Welcome to Sova Analytics, where we specialize in providing projections and regional forecasts for home prices. Our advanced model generates future projections of real estate values in the coming months using more than 100 global macro indicators and regional data. We update our regional models monthly with the latest data to ensure our projections are as precise and reliable as possible.
We offer valuable insights into the real estate market by combining regional forecasts with US median home sales price data. For instance, a strong national market could reverse the downward trend in local market values, while a strong local market and a weak national market could indicate that it’s time to consider selling, as national factors may contribute to future downward pressure on local prices. This is why our regional forecasts are crucial in conjunction with national data to provide a more comprehensive view of the real estate market.
At Sova Analytics, we commit to providing you with the most current and accurate information possible to help you make informed decisions about your real estate investments. We aim to empower you to navigate the complex and ever-changing real estate market with greater confidence by offering precise projections and reliable forecasts.
Seattle Projections
Seattle’s real estate market has experienced significant growth over the last decade, making it one of the fastest appreciating markets in the United States. Zillow reported that the median home value in Seattle reached $941,000 in May 2022, marking a 21.8% increase from the previous year. However, the prices of homes in Seattle have substantially declined for 7 months straight since then. According to the Northwest Multiple Listing Service,, the median home price in Seattle-Bellevue-Kent metro area was $850,000 in January 2023, down 9.5% from May 2022. This decline can be attributed to the low levels of home inventory, with the number of homes for sale down 44% compared to January 2022.
To provide valuable insights into the current state of Seattle’s real estate market, our model forecasts the House Price Index for Seattle-Bellevue-Kent, WA, which the U.S. Federal Housing Finance Agency provides. The methodology for this index is available here and will help us understand the trends and changes in the Seattle real estate market moving forward.
Projections
Based on our advanced model, we project a continued downward trend in the Seattle real estate market until the fall, with a slight recovery expected for a few months before the downward trend continues. Our model provides future projections of real estate values using over 100 global macro indicators and regional data, and we update our regional models monthly with the latest data to ensure our projections are as accurate as possible.
Recent data supports our projection. The Northwest Multiple Listing Service reported that the median home price in Seattle-Bellevue-Kent metro area was $821,250 in February 2023, down 13% from May 2022. The report also shows that the number of homes for sale was down 51% compared to February 2022, indicating that inventory remains low.
It’s important to note that our model has shown a similar trend in the past, with the Seattle real estate market experiencing significant volatility in recent years. For example, between 2017 and 2019, Seattle’s median home value increased by 25% before declining by 3.3% in 2020. Therefore, we caution readers to view the entire projection before making any decisions, as the real estate market can be unpredictable.
Updates
At Sova Analytics, we understand how important it is to stay up-to-date with the latest developments in the real estate market. That’s why we provide frequent updates on our regional models, incorporating new data and indicators each month to provide you with the most accurate and timely information available.
We value your feedback and encourage you to reach out to us with any questions or comments about our projections or methodology. If you’re interested in seeing projections for a specific local market, please let us know, and we’ll do our best to include it in our next monthly update.