Seattle’s Housing Market: A Glimpse into the Future
A recent report from Realtor.com highlights the future of Seattle’s housing market, and the numbers are nothing short of staggering. By 2028, Seattle's median home price is expected to reach $1 million, with a projection of nearly $1.5 million by 2033. These predictions suggest that today’s high prices could pale in comparison to what’s coming.
How Did They Predict This?
Economists at Realtor.com analyzed home price growth in the 100 largest U.S. metro areas between 2014 and 2019. By focusing on this pre-pandemic, pre-recession period, they eliminated unusual market influences to create more reliable forecasts. Using those trends, they projected home prices for the next decade.
Seattle in Numbers
Current Median Price: Seattle already leads the nation with the highest median home price among the top 100 metro areas, sitting at $694,000 as of October.
Historical Growth: Between 2014 and 2019, Seattle’s home prices soared by more than 46%, according to the report.
Future Outlook: The city ranked 10th in projected price growth but remains at the top for absolute price increases.
Seattle Is Not Alone
Other cities in the Pacific Northwest and Mountain West are experiencing similar trends. Boise, Portland, Salt Lake City, and Denver are also expected to see rapid home price growth over the next decade, as reported by Realtor.com.
What This Means for Buyers
Seattle’s housing market remains one of the most competitive and expensive in the nation, showing no signs of slowing down. For potential buyers, this report underscores the urgency of acting sooner rather than later. Today’s “expensive” prices might look like a bargain compared to the projections for 2028 and beyond.
The Bottom Line
With Seattle’s home prices climbing steadily, many are wondering how long they can afford to wait. Whether you’re a first-time homebuyer or looking to invest, these numbers highlight why making a move sooner could save you significantly in the long run.
