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The Incredible Pace of the Skagit County Housing Market

Jan 07, 2021

With a less than two percent rental vacancy rate and a blazing housing market, Skagit County continues to see low inventory and high competition.


Home prices rose in 2020 throughout western Washington, with some areas achieving record highs. Seattle properties are selling three percent higher than this time last year. In Skagit County, prices increased ten percent since November 2019.


Some people might be surprised at the pace of real estate during a pandemic, but housing is essential. Most of the paperwork can be done remotely. 


A few factors contribute to the Skagit County real estate market’s pace, including low interest rates, an increase in remote jobs, and less inventory than demand.

Low Interest Rates

Mortgage rates achieved a historic low when they dropped below three percent in 2020. In the 30 years, FreddieMac has tracked mortgage rates, and this is the first time they’ve been under three percent. Exact percentages vary with lenders and programs, but the Fed’s 15-year rate is 2.37 percent.

On a $400,000 home, a one percent interest rate increase costs $477 a month. Lower interest rates help buyers afford bigger and more expensive homes than they could at higher rates.

City Dwellers Continue to Move North

Washington boasts natural beauty up and down the coastline, but Skagit County offers a charming community in a picturesque setting known for blue herons and bald eagles.

Residents have a short drive to Seattle or the Canadian border. Cafes, restaurants, galleries, and shops serve the local community. It’s an easy drive to outdoor activities, from hiking, boating, and kayaking in the summer to skiing in the winter. For many, it’s an ideal location.

As more of the workforce is remote, people are looking for a higher quality of life, and some find it in Skagit County. Compared to an average Seattle home price of over $800,000, the median list price in Skagit County of $430,000 is attractive to buyers.

Demand Outstrips Inventory

Because there are fewer for buyers to choose from, homes are selling faster and for more money. Across western Washington, the number of days on the market before a property sells is down from this time last year. 


Demand drives this seller’s market. Fewer people are choosing to sell their homes, and buyers are competing for the available properties for sale.

Inventory has been dwindling all year. In Skagit County in September of 2019, there were about twice as many homes for sale (400) as sold (200). In September of this year, more homes sold (213) than remained on the market (199).

Interest Rates and Inventory Drive Sales

With record-low interest rates and more buyers than houses for sale, the 2021 real estate market is starting strong. Sellers who price and market their property well are likely to receive multiple offers.

Buyers will need to compete for available property. However, with steady effort, there are opportunities available in every market.

If you have questions about buying, selling, or leasing your property, give our experts a call.

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