Belltown, Seattle, WA—98121
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Belltown, Seattle, WA
As of Oct '25, the median home price in Belltown, Seattle, WA is $579,000, with a year-over-year change of -5.2%. This indicates that home prices in Belltown, 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 | $579,000 | -5.2% |
| Single Family | N/A | N/A |
| Condos | $574,000 | -4.8% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $479,000 | -6.1% |
2 Bed | $884,000 | -3.2% |
3 Bed | $1,665,000 | 0.8% |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Belltown, Seattle, WA
As of July '25, Rentcast reports the average rent in Belltown, Seattle, WA is $2,620, with a year-over-year rent change of -4.4%. Per bedroom, the median rent as of July '25 in Belltown, Seattle, WA is studios: $1,650, 1-bedrooms: $2,510, 2-bedrooms: $4,590, 3-bedrooms: $9,450. The most common rental property sizes in Belltown, Seattle, WA are studio and 1-bedroom, accounting for 42.1% and 35.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,260 | $2,620 |
| Studio Rent | $1,670 | $1,650 |
| 1 Bed Rent | $2,350 | $2,510 |
| 2 Bed Rent | $4,200 | $4,590 |
| 3 Bed Rent | $9,450 | $9,450 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Belltown, Seattle, WA
As of Oct '25, Realtor.com reports that the median days on market for a home in Belltown, Seattle, WA is 68. 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 23.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $585,000 | -6.0% |
Listing Count | 174 | 19.0% |
| Listings as % of Homes | 0.3% | 19.0% |
Days on Market | 68 | 12.0% |
Demographics — Belltown, Seattle, WA
As of the latest ACS Survey released in 2023, Belltown, Seattle, WA has a population of 20,900, which has increased by 15.2% over the past 5 years. Belltown, Seattle, WA is a less popular place for families, as children make up 1.7% of the population. The area has a highly educated workforce, with 77.8% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 41.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 20,900 | 15.2% |
% Under 18 | 1.7% | -54.1% |
% Seniors | 10.8% | 28.6% |
% WFH | 41.8% | 386.0% |
% w/ College Degree | 77.8% | 2.1% |
As of the latest ACS Survey released in 2023, Belltown, Seattle, WA is a predominantly white area, with 47.3% of the population identifying as white. The white population has shrunk by 20.1% in the last 5 years. The second most common race or ethnicity in Belltown, Seattle, WA is asian, making up 34.7% of the population. Foreign-born residents account for 40.1% of the population in Belltown, Seattle, WA, and this percentage has increased by 33.2% 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 | 47.3% | -20.1% |
% Black | 3.2% | -22.0% |
% Hispanic | 7.9% | 2.6% |
% Asian | 34.7% | 46.4% |
% Foreign Born | 40.1% | 33.2% |
Mortgage and Risk — Belltown, Seattle, WA
According to HUD data as of 2023, there were 169 mortgage originations in Belltown, Seattle, WA, of which 95.0% of loans were conventional mortgages. The average loan-to-value was 71.0%, with 20.0% above 90% LTV (very high). This implies large mortgage risk in Belltown, Seattle, WA. Investor activity is low, as 5.0% of loans were by investors. 1.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 169 |
% Conventional Loans | 95.0% |
% Government Loans | 5.0% |
% Investor Loans | 5.0% |
% Second Loans | 4.0% |
% Cash Out Refinance | 1.0% |
Loan Activity
Rentals and Section 8 — Belltown, Seattle, WA
Belltown, Seattle, WA lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 1,252 |
Total Units Section 8 | 1,092 |
% Rentals under Section 8 | 11.1% |
% Occupied Section 8 | 87.3% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $1,090 | $2,350 | $3,440 |
| 2 Bedroom | -$190 | $4,200 | $4,010 |
| 3 Bedroom | -$4,160 | $9,450 | $5,290 |
| 4 Bedroom | N/A | N/A | $6,160 |
Affordability — Belltown, Seattle, WA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.3 |
| Median Home Price | $579,000 |
| Median Household Income | $149,000 |