By Victor K
•
11 Mar, 2024
Data from February of this year shows a subtle increase in the housing market. This is mainly because a lesser number of homes were put up on the market raging a bidding war amongst those looking for homes in Seattle. A slight drop in mortgage rates also pushed this trend upwards as prices of median homes in Seattle increased. Experts at TOV Restoration believe that many buyers jumped into the market thinking that there will be a further decrease in the mortgage rates by the end of 2024. As a result, median home prices rose by 8% in King County, while some other significant counties also registered a slight increase in home prices. In the southwestern region of King County, encompassing areas like Burien and Federal Way, there was a significant surge in single-family home prices, marking a 16% rise compared to the preceding year. In Seattle, the median price for single-family homes soared to $927,000, reflecting a 12% uptick, with condominium prices also experiencing an upward trend.