over year – to $223,900 in December of 2018. In comparison, the year-over-year-growth in December 2017 was at 7.4%. We urge you to check out the report in its entirety here.
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