Washington · main city

Buying a home in Seattle, Washington

In Seattle, the median value of owner-occupied homes is $955,500, King County's effective property tax rate is 0.83%, a purchase mortgage carried a median $6,668 in total loan costs in 2025, and median gross rent is $2,030 a month.

Data as of : Census ACS 2025 1-year, Census Vintage 2024, FHFA HPI 2026Q2, Census ACS 2020-2024, HMDA 2025, HUD FY 2027. Sources

Checked on against the official sources listed at the bottom of the page.

Seattle home costs, fact by fact

  • Seattle is the first-named city of the Seattle-Tacoma-Bellevue, WA metropolitan area. (Census Vintage 2024)
  • That metro area is the 15th largest in the United States, with 4,145,494 residents. (Census Vintage 2024)
  • Seattle itself counts 780,995 residents. (Census Vintage 2024)
  • The median value of owner-occupied homes in Seattle is $955,500. (Census ACS 2025 1-year)
  • That figure is what owners estimate their home is worth, not a sale price. (Census ACS 2025 1-year)
  • The FHFA House Price Index shows Washington prices down 0.9% and Seattle–Bellevue–Kent prices down 2.4% between the second quarters of 2025 and 2026. (FHFA HPI 2026Q2)
  • Owners occupy 43.7% of the occupied homes in Seattle. (Census ACS 2020-2024)
  • Median gross rent in Seattle is $2,030 a month. (Census ACS 2020-2024)
  • Homeowners in King County pay a median $7,114 a year in property tax. (Census ACS 2020-2024; Washington property tax by county)
  • That is 0.83% of the median home value in King County, its effective property tax rate. (Census ACS 2020-2024)
  • Home-purchase mortgages in King County carried median total loan costs of $6,668 in 2025, across 17,849 loans. (HMDA 2025; King County loan costs)
  • Half of those loans fell between $5,178 and $11,188. (HMDA 2025)
  • HUD's Fair Market Rent for a 2-bedroom home is $2,549 a month in its rent area, Seattle-Bellevue, WA HUD Metro FMR Area. (HUD FY 2027)
  • Washington taxes each sale with a graduated state real estate excise tax of 1.1% on the first $525,000, 1.28% up to $1,525,000, 2.75% up to $3,025,000 and 3% above that for sales through December 31, 2026, plus a local tax such as Seattle's 0.5%. (official sources; Washington transfer tax)

Calculate for Seattle

If you buy

Washington state transfer tax

Real estate excise tax (REET): Sales through Dec 31, 2026: 1.10% up to $525,000, 1.28% from $525,000 to $1,525,000, 2.75% from $1,525,000 to $3,025,000, 3.00% above; farm, agricultural and timber land pay a flat 1.28%. Change the price: the amount is recalculated instantly.

Price$955,500
State transfer tax$11,285.40
Share of the price1.18% of the price
Who paysThe seller

Default price: the Seattle median value of owner-occupied homes, $955,500 (Census ACS 2025). Rule: Graduated like an income tax: each rate applies only to the slice of the price inside its bracket. These thresholds apply to sales dated through December 31, 2026; from January 1, 2027 they become $551,000, $1,551,000 and $3,051,000. Farm, agricultural and timber land pay a flat 1.28%. The sale date decides which column applies. Plus a local real estate excise tax of 0.50% of the whole price in Seattle (Washington Department of Revenue, rates effective May 1, 2026). Who pays: The law makes the tax the obligation of the seller (RCW 82.45.080). If the seller does not pay, the buyer is responsible and unpaid tax can become a lien on the property. Not included: other county and city transfer taxes, recording fees, title insurance and lender charges. Washington transfer tax guide · all 50 states.

Local taxes in Seattle, on top of the amount above at $955,500: $4,778. Rates, who pays and sources: transfer tax in Seattle.

If you sell

Capital gain and the federal tax on it

Same federal rule in every state: Section 121 of the Internal Revenue Code excludes up to $250,000 of gain on a main home ($500,000 for a married couple filing jointly).

Capital gain$350,000
Section 121 exclusion$250,000 (limit $250,000)
Taxable gain$100,000
Type of gainLong-term (owned over 1 year), 15% chosen
Federal tax on the gain$15,000

Section 121 excludes $250,000; the rest is taxable.

Gain = sale price minus your adjusted basis (purchase price, buying costs and improvements); selling expenses reduce it (IRS Publication 523). Long-term rates for sales in 2026, by taxable income including the gain (IRS Rev. Proc. 2025-32, section 4.03): 0% up to $49,450 single or $98,900 married filing jointly, 15% up to $545,500 single or $613,700 jointly, 20% above. Not included: Washington state income tax on the gain (not computed), the net investment income tax, depreciation recapture on a rental or home office, and the reduced exclusion for an early sale. Agent commissions are negotiated and never set by law. Capital gains on a home sale.

In short

The median value of owner-occupied homes in the city of Seattle is $950,800, according to the Census Bureau’s 2024 American Community Survey. King County’s median is $885,200. The City of Seattle’s Office of Housing offers down payment assistance of up to $76,000 per household to first-time buyers at or below its income limits, per its Buy A Home page.

How much homes cost in Seattle

The Census Bureau’s American Community Survey (ACS) asks owners how much they think their home would sell for. The median of those answers is a useful benchmark, but it is not a sale price: it covers every owner-occupied home, including homes bought long ago. Our page on Washington home prices explains the method in detail.

