The National The housing market ‘cooling’ continues – again, it’s all relative to the crazy real estate year that was 2021 – with bidding wars falling below 50% nationwide for the first time since the onset of the pandemic and a slowdown in local year-over-year growth significantly. That doesn’t mean Seattle-area home buyers expect bargains, though.
A June 2022 survey from Orchard, which recently expanded to the Seattle market in April, found that 38% of local shoppers planning to buy in the next 12 months are willing to increase their budget by up to 100,000 $ to secure a property. (Honestly, at that point, why even call it a budget.) Seattle has the second-highest rate of house hunters willing to raise their price cap, only passing Austin by a full percentage point.
Part of that could be down to long-suffocated home seekers who waited and saved during the rollercoaster pandemic years. But, according to Orchard’s survey, a significant portion is emotionally attached to their must-have list. About 29% of people looking for a home in the area said they would not be willing to sacrifice high-end features such as walk-in closets, double sinks and outdoor patios. Uh, maybe this luxury building will do?
And elsewhere in real estate news…
National median rents top $2,000
The latest data from Dwellsy shows median rental listings in June topped $2,000 for the first time. Of course, that’s no surprise here in Seattle, where rents have gone up for five straight months. According to Dwellsy’s report, the greater Seattle area has a median rent of $2,241.
The United States has more households today than before 2020
Part of the reason for this astronomical growth in the real estate market last year was the change in household trends. The latest Apartment List report notes that more than 2.5 million households dissolved in the early months of the pandemic as Gen Z and Millennials moved out of shared apartments and returned to their parents. But at the end of 2021, the United States had 2.3 million After households than before the pandemic, when these boomerang children moved again.
Homes built to rent are on the rise in Seattle
The build-to-rent community — think of it as specific homes, just for rent — has seen impressive growth in 2022. Seattle currently has more than 1,000 BTR homes, according to home improvement site Fixr, ranking 17th compared to other major cities in the country.