Seattle Home Prices See Brisk Quarterly Jump, Outpacing Same Period Last Year

Seattle’s real estate market posted a robust 7.1% jump in median home prices last quarter compared to the same stretch in 2025, as buyers continued to chase limited inventory in the city’s core and trendy neighborhoods alike.

The surge comes at a crucial moment, with interest rates still hovering near multi-year highs and fears of a downtown slowdown ebbing amid surprising job resiliency across tech and biotech hubs. For Seattle homeowners pondering a move and first-time buyers facing sticker shock, the updated numbers sharpen the picture heading into the second half of the year.

Downtown, Ballard See Steepest Gains

The quarterly data from Northwest Multiple Listing Service shows the median single-family sale price in King County reached $919,000, up from $858,000 a year ago. Ballard and the greater South Lake Union corridor both posted double-digit annual gains: Ballard’s median hit $990,000 (an 11.2% rise), while South Lake Union’s mix of new condos and refurbished apartments saw average prices jump 12.4% to $1.04 million—reflecting strong appetite from well-paid Amazon and Fred Hutchinson Cancer Center professionals.

On the east side of the city, Laurelhurst and View Ridge followed the upward trend but saw more modest increases, closer to 5%. In Rainier Valley, median prices climbed from $648,000 to $682,000, a 5.2% increase, as more buyers looked south of I-90 for slightly less competition and better value per square foot. Erika DeGroff, a broker at Lake & Company Real Estate on NE 65th Street, observed, "The weekends are still busy—multiple offers are back for homes under a million, especially close to good schools and transit lines. Houses that sit are mostly the ones that need work or are priced too high."

“We’re seeing a few more listings hit the market since May, but it’s not enough to balance demand,” said a Redfin regional manager, citing the drop in new construction downtown after last year’s permitting delays and a tight rental supply along Dexter Avenue North and in Queen Anne.

What the Data Shows—and What to Watch

Days-on-market dropped citywide from 24 days in early Q2 2025 to just 16 by the end of June 2026, underscoring how quickly buyers are snapping up homes. Condos, languishing for much of last year, recovered slightly—driven in part by Microsoft’s 2026 expansion near Yesler Terrace, where the average sale price rose to $742,500, a 9.6% increase over last summer. Citywide, closed sales volume rose just 2.1%, hinting at persistent inventory constraints affecting the climb in prices.

Rising property values have also kept local government programs like Seattle’s Downpayment Assistance Loan Fund under pressure: the fund dispersed $6.2 million in grants in Q2, up 23% from last year as more applicants scrambled for support. Meanwhile, the Office of Housing says it expects continued price pressures if borrowing costs begin to ease later in the year—potentially prompting another wave of buyers off the sidelines.

For prospective buyers, patience—and creative house-hunting—may be key. "If you’re fixated on Ballard or parts of Capitol Hill, know you’ll face a competitive bidding process," said a local agent in Fremont. For those considering selling, the next few months could remain favorable—provided new listings finally catch up with demand. One thing is clear: for now, Seattle’s real estate market shows no sign of slowing down.