Property values in King County are seeing a decline after reaching all-time highs last year. Initial results show residential property values are correcting downward in King County. Millennials are taking advantage of the slip. The number of millennial homeowners in Seattle has doubled in the last five years. Just last year, houses were selling for a half million dollars over the asking price.
Experts are saying that the decline in property values could mean lower property taxes in 2024. That drop in property taxes could help even more millennials, seniors and first-time homeowners. Millennials are born between 1981 and 1996. This generation graduated from college and entered the workforce after the Great Recession of 2008.
To get an idea of the pricing drop, homes in the Queen Anne neighborhood dropped 8%. The largest decline was homes on the east side of Lake Washington. Sammamish property values dropped a whopping 22% on average. In this same area last year, values went up 30%, 35%, 40%.
High-interest rates and home buyers holding back before purchasing are part of the decrease in pricing. In addition, values for commercial office buildings also fell significantly (15%-25%). Millennials can also look to take advantage of officecspace pricing as well.
According to a recent report, more than 128,000 millennials bought a home in Seattle. That is news for a generation that has been through some interesting times. They may be getting more good tax news next year. The King County Assessor’s office expects to finish sending value notices for all 720,000 residential and commercial properties after Labor Day. Property owners can appeal their new value, but not specifically the taxes.
