98118 Housing Market Report December 2024•King County, Washington

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Housing Prices in 98118, WA

How much do homes in 98118, WA cost?

Housing Market Conditions

Is 98118, 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

98118 is a Seller's Market

Difference Since December 2023

Since last year, 98118 has remained a Seller's Market.

Insight

98118 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.
$775,000$485/SqFt
+$55,025
+7.6%

Based on all homes sold in the last 12 months

Insight

Homes in 98118 have sold for 7.6% more than they did a year ago.

Summary: The median home sold price in 98118 was $775,000 in December 2024, up 7.6% from last year, and the median price per square foot was $485.

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
98040
+8.6%
98178
+7.7%
98118
+7.6%
98144
+6.0%
98108
+0.9%

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.
BedsDec 2023Dec 2024Change YoY
1$390K$425K
+9.0%
2$553K$598.9K
+8.3%
3$775K$793.5K
+2.4%
4$875K$975K
+11.4%
5$919.5K$1.3M
+41.4%

Summary: 98118 housing price by bedroom type for December 2024, compared to the previous year. The home price for 1 bedroom homes increased by +9.0%. The home price for 2 bedroom homes increased by +8.3%. The home price for 3 bedroom homes increased by +2.4%. The home price for 4 bedroom homes increased by +11.4%. The home price for 5 bedroom homes increased by +41.4%.

Housing supply in 98118, WA

How many homes are available in 98118, 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
122Last MonthDec 2024
1332 months agoNov 2024
-8.3 %
Change MoMNov – Dec

Summary: The 98118 real estate market had 122 homes for sale in Dec 2024, a 8.3 % decrease compared to Nov 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
35Last MonthDec 2024
302 months agoNov 2024
+16.7 %
Change MoMNov – Dec

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.
BedsNov 2024Dec 2024Change MoM
143
-25.0%
23833
-13.2%
33837
-2.6%
43833
-13.2%
51516
+6.7%

Summary: 98118 housing inventory by bedroom type for December 2024, compared to the previous month. The inventory for 1 bedroom homes decreased by -25.0%. The inventory for 2 bedroom homes decreased by -13.2%. The inventory for 3 bedroom homes decreased by -2.6%. The inventory for 4 bedroom homes decreased by -13.2%. The inventory for 5 bedroom homes increased by +6.7%.

Asking Price vs. Sold Price

How much do homes in 98118, 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 Price6 Homes

At Asking Price12 Homes

Under Asking Price17 Homes

Insight

If you're buying a home in 98118, you may be able to get a good deal. 48.6% of homes here sold below asking price last month.

Summary: A total of 35 homes were sold or pending in 98118 in December 2024, up by 16.7% month-over-month. Of the 35 sold homes, 49% were sold under asking, 34% were sold at asking, and and 17% were sold over asking.

Days on Market for 98118, WA

How long does it take to sell a home in 98118, WA?

Breakdown of Home Sale Times

Under 30 Days14 Homes

30 – 90 Days11 Homes

Over 90 Days10 Homes

Insight

Many homes in 98118 are selling fast, if you're buying plan to act quickly.

Summary: During December 2024, 35 homes were sold in 98118; 40% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 29% 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
71 DaysThis YearDec 2024
47 Days1 year agoDec 2023
+50.5 %
Change YoYDec 2023 – Dec 2024

Summary: Homes in 98118 had an average listing age of 71 days in Dec 2024, up by 50.5% compared to the previous year.

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Newest Listings in 98118, WA

What homes are available in 98118, WA?

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MLS Disclaimers and Copyright

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

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.

IDXThe data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of Northwest MLS 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: The 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.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 1/18/2025, 1:17:50 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.