The Real Story Behind What’s Happening with Seattle Home Prices

If you’re trying to understand the latest trends in home prices, you’re not alone. With a flood of data and updates available, it can be challenging to decide your next steps in the housing market.

Here’s a quick breakdown to simplify things and give you a clear picture of what’s truly happening with home prices—whether you’re considering buying or selling.

Home Price Growth Is Slowing, but Prices Aren’t Falling Nationally

Throughout the country, home price appreciation is moderating. What that means is, prices are still going up, but they’re not rising as quickly as they were in recent years. The graph below uses data from Case-Shiller to make the shift from 2023 to 2024 clear:

Rest assured, this doesn’t mean home prices are dropping. In fact, the graph shows consistent price growth across the board. While you may hear discussions about prices cooling, this simply means they’re not increasing at the rapid pace we saw during the recent housing boom.

What’s Next for Home Prices? It’s All About Supply and Demand

You may be wondering where home prices are headed next. The answer largely depends on supply and demand dynamics, and it will differ across local markets.

Nationally, the number of homes for sale is increasing, but there still aren’t enough to satisfy the current buyer demand. This continues to put upward pressure on prices, although the recent growth in inventory has slowed the pace of home price appreciation.

Danielle Hale, Chief Economist at Realtor.com, said:

“. . . today’s low but quickly improving for-sale inventory has ushered in more market balance than would otherwise be expected . . . This should help home prices maintain a slower pace of growth.” 

Here’s another factor that could influence where home prices go next: experts predict that mortgage rates will likely continue to decline. As a result, more buyers may re-enter the market in the coming months. If demand increases, it could push home prices even higher.

Why You Should Work with a Local Real Estate Agent

While national trends provide a broad perspective, real estate is inherently local—particularly regarding prices. What’s happening in your neighborhood can differ significantly from national averages due to local supply and demand factors. That’s why it’s essential to obtain insights from a knowledgeable real estate agent familiar with your specific market.

As your trusted resource for all things related to home prices, a local agent can offer the most up-to-date data and trends specific to your area.

So, if you’re planning to sell, a local agent can assist in pricing your house accurately. And when you’re ready to buy, they can help you find a home that fits both your budget and your needs.

Bottom Line

Home prices are still on the rise, though not as rapidly as before. Whether you’re considering buying, selling, or just curious about your home’s value, let’s connect to ensure you get the personalized guidance you need.