Sunset over Seattle’s downtown, which has completely transformed in recent decades. The Seattle … [+]
Seattle has transformed so much of the last several decades that someone in 1980 wouldn’t even recognize it today. The population growth in Seattle over the years is staggering. From a population of 493,846 in 1980, Seattle’s grew by a massive 52.9%, reaching 755,078 by 2023. Seattle was already a prominent aerospace and defense sector city during the Cold War. But thanks to the PC revolution, the dotcom boom, and Web 2.0, Seattle’s growth not only recovered from the end of the Cold war, but accelerated.
In combination with the population boom, there has been a major economic boom that, while experiencing ups and downs, has endured. This economic boom in turn led to a substantial growth in wealth, with signs of it everywhere, from rising incomes to soaring home values to increased income inequality. Recently, we’ve been analyzing ZIP codes in terms of their home values, and going state by state identifying the most expensive ones. This time around we’re examining Seattle and its ZIP codes. Read on to find out the most expensive ZIP codes in the Seattle area in 2024, using data from Zillow’s home value index.
The Most Expensive ZIP Codes in Seattle
Using data from Zillow’s home value index, we analyzed thousands of ZIP codes across the U.S. and honed in on the most expensive ZIP codes in the Seattle area. As part of our analysis, we took into consideration the latest monthly home values Zillow has, which is September 2024; as well as the average of 12 months of median home values from October 2023 to September 2024, in order to gain a fuller picture.
Below are the most expensive ZIP codes in Seattle.
The Top 5 Most Expensive ZIP Codes in Seattle
ZIP code 98112 is the No. 1 most expensive ZIP code in Seattle. If you’re driving west on the Evergreen Point Floating Bridge, you will cross into the very north of this ZIP code. Some of the notable neighborhoods encompassed by 98112 include Stevens, Washington Park, Montlake, as well as Foster Island. Home values here were already high before the pandemic and only got higher. In September 2019, the median home value was around $1.1 million. Five years later, the median had grown by 23.9%, reaching nearly $1.363 million by September 2024. Year-over-year growth was 2.4%. Incomes in ZIP code 98112 are among the highest in Washington state: The median household income is $153,204, while the mean income is $256,059.
The second most expensive ZIP code in Seattle is 98199, in the far west. It covers places like Lawton Park, Briarcliff, Magnolia, and Discovery Park. With a median home value of just under $1.2 million, ZIP code 98199 has experienced the greatest home value appreciation of the top five most expensive ZIP codes, rising by 31.2% from September 2019 to September 2024. The median household income in 98199 is $168,132, one of the highest in the state, alongside its mean household income of $205,611. Incredibly, more than two-fifths of households earn $200,000 or more a year.
The No. 3 most expensive ZIP code in Seattle 98105, which covers much of the University of Washington’s campus, including Husky Stadium. This ZIP code covers neighborhoods like University District, University Heights, and Laurelhurst. The homes along Lake Washington, especially, are among the most expensive in Seattle. The median home value in 98105 is roughly $1.145 million, which is an I increase of 22.9% over the last five years, from $931,791 in September 2019. Incomes in ZIP code 98105 are very unevenly distributed. The median household income isn’t particularly high, at $75,214. But the mean household income is more than double the median, at $155,790. And critically, more than a quarter of households earn $200,000 or more, while 38.3% earn less than $50,000.
The No. 4 most expensive ZIP code in Seattle is 98115. This ZIP code is just north of the No. 1 most expensive ZIP code. With its western reaches covering Green Lake and its western on the shores of Lake Washington, ZIP code 98115 is a highly coveted housing market; it covers neighborhoods like Roosevelt, Wedgwood, Maple Leaf, as well as Matthews Beach Park in the northeast. This ZIP code witnessed very impressive home value appreciation. From a median home value of $792,013 in September 2019, it rose by 30.3% to reach $1.132 million in September 2024.
The fifth most expensive ZIP code in Seattle is 98119, which is west of I-5, and stretches north-south from the Lake Washington Ship Canal to Elliott Bay. Some neighborhoods here include West Queen Anne, North Queen Anne, and Interbay. Five years ago, homes were expensive but still under $1 million. Now, that’s not true, with ZIP code 98119 having a median home value of well over $1.029 million in September 2024. The 12-month average home value is almost as high, at $1.024 million. Incomes in 98119 are quite high: The median household income is $112,865 and the average household income is $170,519.