Seattle home prices expected to jump 18% in the next year

by Liz Economou

As if they haven’t been through enough already…

Homebuyers in the Seattle area should brace themselves — again — amid expectations that the residential real estate market could jump 18% next year — on top of a previous one-year increase of 17%, according to a new study by Porch.

A dwindling supply is being blamed for skyrocketing home prices in the Jet City, where the median price clocks in at nearly $634,000.

Currently, Seattle is ranked No. 19 out of 51 large metro real estate markets expected to grow the most in the next year. And Seattle is not the only Washington city to feature in these new price predictions. Spokane ranks at No. 4 among midsized metros with a projected growth of 24.2%. Among smaller metro areas, Olympia ranks at No. 9 with 21% projected growth.

With a median home price of nearly $459,000, Austin, Texas, tops the list at No. 1. There, home prices there are anticipated to rise by a staggering 37%.

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