Seattle, WA 98117 Real Estate Market Report

ZIP Code: 98117
Report Date: May 2026
Market Temperature: NEUTRAL
Scope: This ZIP code analysis focuses on single-family residential (SFR) properties. Metrics are calculated from recent sales and active listings within the past 90 days.

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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.

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Market Metrics

Note: 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.

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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.

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Property Taxes

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Liquidity & Velocity

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Market Trends & Context

Understanding Market Temperature

A Neutral market indicates balanced conditions where neither buyers nor sellers have a strong advantage, typically characterized by flat price trends, extended but stable days on market, and moderate inventory relative to sales.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in Seattle are 6.25%, reflecting a stable market environment for property owners in the 98117 area compared to earlier 2026 benchmarks.

Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.

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Key Findings

1. The primary market signal is the median sold price of $900,000, which indicates the neighborhood's realized value and suggests pricing roughly in line with recent seller expectations; paired with a median listing price of $950,000, this gap may indicate modest pricing friction between asking and achieved values (balanced seller expectations).

2. Liquidity appears muted based on the median days on market of 106, which points to slower sales velocity and longer marketing periods that may require more realistic pricing or targeted staging to accelerate closings (slower transaction velocity).

3. Market context is broadly neutral: the overall market temperature is neutral and the price year-over-year trend is up, suggesting modest appreciation while buyer-seller dynamics remain balanced; sellers should avoid aggressive pricing premia, and buyers can expect negotiation room.

4. Financing and rent context supports caution: interest rate pressure is moderate and local financing costs are currently 6.25% for a 30-year fixed, while the median market rent is $2,300 and the median price per square foot is $608—investors should weigh financing costs against rental cashflow expectations, and owners considering sale should price with these cost dynamics in mind (moderate interest rate pressure).

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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.

Seattle, WA 98117 Real Estate Market Report

ZIP Code: 98117
Report Date: May 2026
Market Temperature: NEUTRAL
Scope: This ZIP code analysis focuses on condominium properties. Metrics are calculated from recent condo sales and active listings within the past 90 days.

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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.

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Market Metrics

Note: 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.

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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.

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Property Taxes

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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.

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Market Trends & Context

Understanding Market Temperature

A Neutral market indicates balanced conditions where neither buyers nor sellers have a strong advantage, typically characterized by flat price trends, extended but stable days on market, and moderate inventory relative to sales.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in Seattle are 6.25%, reflecting a stable market environment for property owners in the 98117 area compared to earlier 2026 benchmarks.

Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.

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Key Findings

1. The market value is anchored by the median sold price $810,000, with the price year-over-year trend up and a neutral market temperature—this suggests modest appreciation potential while negotiations remain balanced between buyers and sellers.

2. The median days on market 218 points to slower sales velocity and pricing friction; sellers should expect longer marketing timelines and consider paced pricing or targeted concessions to improve offer velocity (slower sales velocity).

3. The median price per square foot $639 alongside the median market rent $1,922 provides a clear valuation context for both SFR and condo segments; with rent year-over-year trend flat, rental income expectations appear stable rather than growing near term.

4. Financing and demand dynamics are shaped by Current 30-year fixed mortgage rates 6.25% and moderate interest rate pressure, which supports a cautious buyer pool and aligns with the neutral market temperature—pricing and contract terms should reflect this financing sensitivity.

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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.