98118 Zip Code

Eight percent of all Seattle home sales in the past 30 days were located in the 98118 zip code of the Rainier Valley.

Of the 46 homes that sold in the last 30 days in the 98118 zip code of Seattle, twelve sold for between $400,000 - $500,000. All but one of these houses indicated that they had views, mostly territorial views, but some with mountain and lake views.

Of these, four were in Columbia City, four were in Seward Park, and two were in the Brighton neighborhood north of Othello.

Two of these properties had four bedrooms, but the average among these sales was for a three-bedroom, two-bath home with approximately 1700sf. Half of these sold for less than $433,000.

One-third of these twelve sales were for newer construction built after 2001. These four sold for a median price of $465,000.

Only one of these twelve had a lot size greater than 7300sf, which is potentially able to be sub-divided. It sold for $455,000 for a 2400sf newly-constructed four-bedroom house in Beacon Hill.

Of the 46 sales in the 98118 zip code in the past 30 days, 23 of these sales were for less than $433,000. Half of all sales sold in less than seven days, although average days on market for all of these sales was 33 days. If priced correctly, it will sell quickly.

For a complete list of properties for sale in the 98118 (Rainier Valley) area of Seattle, contact Wendy Ceccherelli at 888-621-4999 or HomeLandInvestment@gmail.com

Happy Investing!

Haves and Have Nots in Seattle

98118 is one of the hottest zip codes in Seattle right now. In the last six months, there were 253 residential sales, with an average sales price of $349,950. A year ago, the median home price was $345,000.

Compare this to the trendy Ballard neighborhood, where 314 homes sold in the 98117 zip in the past six months at a median price of $549,450. A year ago, the median home price was $477,500.

There is more than twice the active listing inventory in 98118 (59) than in 98117 (25).

Nothing demonstrates the rising inequality gap between the haves and have nots in the City of Seattle than these two comparisons. While Seattle is becoming increasingly more white, increasingly more affluent, those who can no longer afford the pricey north end neighborhoods are moving to the south. Increasingly, 98118 is seeing that influx of investors and new homebuyers looking for affordability, with proximity to jobs in Seattle city center.

Yet the bulk of the wealth and appreciation are taking place in the north end of the City, where home prices are back to or even above their pre-bubble prices.

For investors, and others looking for working-class neighborhoods in which to invest at more affordable prices, the south end offers some growth opportunities. In the north end, expect the bidding wars to continue, as inventory remains very tight.

Happy Investing!