Is 98116, WA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, 98116 has remained a Seller's Market.
Housing Prices in 98116, WA
How much do homes in 98116, WA cost?
Median Sold Price
$925,000
$580/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in 98116 was $925,000 in March 2024, down 2.4% from last year, and the median price per square foot was $580.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $435K | $477.2K | +9.7% |
2 Bedrooms | $720K | $700K | -2.8% |
3 Bedrooms | $990K | $969.1K | -2.1% |
4 Bedrooms | $1.4M | $1.3M | -3.6% |
5+ Bedrooms | $1.6M | $1.5M | -7.3% |
Summary: 98116 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 9.7%, 2 bedroom homes decreased by 2.8%, 3 bedroom homes decreased by 2.1%, 4 bedroom homes decreased by 3.6%, and 5+ bedroom homes decreased by 7.3%.
Housing Supply in 98116, WA
How many homes are available in 98116, WA?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
85 | 100 | +17.6% |
Summary: The 98116 real estate market had 100 homes for sale in March 2024, a 17.6% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 7 | 7 | 0.0% |
2 Bedrooms | 27 | 34 | +25.9% |
3 Bedrooms | 30 | 36 | +20.0% |
4 Bedrooms | 14 | 17 | +21.4% |
5+ Bedrooms | 7 | 6 | -14.3% |
Summary: The 98116 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 25.9%, 3 bedroom homes increased by 20%, 4 bedroom homes increased by 21.4%, and 5+ bedroom homes decreased by 14.3%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
26 | 29 | +11.5% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
17 Homes Were Sold
Over Asking
Summary: A total of 29 homes were sold or pending in 98116 in March 2024, up by 11.5% month-over-month. Of the 29 sold homes, 24% were sold under asking, 17% were sold at asking, and 59% were sold over asking.
Days on Market for 98116, WA
How long does it take to sell a home in 98116, WA?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
34 Days | 34 Days | -1.5% |
Summary: Homes in 98116 had an average of 34 days on market in Mar 2024, down by 1.5% compared to last year.
Breakdown of Home Sale Times
22 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During March 2024, 29 homes were sold in 98116; 76% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.