Seattle, WA 98117 Real Estate Market Report

Market Overview

This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

Market Metrics

The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

Rental Market

Note: The relationship between property values and rental rates reflects different market dynamics. Higher-priced properties may have lower rental yields due to factors such as luxury market positioning, owner-occupancy preferences, or long-term appreciation strategies rather than immediate rental income maximization.

Property Taxes

Liquidity & Velocity

Note: A Sale-to-List Ratio near 100% can occur when properties sell at or near their final listing price after price adjustments during the listing period, even when initial listing prices differ significantly from sale prices.

Market Trends & Context

Key Findings

1. Using recent transactions as the primary value signal, the median sold price is $866,500, which positions realized market value below asking expectations and suggests buyers are capturing discounts versus list-level pricing; this is the clearest indicator of current neighborhood value and recent transaction activity.
2. There is a meaningful spread between the median listing price of $1,075,000 and the median sold price, which may indicate pricing friction and elevated seller expectations versus what closed transactions are achieving; sellers should consider adjusting pricing cadence or presentation to avoid extended marketing time (down in price momentum).
3. Market velocity appears slower: the median days on market is 113, which suggests prolonged marketing periods and more time for buyers to negotiate—this moderate pace aligns with a neutral market temperature and may require sellers to be more responsive on concessions or terms.
4. Contextual market drivers show a down price year-over-year trend, a up rent year-over-year trend (median market rent is $2,100), and moderate interest rate pressure; these signals together suggest cautious buyer demand for purchases but strengthening rental demand—investors and owners should weigh holding versus selling strategies against rent growth prospects.

Notable Properties

The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.