What is the Housing Market Like in Everett?
In what used to be a hot seller’s market, the housing market in Everett is finally beginning to balance out. While home prices still favor sellers, buyers are not left out to dry. During the past year, the city saw about an $11,000 increase in average home sales. The price per square foot rose from $279 to $291. However, as the market evens out, buyers should find more options available, both for single-family homes and rentals. As most inventory hits the market, sellers will need to negotiate a bit more in order to close the sale. If a buyer is willing to wait until the end of the year to begin their search, they will probably get the best deal possible.
Currently, the average market value in Everett is $380,500. Experts estimate that this price will only rise by about 2% in the next year, which is down from a 4% increase from the previous year. Those looking to move to the Seattle-Tacoma-Bellevue Metro may be able to save some money by shopping in Everett instead. At the very least, they will probably end up with more home for their money.
Rentals are still in hot demand here in Everett. Expect to pay $1,875 a month. While this is much higher than the national average, it’s lower than other nearby cities. Available rentals tend to peak during the summer months. Those looking to close a low rate should try to wait until winter when it’s more difficult for landlords to secure good tenants.
Detached single-family homes are among the most popular in town. Many layouts feature four bedrooms and three bathrooms. However, there are also several homes with three bedrooms for sale. If you don’t want the responsibility of maintaining a large property, it may be best to consider moving into a local townhome or condominium. Both options are great for busy professionals who don’t have time to take care of their landscape on the weekends.
Everett is considered one of the top places for young professionals. Affordable housing puts them at the forefront. Because new businesses, including those in the STEM fields, keep popping up in the neighboring areas, new residents continue to make their way to this popular city. The population is estimated to be around 108,000, with more people moving in almost daily. This influx of new residents is one reason why the housing market has become so consistent. As residents advance in their careers and make more money, they often choose to move to a more affluent area. However, that leaves their house available for the next generation to enjoy.
While the average home prices in Everett may seem high to those moving in from another part of the county, it’s still possible to save some money by moving here. With a median income of $55,000, moving here makes sense for those who don’t have a huge disposable income. However, life in this growing city is ideal for people of all ages. With convenient access to local thoroughfares and great public schools, the housing market in the city should remain stable for many years to come.
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