Seattle, WA 98119 Real Estate Market Report
ZIP Code: 98119
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.
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
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.
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
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 the 98119 area are averaging 6.4%, which is 0.22% higher than the 6.18% average observed in early 2026.
Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.
Key Findings
-
The neighborhood’s primary market indicator, the median sold price, is 1,250,000, which should be treated as the representative recent transaction value when benchmarking pricing and comps.
-
There is a meaningful gap between the median listing price (1,770,000) and the median sold price (1,250,000) that may indicate pricing friction and elevated seller expectations relative to realized transaction values; sellers and appraisers should align comparables to the median sold price to avoid prolonged listings.
-
Market velocity appears slow: the median days on market is 281, which suggests slower sales velocity and that pricing precision is more important than speed to transact.
-
Macro and rental context supports cautious positioning: price momentum is up year-over-year while rent is also up, but interest rate pressure is elevated (elevated) with local 30‑year fixed rates averaging 6.4%, ~0.22% above early‑2026 levels; under these conditions, sellers should be realistic on price and investors should model financing sensitivity.
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.
Recent Transactions
Highest sale in the past 90 days. Fully renovated with modern finishes and premium lot positioning.
Sold at market average
Sold above market average
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Sold below market average
Sold below market average
Seattle, WA 98119 Real Estate Market Report
ZIP Code: 98119
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.
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
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.
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
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 the 98119 area are averaging 6.4%, which is 0.22% higher than the 6.18% average observed in early 2026.
Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.
Key Findings
-
The neighborhood's primary market value is reflected by the median sold price of 562,475, which—coupled with a median days on market of 291—suggests slower sales velocity and pricing friction rather than rapid turnover.
-
There is a noticeable pricing gap between the median listing price of 499,000 and the median sold price of 562,475, which may indicate seller expectations above recent transaction levels and listing/sale price separation that buyers can use in negotiations.
-
Liquidity signals are mixed: sample-level data points to relatively constrained active supply alongside moderate transaction volume, which appears consistent with a neutral market temperature rather than a one-sided market.
-
Financing and rental context is important: current 30-year fixed mortgage rates in the 98119 area are averaging 6.4%, which is 0.22% higher than the 6.18% average observed in early 2026; meanwhile, rent pressure is upward with a median market rent of 2,550 and a rent year-over-year trend up, suggesting continued demand in the rental segment despite elevated interest rate pressure.
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.
Recent Transactions
Highest sale in the past 90 days. Fully renovated with modern finishes and premium lot positioning.
Sold above market average
Sold below market average
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Sold above market average
Sold below market average
Investment Analysis
Compare rental income potential against ownership costs and benchmark against market averages.
Monthly rental income vs estimated ownership cost
20% down, 6.3% rate, 0.9% tax
Avg nightly rate and occupancy for this ZIP
Data Sources
Real estate market data & public records, and GemHaus® proprietary models.
Report generated: 5/1/2026
Get personalized market intelligence
Explore real-time property analysis in Seattle, WA: valuations, rental estimates, costs, and pro-forma projections.