98116 Housing Market Report January 2025•King County, Washington

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Housing Prices in 98116, WA

How much do homes in 98116, WA cost?

Housing Market Conditions

Is 98116, WA a buyer’s or seller’s market?

Housing Market Conditions

This is the supply and demand for houses in an area based on home prices and trends.

Buyer’s Market

A buyer’s market occurs when the number of available properties for sale exceeds the number of buyers looking to purchase. In a buyer’s market, the supply exceeds the demand.

Neutral Market

A neutral market occurs when the number of buyers looking to purchase properties meets the number of available properties for sale. In a balanced market, there are enough homes to meet the demand.

Seller’s Market

A seller’s market occurs when there are more buyers looking to purchase properties than there are available homes on the market. In a seller’s market, the demand exceeds the supply.

Seller'sMarket

Buyer'sMarket

98116 is a Seller's Market

Difference Since January 2024

Since last year, 98116 has remained a Seller's Market.

Insight

98116 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Median Sold Price

Median Sold Price
This is the middle price for which all homes in the area were sold. Half of all the homes sold were below this price, and half were above.
$941,333$597/SqFt
+$16,333
+1.8%

Based on all homes sold in the last 12 months

Insight

Homes in 98116 have sold for 1.8% more than they did a year ago.

Summary: The median home sold price in 98116 was $941,333 in January 2025, up 1.8% from last year, and the median price per square foot was $597.

Median Sold Price By City

Median Sold Price By City
This is the middle price for which all homes in the area were sold compared to surrounding cities. Half of all the homes sold were below this price, and half were above.
CityChange YoY
98136
+14.1%
98126
+10.0%
98116
+1.8%

Median Sold Price By Bedrooms

Median Sold Price By Bedrooms
This is the middle price for all homes actively listed in an area broken out by the number of bedrooms. Half of the homes are listed below this price, and half are above.
BedsJan 2024Jan 2025Change YoY
1$456.2K$481K
+5.4%
2$690K$770K
+11.6%
3$980.7K$975K
-0.6%
4$1.3M$1.3M
+1.3%
5$1.5M$1.5M
+2.0%

Summary: 98116 housing price by bedroom type for January 2025, compared to the previous year. The home price for 1 bedroom homes increased by +5.4%. The home price for 2 bedroom homes increased by +11.6%. The home price for 3 bedroom homes decreased by -0.6%. The home price for 4 bedroom homes increased by +1.3%. The home price for 5 bedroom homes increased by +2.0%.

Housing supply in 98116, WA

How many homes are available in 98116, WA?

Number of Homes For Sale

Number of Homes For Sale
This is the total number of homes actively listed in an area.
Last Month2 months agoChange MoM
58Last MonthJan 2025
572 months agoDec 2024
+1.8 %
Change MoMDec – Jan

Summary: The 98116 real estate market had 58 homes for sale in Jan 2025, a 1.8 % increase compared to Dec 2024.

Number of Homes Sold

Number of Homes Sold
This is the total number of both homes sold and pending in an area.
Last Month2 months agoChange MoM
15Last MonthJan 2025
192 months agoDec 2024
-21.1 %
Change MoMDec – Jan

Homes For Sale By Bedroom Count

Homes For Sale By Bedroom Count
This is the total number of homes actively listed in an area by number of bedrooms.
BedsDec 2024Jan 2025Change MoM
1914
+55.6%
21823
+27.8%
31611
-31.3%
4108
-20.0%
542
-50.0%

Summary: 98116 housing inventory by bedroom type for January 2025, compared to the previous month. The inventory for 1 bedroom homes increased by +55.6%. The inventory for 2 bedroom homes increased by +27.8%. The inventory for 3 bedroom homes decreased by -31.3%. The inventory for 4 bedroom homes decreased by -20.0%. The inventory for 5 bedroom homes decreased by -50.0%.

Asking Price vs. Sold Price

How much do homes in 98116, WA cost?

Asking Price vs. Sold Price

The asking price is how much a home is listed for. The selling price is how much the home actually sold for.

Under Asking

Homes that sold for less than the asking price

At Asking

Homes that sold at their asking price

Over Asking

Homes that sold above the asking price

Over Asking Price2 Homes

At Asking Price5 Homes

Under Asking Price8 Homes

Insight

If you're buying a home in 98116, you may be able to get a good deal. 53.3% of homes here sold below asking price last month.

Summary: A total of 15 homes were sold or pending in 98116 in January 2025, down by 21.1% month-over-month. Of the 15 sold homes, 53% were sold under asking, 33% were sold at asking, and and 13% were sold over asking.

Days on Market for 98116, WA

How long does it take to sell a home in 98116, WA?

Breakdown of Home Sale Times

Under 30 Days5 Homes

30 – 90 Days5 Homes

Over 90 Days5 Homes

Insight

Many homes in 98116 are selling fast, if you're buying plan to act quickly.

Summary: During January 2025, 15 homes were sold in 98116; 33% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 33% of homes were sold over 90 days.

Average Sale Time

Average Sale Time
This is the average number of days homes take to sell in an area.
This Year1 year agoChange YoY
70 DaysThis YearJan 2025
53 Days1 year agoJan 2024
+31.4 %
Change YoYJan 2024 – Jan 2025

Summary: Homes in 98116 had an average listing age of 70 days in Jan 2025, up by 31.4% compared to the previous year.

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Newest Listings in 98116, WA

What homes are available in 98116, WA?

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MLS Disclaimers and Copyright

Based on information from Northwest Multiple Listing Service, for the period 02/01/2023 - 02/01/2025

IDX Listings courtesy of Northwest Multiple Listing Service as distributed by MLS GRID.

All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Properties displayed may be listed or sold by various participants in the MLS.

IDX The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of Northwest Multiple Listing Service IDX. Real estate listings held by other brokerage firms are marked with the green "three trees" logo and includes the name of the listing broker(s). Copyright © 2025 Northwest MLS. All rights reserved.

DMCA Notice

Disclaimer: Information contained in this listing has not been verified by Rocket Homes Real Estate, LLC and should be verified by the buyer. All information deemed reliable but not guaranteed and should be independently verified through personal inspection by and/or with the appropriate professionals. All properties are subject to prior sale, change or withdrawal. Neither broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The information on this web site is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Days on site is calculated from the listing date of the current listing and includes the sum of market time from prior listings for the same property uninterrupted by a sale or more than 60 days off-market. Time off market, including time when a sale is pending, temporarily off market, etc. is not included. NorthwestMLS
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 2/7/2025, 11:17:50 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.