Seattle, WA Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Seattle, WA Housing Market Trends

With a population of 753,675, 331,836 total housing units (homes and apartments), and a median house value of $839,395, Seattle house prices are not only among the most expensive in Washington, Seattle real estate also is some of the most expensive in all of America.

Large apartment complexes or high rise apartments are the single most common housing type in Seattle, accounting for 47.37% of the city's housing units. Other types of housing that are prevalent in Seattle include single-family detached homes ( 41.00%), duplexes, homes converted to apartments or other small apartment buildings ( 5.90%), and a few row houses and other attached homes ( 5.43%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.

People in Seattle primarily live in small (one, two or no bedroom) units, chiefly found in large apartment complexes or high rise apartments. Seattle has a mixture of owner-occupied and renter-occupied housing.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Seattle's housing was primarily built during this period, from the '40s through the '60s. A full 26.79% of the city's housing hails from this era. Other housing ages represented in Seattle include homes built before 1939 ( 25.20%) and housing constructed between 1970-1999 ( 24.40%). There's also some housing in Seattle built between 2000 and later ( 23.61%).

Seattle Home Appreciation Rates

In the last 10 years, Seattle has experienced some of the highest home appreciation rates of any community in the nation. Seattle real estate appreciated 95.38% over the last ten years, which is an average annual home appreciation rate of 6.93%, putting Seattle in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Seattle definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Seattle that despite a nationwide downturn in the housing market, Seattle real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Seattle appreciation rates continue to be some of the highest in America, at 6.61%, which is higher than appreciation rates in 78.76% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Seattle. Seattle appreciation rates in the latest quarter were at 2.44%, which equates to an annual appreciation rate of 10.10%.

Relative to Washington, our data show that Seattle's latest annual appreciation rate is lower than 70% of the other cities and towns in Washington.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Seattle differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Seattle - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Seattle real estate investment or home purchase decisions.

Average Home Values

 
info

Median Home Value:
$839,395

Seattle, WA HOME PRICES

> $1,218,000
16.7%
16.7%
$914,001 - $1,218,000
20.3%
20.3%
$609,001 - $914,000
30.4%
30.4%
$488,001 - $609,000
12.9%
12.9%
$365,001 - $488,000
11.6%
11.6%
$244,001 - $365,000
5.7%
5.7%
$122,001 - $244,000
1.5%
1.5%
$61,001 - $122,000
0.3%
0.3%
$0 - $61,000
0.6%
0.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for WA

Value Relative To Nation

Number Of Homes And Apartments:
331,836

Seattle Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
WA*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
187.50% 5.16%
10
10
* 10 is highest

Rent & Ownership

 
info

Average Market Rent:
$2,387 / per month

Homeownership Rate

Owners
44.3%
44.3%
Renters
55.7%
55.7%
Vacant
6.4%
6.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 
info

Age of Homes

2000 or Newer
23.6%
23.6%
1970 - 1999
24.4%
24.4%
1940 - 1969
26.8%
26.8%
1939 or Older
25.2%
25.2%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
41.0%
41.0%
Townhomes
5.4%
5.4%
Small Apt. Buildings
5.9%
5.9%
Apt. Complexes
47.4%
47.4%
Mobile Homes
0.2%
0.2%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
12.0%
12.0%
1 Bedroom
24.5%
24.5%
2 Bedrooms
26.6%
26.6%
3 Bedrooms
21.2%
21.2%
4 Bedrooms
11.6%
11.6%
5 or more bedrooms
4.1%
4.1%
0.0% 100.0%
% OF HOMES