Seattle, WA 98117 Real Estate Market Report

ZIP Code: 98117
Report Date: April 2026
Market Temperature: NEUTRAL
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

The real estate market in Seattle, WA (ZIP: 98117) is currently characterized by a median sold price of $987,000, reflecting a slight downward trend in pricing as indicated by the overall market conditions. The neighborhood has decreased 8% since 2022, suggesting a shift in buyer sentiment and potential pricing adjustments. With 162 days on market, the sales velocity appears to be slower, indicating a market that may be experiencing elevated inventory levels relative to sales activity.

Despite the challenges in pricing, the rental market remains robust, with a median market rent of $3,260, showcasing strong demand for larger units. This divergence between rental and sales markets may indicate a preference shift among residents, as the local economy shows mixed signals with resilience in population growth but challenges in office vacancies. The overall market temperature is neutral, suggesting a balanced environment with moderate transaction volume and liquidity.

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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, WA are averaging 6.76%, which is 0.38% higher than the average rate of 6.38% observed in early 2026.

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 median sold price of $987,000 indicates a decreasing trend in property values since 2022.

2. With 162 days on market, the sales velocity is slower, reflecting elevated inventory levels relative to sales activity.

3. The median market rent of $3,260 suggests strong demand for rental properties, despite a slight overall decrease in average rents.

4. Current mortgage rates are averaging 6.76%, which is 0.38% higher than earlier in 2026, contributing to moderate interest rate pressure on buyers.

5. The market temperature remains neutral, indicating a balanced environment with no significant buyer or seller advantage.

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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.