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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 98116 is a seller's market

Buyer's
Market

Difference Since January 2022

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

Key Takeaway

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

How much do homes in 98116, WA cost?

Median Sold Price

$950,000

$606/sqft

Based on all homes sold in the last 12 months.

Difference Since January 2022

+$100,000(+11.8%)

Key Takeaway

Homes in 98116 have sold for 11.8% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSJan 2022Jan 2023%
1 $399.5K$442.5K
+10.8%
2 $679K$730K
+7.5%
3 $875K$1.0M
+14.9%
4 $1.1M$1.4M
+27.8%
5+ $1.5M$1.6M
+10.7%

Median Sold Price Compared To Nearby Zip Codes

98136
+17.4%
98126
+12.7%
98116
+11.8%

How many homes are available in 98116, WA?

Number of Homes For Sale

Dec 2022Jan 2023%
5862+6.9%

Homes For Sale By Bedroom Count

# BEDSDec 2022Jan 2023%
1 35
+66.7%
2 2023
+15.0%
3 2625
-3.8%
4 89
+12.5%
5+ 10
-100.0%

Number of Homes Sold

Dec 2022Jan 2023%
2111-47.6%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 98116, you may be able to get a good deal. 45.5% of homes here sold below asking price last month.

Average Sale Time

Jan 2022Jan 2023%
45 Days71 Days+56.0%

Breakdown of Home Sale Times

2 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in 98116 has remained consistent over time.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

About 98116, WA

98116, WA has 62 homes for sale to choose from. The number of homes for sale in 98116, WA increased by 6.9% between December 2022 and January 2023. In January 2023 median list price was $950,000 and the average listing age was 71 days. Listing prices have changed in this real estate market between December 2022 and January 2023: prices of 1 bedroom properties went up by 10.8%, prices of 2 bedrooms properties increased by 7.5%, prices of 3 bedrooms properties increased by 14.9%, prices of 4 bedrooms properties increased by 27.8%, 5 bedrooms properties became 10.7% more expensive. Volume of homes for sale changed: volume of 1 bedroom homes went up by 66.7%, 2 bedrooms homes inventory increased by 15%, 3 bedrooms homes inventory decreased by 3.8%, 4 bedrooms homes became 12.5% more available, 5 bedrooms homes became 100% less available. While more than 1 listings in 98116, WA in January 2023 were sold above asking price, there were more than 5 listings sold at asking price, and more than 5 were sold below.