A paradise for the avid outdoorsman, Issaquah real estate offers a mixture of quaint and elaborate, stately homes nestled quietly into the verdant Washington foliage. Only 15 miles from Seattle, Issaquah offers suburban living and respite from busy city life. With access to attractions like the Cougar Mountain Zoo and popular neighborhood restaurants such as The Well and Table and Fins Bistro, there is no shortage of fun and relaxation to be had in this King County city.
As you hunt for your next residence, don’t count Issaquah out of your shortlist of potential locations. Let’s take a look at the Issaquah real estate market to see if this city is the right place for you.
Issaquah real estate market prices, trends, and 2023 forecast
Housing market price overview
The median sale price of an Issaquah home is $2.05 million as of May 2023. This is $1.47 million more than the median home price in Washington, which stands at $572,900. Single-family homes make up the slight majority of houses currently on the market in Issaquah, with the median sale price being $1.55 million.
As for condos in Issaquah, these property types tend to go for about $500,320 as of May 2023. Surprisingly, this is not much less than the average Seattle condo, which comes in at roughly $512,470. So, if the price is the deciding factor between living in Seattle versus Issaquah, you may still find yourself caught in the middle. However, the price per square foot of Issaquah condos is lower than Seattle at $478 per square foot. Single-family homes garner a price of $571 per square foot in Issaquah.
Issaquah home values analysis
When reviewing the past 12 months of sales, the value of a home in Issaquah seems to be plateauing somewhat. This is likely due to the fact that folks are less willing to let go of their property in 2023 to keep their current mortgage interest rate.
When comparing the fourth quarter of 2022 to the first quarter of 2023, single-family home values increased 11.2%, while condos decreased 11.7%. Since Issaquah primarily consists of single-family homes and has a larger market for them, condo inventory is sparse, and the level of buyers is simply not comparable to single-family properties. Since inventory is low for single-family homes and condos, homes only remain on the market for a short time. Single-family homes average seven days on the market, while condos last even fewer at just five days.
In all, home values aren’t being negatively impacted in the long run. In fact, as values have remained pretty much the same in the past year, we can assume that property values will continue to perform well and likely increase as interest rates are projected to lower in the next year.
Mortgage interest rate trends
Toward the end of June 2023, interest rates settled at 6.67%. Though this is a sharp increase from this time last year, experts say we may not have to worry about rate hikes that are too severe. Many experts do not think rates will drastically lower in 2023, but there is a possibility that we may see some relief throughout the rest of the year as the rate of inflation decreases.
King County 2023 housing market
Issaquah is located in King County, where the median sale price of a home is $821,300 as of Q1 in 2023, a 7.2% decrease in value from last year. As of Q1 in 2023, the median sale price for a single-family home in King County is $825,690, whereas for a condo, the price stands at $464,150.
Unlike many other places across the country, King County has seen an increase in inventory over the past year. In fact, the state of Washington has seen an increase in inventory of since last year.
Washington has seen a slight year-over-year decline in home prices, but the value of homes in King County has more than doubled in the past eight years. From this data, we can assume that King County has a collection of affluent communities and is a highly desirable area to live in.
Is it a good time to invest in Issaquah real estate?
As we examine the data above, it is apparent that those who live in Issaquah are incredibly reluctant to leave the community. Issaquah residents love their homes, which is a great indication of the city being an amazing location for your next home. Since the value of homes in Issaquah does not appear to be decreasing and having not trended such, it is a great time to invest in a property in this city, especially since home inventory is on the lower side.
Buyers have an advantage in 2023 when purchasing an Issaquah home, but this doesn’t mean you should wait too long to secure your space. As interest rates cool, the market will adjust, and folks will be vying to buy some of the best property in King County. So, if you’re interested in making Issaquah your new home, don’t hesitate.
Make your move on your Issaquah dream home
Surrounded by abundant natural beauty, Issaquah real estate stands as both a profitable investment opportunity and a chance to settle down in a place where residents adore their community and plan to stick around for quite a while.
Sandy Piha is a real estate agent that understands the perfect Issaquah home won’t be on the market forever, and he is dedicated to helping you claim one of the few incredible properties as your own. Become a part of Issaquah’s vibrant community and reach out to Sandy today!
