WASHINGTONHOUSING FORECAST

F O R 2 0 2 0

Median Prices Up Median sales price for a typical house in Washington State as of February 2020 is $412,900, up 4.3% from last year.

30-Year Fixed-Rate Mortgage Rate Current mortgage rates in WA are currently 3.45% for a 30-year fixed-rate mortgage, 2.97% for a 15-year fixed-rate mortgage, and 3.32% for a 5/1 adjustable-rate mortgage (ARM), according to Freddie Mac.

Faster Sales and Higher Sale Prices Homes on the market in Washington State are forecasted to sell faster and sell for more money in 2020.

License # NMLS-118653 | www.sammamishmortgage.com | Phone: (425) 401-8787

4.3%$412,900

2019

/202

0

3.45% 2.97%30-year fixed 15-year fixed

3.32%5/1 ARM

Median Prices to Risein 2020 The housing market in Washington State is very hot right now. Zillow predicts prices will rise another 4.6% in 2020.

4.6%2020

Washington State Market Heating Up Real estate experts believe the real estate market in 2020 will heat up to its highest levels since 2017.

King and Pierce Countiesto be the State's Hottest Real estate experts say low inventory will mean the hottest housing market in years.

33%2019

2020

Drop in Homes on the Market According to Northwest Multiple Listing Service (NMLS), the number of homes on the market has significantly dropped 33% from the same time last year.

Bidding Wars Expected to Jump According to Redfin, about 25% of offers are expected to go through bidding wars in 2020, compared to 10% in 2019.

2020 2019

25% 10%

Rent ControlWashington State may be slated to adopt rent control legislation in 2020.

Influx of BuyersWashington ranked 7th among the top states for people moving into the state.