ZIP 98121 covers residential neighborhoods in Seattle, located within King County, WA, part of the broader Seattle housing market. The typical home value in ZIP 98121 in the Seattle housing market is $544,576, with a typical rent of $2,700 per month. That puts the local home-value-to-annual-rent ratio at 16.8.
Key stats
- ZIP 98121 is among the lowest of tracked local ZIPs for home value.
- ZIP 98121 is among the lowest of tracked local ZIPs for buyer competition.
- The market-level home-value-to-annual-rent ratio is 16.8.
- 53 homes went pending for every 100 new listings in the current reading.
- Supply increased while buyer competition eased.
- Typical home value
- $544,576
- Typical rent
- $2,700
- Homes for sale
- 191
- Buyer competition
- 37
- New listings
- 40
- Homes going pending
- 21
- Listings with price cuts
- 27.7%
Price and rent in ZIP 98121
ZIP 98121 is among the lowest of tracked local ZIPs for home value. ZIP 98121 is around the 95th percentile of tracked local ZIPs for rent.
ZIP 98121 home value & rent trend (past 12 months)
Typical home value fell 5.0% over the past 12 months, from $573,473 to $544,576. It rose in 1 of 11 monthly readings. The largest monthly gain was +0.1% in October 2025.
Typical rent fell 3.3% over the past 12 months, from $2,794 to $2,700. It rose in 4 of 11 monthly readings. The largest monthly gain was +0.6% in June 2026.
How ZIP 98121 compares to the metro
ZIP 98121's typical home value is 33.2% below the metro median of $815,787. ZIP 98121's typical rent is 18.5% above the metro median of $2,279. ZIP 98121's buyer competition is 30.2% below the metro median of 53.
How fast homes sell in ZIP 98121
Homes in ZIP 98121 typically go pending in about 86 days — about 161% slower than the metro median of 33 days.
Supply, pending activity, and competition
ZIP 98121 is among the highest of tracked local ZIPs for for-sale inventory. ZIP 98121 is among the lowest of tracked local ZIPs for buyer competition. 53 homes went pending for every 100 new listings in the current reading. Supply increased while buyer competition eased. Over the 12 readings on record, inventory moved between 110 and 191 — a 81-point spread across 21 comparable tracked ZIPs.
Nearby markets worth comparing
Relevant nearby ZIP pages include 98101, 98154, 98174, 98164.
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 98121 vs 98101Compare this market with another tracked ZIP or peer group.
- Compare 98121 vs 98102Compare this market with another tracked ZIP or peer group.
- Compare 98121 vs top 5 ZIPsCompare this market with another tracked ZIP or peer group.
- ZIP 98101 housing marketReview a nearby local market with the same core measures.
- ZIP 98154 housing marketReview a nearby local market with the same core measures.
- ZIP 98174 housing marketReview a nearby local market with the same core measures.
- Seattle Metro housing market overviewReturn to the broader parent market.
98121 Housing Market Overview FAQ
What is the typical home value in ZIP 98121?
The typical home value in ZIP 98121 is $544,576 in the latest monthly reading.
What is the typical rent in ZIP 98121?
Typical rent in ZIP 98121 is $2,700 per month.
What is the home-value-to-rent ratio in ZIP 98121?
ZIP 98121 has a home-value-to-annual-rent ratio of 16.8.
Sources and method
- HomeMarketCap.com data sources: home value, rent, inventory, and market activity datasets
- HomeMarketCap.com methodology: definitions and calculation rules