ZIP 98116 covers residential neighborhoods in Seattle, located within King County, WA, part of the broader Seattle housing market. The typical home value in ZIP 98116 in the Seattle housing market is $1,000,929, with a typical rent of $2,364 per month. That puts the local home-value-to-annual-rent ratio at 35.3.
Key stats
- ZIP 98116 is around the 76th percentile of tracked local ZIPs for home value.
- ZIP 98116 is around the 81st percentile of tracked local ZIPs for buyer competition.
- The market-level home-value-to-annual-rent ratio is 35.3.
- 79 homes went pending for every 100 new listings in the current reading.
- Supply and buyer competition did not produce a clear easing or tightening split.
- Typical home value
- $1,000,929
- Typical rent
- $2,364
- Homes for sale
- 94
- Buyer competition
- 65
- New listings
- 38
- Homes going pending
- 30
- Listings with price cuts
- 29.1%
Price and rent in ZIP 98116
ZIP 98116 is around the 76th percentile of tracked local ZIPs for home value. ZIP 98116 is around the 67th percentile of tracked local ZIPs for rent.
ZIP 98116 home value & rent trend (past 12 months)
Typical home value fell 0.4% over the past 12 months, from $1,005,043 to $1,000,929. It rose in 6 of 11 monthly readings. The largest monthly gain was +0.5% in November 2025.
Typical rent rose 1.1% over the past 12 months, from $2,338 to $2,364. It rose in 7 of 11 monthly readings. The largest monthly gain was +0.7% in June 2026.
How ZIP 98116 compares to the metro
ZIP 98116's typical home value is 22.7% above the metro median of $815,787. ZIP 98116's typical rent is 3.7% above the metro median of $2,279. ZIP 98116's buyer competition is 22.6% above the metro median of 53.
How fast homes sell in ZIP 98116
Homes in ZIP 98116 typically go pending in about 27 days — about 18% faster than the metro median of 33 days.
Supply, pending activity, and competition
ZIP 98116 is around the 29th percentile of tracked local ZIPs for for-sale inventory. ZIP 98116 is around the 81st percentile of tracked local ZIPs for buyer competition. 79 homes went pending for every 100 new listings in the current reading. Supply and buyer competition did not produce a clear easing or tightening split. Over the 12 readings on record, inventory moved between 49 and 95 — a 46-point spread across 21 comparable tracked ZIPs.
Nearby markets worth comparing
Relevant nearby ZIP pages include 98126, 98134, 98136, 98106.
Continue your market research
- Is Seattle Housing Market Cooling?Read the related local market analysis.
- Is Seattle a Buyer's Market?Read the related local market analysis.
- Compare 98116 vs 98101Compare this market with another tracked ZIP or peer group.
- Compare 98116 vs 98102Compare this market with another tracked ZIP or peer group.
- Compare 98116 vs top 5 ZIPsCompare this market with another tracked ZIP or peer group.
- ZIP 98126 housing marketReview a nearby local market with the same core measures.
- ZIP 98134 housing marketReview a nearby local market with the same core measures.
- ZIP 98136 housing marketReview a nearby local market with the same core measures.
- Seattle Metro housing market overviewReturn to the broader parent market.
98116 Housing Market Overview FAQ
What is the typical home value in ZIP 98116?
The typical home value in ZIP 98116 is $1,000,929 in the latest monthly reading.
What is the typical rent in ZIP 98116?
Typical rent in ZIP 98116 is $2,364 per month.
What is the home-value-to-rent ratio in ZIP 98116?
ZIP 98116 has a home-value-to-annual-rent ratio of 35.3.
Sources and method
- HomeMarketCap.com data sources: home value, rent, inventory, and market activity datasets
- HomeMarketCap.com methodology: definitions and calculation rules