South Lake Union, Seattle, WA—98109
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — South Lake Union, Seattle, WA
As of Oct '25, the median home price in South Lake Union, Seattle, WA is $751,000, with a year-over-year change of -2.6%. This indicates that home prices in South Lake Union, Seattle, WA are decreasing. According to Zillow, the 1-year price projection is 0.3%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $751,000 | -2.6% |
| Single Family | $1,262,000 | -0.4% |
| Condos | $469,000 | -6.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $404,000 | -6.3% |
2 Bed | $684,000 | -2.8% |
3 Bed | $1,210,000 | -0.8% |
4 Bed | $1,735,000 | 0.1% |
| 5 Bed | $2,108,000 | -0.5% |
% of Housing Stock
Rental Trends — South Lake Union, Seattle, WA
As of July '25, Rentcast reports the average rent in South Lake Union, Seattle, WA is $2,420, with a year-over-year rent change of -6.2%. Per bedroom, the median rent as of July '25 in South Lake Union, Seattle, WA is studios: $1,690, 1-bedrooms: $2,190, 2-bedrooms: $2,840, 3-bedrooms: $4,990, 4-bedrooms: $6,420. The most common rental property sizes in South Lake Union, Seattle, WA are 1-bedroom and studio, accounting for 47.1% and 25.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,120 | $2,420 |
| Studio Rent | $1,700 | $1,690 |
| 1 Bed Rent | $2,150 | $2,190 |
| 2 Bed Rent | $2,680 | $2,840 |
| 3 Bed Rent | $4,950 | $4,990 |
| 4 Bed Rent | $6,500 | $6,420 |
% of Rental Stock
Property Listings — South Lake Union, Seattle, WA
As of Oct '25, Realtor.com reports that the median days on market for a home in South Lake Union, Seattle, WA is 56. This is a increase of 12.0% 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 21.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $619,000 | -9.0% |
Listing Count | 144 | 27.0% |
| Listings as % of Homes | 0.3% | 27.0% |
Days on Market | 56 | 12.0% |
Demographics — South Lake Union, Seattle, WA
As of the latest ACS Survey released in 2023, South Lake Union, Seattle, WA has a population of 32,600, which has increased by 11.7% over the past 5 years. South Lake Union, Seattle, WA is a less popular place for families, as children make up 5.6% of the population. The area has a highly educated workforce, with 78.1% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 37.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 32,600 | 11.7% |
% Under 18 | 5.6% | -26.3% |
% Seniors | 9.1% | -2.2% |
% WFH | 37.3% | 360.5% |
% w/ College Degree | 78.1% | 1.4% |
As of the latest ACS Survey released in 2023, South Lake Union, Seattle, WA is a predominantly white area, with 53.4% of the population identifying as white. The white population has shrunk by 19.1% in the last 5 years. The second most common race or ethnicity in South Lake Union, Seattle, WA is asian, making up 28.5% of the population. Foreign-born residents account for 28.5% of the population in South Lake Union, Seattle, WA, and this percentage has increased by 8.8% 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 | 53.4% | -19.1% |
% Black | 3.6% | 0.0% |
% Hispanic | 8.0% | 86.0% |
% Asian | 28.5% | 46.2% |
% Foreign Born | 28.5% | 8.8% |
Mortgage and Risk — South Lake Union, Seattle, WA
According to HUD data as of 2023, there were 325 mortgage originations in South Lake Union, Seattle, WA, of which 97.0% of loans were conventional mortgages. The average loan-to-value was 60.0%, with 11.0% above 90% LTV (elevated). This implies medium mortgage risk in South Lake Union, Seattle, WA. Investor activity is low, as 1.0% of loans were by investors. 5.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 325 |
% Conventional Loans | 97.0% |
% Government Loans | 3.0% |
% Investor Loans | 1.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 5.0% |
Loan Activity
Rentals and Section 8 — South Lake Union, Seattle, WA
As of 2024, the percent of homes in South Lake Union, Seattle, WA under the Section 8 program is 2.8%. 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. 1-bedroom and 2-bedroom units appear to be good home sizes to consider for Section 8 housing in South Lake Union, Seattle, WA, because HUD payments exceed market rent, while 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 561 |
Total Units Section 8 | 450 |
% Rentals under Section 8 | 2.8% |
% Occupied Section 8 | 85.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $860 | $2,150 | $3,010 |
| 2 Bedroom | $830 | $2,680 | $3,510 |
| 3 Bedroom | -$320 | $4,950 | $4,630 |
| 4 Bedroom | -$1,110 | $6,500 | $5,390 |
Affordability — South Lake Union, Seattle, WA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 6.1 |
| Median Home Price | $751,000 |
| Median Household Income | $131,000 |