Ballard, Seattle, WA—98107
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Ballard, Seattle, WA
As of Oct '25, the median home price in Ballard, Seattle, WA is $846,000, with a year-over-year change of -2.7%. This indicates that home prices in Ballard, Seattle, WA are decreasing. According to Zillow, the 1-year price projection is 0.1%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $846,000 | -2.7% |
| Single Family | $903,000 | -2.5% |
| Condos | $464,000 | -4.9% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $438,000 | -4.8% |
2 Bed | $732,000 | -2.4% |
3 Bed | $912,000 | -3.0% |
4 Bed | $1,194,000 | -1.8% |
| 5 Bed | $1,387,000 | -1.7% |
% of Housing Stock
Rental Trends — Ballard, Seattle, WA
As of July '25, Rentcast reports the average rent in Ballard, Seattle, WA is $2,160, with a year-over-year rent change of -18.5%. Per bedroom, the median rent as of July '25 in Ballard, Seattle, WA is studios: $1,340, 1-bedrooms: $1,860, 2-bedrooms: $2,700, 3-bedrooms: $3,870, 4-bedrooms: $4,570. The most common rental property sizes in Ballard, Seattle, WA are 1-bedroom and 2-bedroom, accounting for 36.4% and 29.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,850 | $2,160 |
| Studio Rent | $1,240 | $1,340 |
| 1 Bed Rent | $1,820 | $1,860 |
| 2 Bed Rent | $2,400 | $2,700 |
| 3 Bed Rent | $3,900 | $3,870 |
| 4 Bed Rent | $4,500 | $4,570 |
% of Rental Stock
Property Listings — Ballard, Seattle, WA
As of Oct '25, Realtor.com reports that the median days on market for a home in Ballard, Seattle, WA is 33. This is a increase of 4.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 24.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $799,000 | 2.0% |
Listing Count | 116 | 8.0% |
| Listings as % of Homes | 0.3% | 8.0% |
Days on Market | 33 | 4.0% |
Demographics — Ballard, Seattle, WA
As of the latest ACS Survey released in 2023, Ballard, Seattle, WA has a population of 28,400, which has increased by 10.4% over the past 5 years. Ballard, Seattle, WA is a less popular place for families, as children make up 12.3% of the population. The area has a highly educated workforce, with 76.1% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 37.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 28,400 | 10.4% |
% Under 18 | 12.3% | 7.9% |
% Seniors | 9.2% | -5.2% |
% WFH | 37.2% | 541.4% |
% w/ College Degree | 76.1% | 5.8% |
As of the latest ACS Survey released in 2023, Ballard, Seattle, WA is a predominantly white area, with 71.4% of the population identifying as white. The white population has shrunk by 9.8% in the last 5 years. The second most common race or ethnicity in Ballard, Seattle, WA is asian, making up 13.0% of the population. Foreign-born residents account for 15.2% of the population in Ballard, Seattle, WA, and this percentage has increased by 49.0% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 71.4% | -9.8% |
% Black | 1.2% | 20.0% |
% Hispanic | 7.3% | 7.4% |
% Asian | 13.0% | 80.6% |
% Foreign Born | 15.2% | 49.0% |
Mortgage and Risk — Ballard, Seattle, WA
According to HUD data as of 2023, there were 528 mortgage originations in Ballard, Seattle, WA, of which 98.0% of loans were conventional mortgages. The average loan-to-value was 62.0%, with 12.0% above 90% LTV (elevated). This implies medium mortgage risk in Ballard, Seattle, WA. Investor activity is low, as 1.0% of loans were by investors. 3.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 528 |
% Conventional Loans | 98.0% |
% Government Loans | 2.0% |
% Investor Loans | 1.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 3.0% |
Loan Activity
Rentals and Section 8 — Ballard, Seattle, WA
As of 2024, the percent of homes in Ballard, Seattle, WA under the Section 8 program is 2.0%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Ballard, Seattle, WA, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 432 |
Total Units Section 8 | 186 |
% Rentals under Section 8 | 2.0% |
% Occupied Section 8 | 85.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $840 | $1,820 | $2,660 |
| 2 Bedroom | $700 | $2,400 | $3,100 |
| 3 Bedroom | $190 | $3,900 | $4,090 |
| 4 Bedroom | $260 | $4,500 | $4,760 |
Affordability — Ballard, Seattle, WA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 6.3 |
| Median Home Price | $846,000 |
| Median Household Income | $138,000 |