What does 2019 hold in store for Seattle’s real estate market?
Redfin has recently released a report focusing on the 2019 predictions for the housing market. Comprised of seven main points, this fascinating article can be found in its entirety here. Below, we take a closer look at some of the points which deal directly with the Seattle-area market.
The #1 prediction on Redfin’s list is that the price growth will continue to be slow as the market cools off further. The report predicts that the prices will grow at a rate of no more than 3 percent, the lowest in years. In Seattle alone, prices have been rising at a rate double that just twelve months ago. Speaking of Emerald City, Redfin predicts that the areas which saw the highest price growth in the first half of 2018 will be the ones to experience the most intense cooling off of the market – and Seattle was among those mentioned, along with San Francisco, Honolulu, Denver, Portland and San Diego. Gone are the days of multiple offers and single-digit days on the market.
Another one of Redfin’s predictions is that technology companies and city governments (and its citizens) will continue to clash over housing. While over two hundred cities competed to be chosen as the location of Amazon’s HQ2 headquarters, this honor does not come without a cost. With the influx of wealthy employees comes the problem of affordability. Seattle is the most notable example of a city which struggles with homelessness and availability of affordability housing.