AreaMedian value, 2024 (ACS)Margin of error (90%)
City of Seattle$950,800±$18,888
King County$885,200±$12,452
Seattle–Tacoma–Bellevue metro area$743,000±$6,997
Washington$602,200±$3,897
United States$360,600±$618

Source: U.S. Census Bureau, ACS 1-Year Estimates 2024, table B25077. The 2025 estimates are scheduled for October 29, 2026.

Are Seattle prices rising?

The Federal Housing Finance Agency (FHFA) tracks repeat sales of the same single-family homes. Its purchase-only, seasonally adjusted index for the Seattle–Bellevue–Kent metro division, published August 25, 2026, shows:

Area1-year change (Q2 2025 to Q2 2026)5-year change (Q2 2021 to Q2 2026)
Seattle–Bellevue–Kent metro division−2.4%+13.7%
Washington−0.9%+20.0%
United States+2.1%+33.4%

Source: FHFA House Price Index, quarterly purchase-only files. Changes calculated by Payotte from the published index values.

Prices in the Seattle area fell about 2% over the past year, after a gain of about 14% over five years.

Closing costs, property tax and transfer tax

On top of the price, buyers and sellers pay closing costs. Several items depend on the loan and on the providers you choose, so there is no single official figure. Our guides cover the Washington rules in detail, and this page does not repeat their numbers:

To see how property tax can be paid through your monthly payment, read our guide to escrow accounts.

Help for first-time buyers in Seattle

At Seattle prices, the price caps in assistance programs matter. The state’s House Key Opportunity loan has a $725,000 purchase-price limit in King County ($775,000 in a Target Area), per the Washington State Housing Finance Commission (WSHFC). The ACS median is an owner estimate, not a sale price, but it sits above that cap.

The city’s own help comes through nonprofit partners and Seattle Housing Levy funds:

  • up to $76,000 per household for open-market purchases;
  • household income at or below 80% of area median income: the Office of Housing’s homeownership limits, effective May 15, 2026, are $92,080 for one person and $131,520 for four;
  • first-time buyers (no home owned in the last three years), buying inside Seattle city limits, as a principal residence;
  • a city-approved homebuyer class plus one-on-one housing counseling.

WSHFC’s Home Advantage down payment assistance (3% to 5% of the loan, income up to $215,000) is available in Seattle too, and the city’s page notes that the former Seattle Downpayment Assistance Program is no longer offered through WSHFC. All the details are in our first-time buyer programs guide.

The Office of Housing also runs the Rainier Valley Affordable Homeownership Initiative, which aims to create at least 100 permanently affordable for-sale homes along MLK Jr. Way S, on former Sound Transit sites.

Washington guides for Seattle buyers

Frequently asked questions

What is the median home price in Seattle?

The Census Bureau’s 2024 American Community Survey puts the median value of owner-occupied homes in the city of Seattle at $950,800 (±$18,888). This is what owners think their home is worth, not the median sale price of recent sales.

Are home prices in Seattle going down?

According to the FHFA purchase-only index, prices in the Seattle–Bellevue–Kent metro division fell 2.4% between the second quarter of 2025 and the second quarter of 2026. Over five years, they rose 13.7%.

Does Seattle offer down payment assistance?

Yes. The Office of Housing offers up to $76,000 per household through nonprofit partners, for first-time buyers at or below 80% of area median income who buy inside the city. The state’s WSHFC programs are also available.

Do I need to be a first-time buyer to get help in Seattle?

For the city program, yes: no home owned in the last three years. WSHFC’s Home Advantage loan and its 3% to 5% down payment assistance do not require first-time status.

Where can I compare Seattle with the rest of the state?

Our Washington home prices page lists the state, the county, the metro area and the United States side by side, with the FHFA trend for each.

More Washington guides

Sources

Questions about buying a home in Seattle

How much is property tax in Seattle?

Homeowners in King County pay a median $7,114 a year in property tax, 0.83% of the county median home value of $859,900 (Census ACS 2020-2024). Your bill depends on your assessed value and local rates.

What are closing costs on a mortgage in Seattle?

Home-purchase mortgages in King County carried median total loan costs of $6,668 in 2025; half of the 17,849 loans fell between $5,178 and $11,188 (HMDA). Total loan costs are the lender and settlement-service charges of the Closing Disclosure; transfer taxes and prepaid items come on top.

Is there a transfer tax when you buy a home in Seattle?

Washington taxes each sale with a graduated state real estate excise tax of 1.1% on the first $525,000, 1.28% up to $1,525,000, 2.75% up to $3,025,000 and 3% above that for sales through December 31, 2026, plus a local tax such as Seattle's 0.5%. The law makes it the seller's obligation.

Is it cheaper to rent or buy in Seattle?

It depends on your mortgage rate, down payment and how long you stay. As a benchmark, the median value of owner-occupied homes in Seattle ($938,600) equals 38.5 years of the median gross rent ($2,030 a month), both from Census ACS 2020-2024.

What natural hazards affect home insurance in Seattle?

Across Washington, the main hazards for home insurance are earthquake, landslide, flood and wildfire. In Washington, Seattle's Office of Emergency Management calls earthquakes the most serious hazard facing Seattle and says the Seattle region ranks first in the country for the number of hazards it faces.

Run your own numbers: rent vs buy calculator · closing costs calculator.

Professionals by sector of Seattle

Who licenses each trade in Washington

Other large cities: see cities in Washington.

Data sources for the figures above

Washington · All states · Federal guides