Seattle housing: an $854,593 median, 14% fewer September sales, and rates at 7.32%

Freddie Mac's weekly survey put the average 30-year fixed mortgage at 7.32% for the week ending October 22. That is down from 7.40% a week earlier and up from 6.19% a year ago.1 The 15-year average slipped to 6.68% from 6.71%.1

The rate turns that price into a monthly payment. On Seattle's median sale price of $854,593 with 20% down, a buyer borrows $683,674.2 At 7.32% that loan costs about $4,696 a month in principal and interest. A year ago, at 6.19%, the same loan cost about $4,183.

Those rows sit on four different clocks. Four of them average the last three months of closings; the homes-sold figure counts September alone; the value index estimates the same housing stock month by month; the listing count was read this morning.

Redfin's three-month window now runs through September. The median sale price came to $854,593, down 2.7%, and the price per square foot to $549, down 2.0%.2

Closings fell faster than prices. Seattle recorded 1,943 home sales in September against 2,263 in September 2025, a drop of 14.1%.2

The homes that did sell moved at last year's speed, 19 days on market, and brought 99.2% of the asking price, down 0.33 of a point.2 Redfin scores competition at 78 out of 100 and puts the typical Seattle home about 1% under list.

Zillow's value index put the typical Seattle home at $822,572 on September 30, down 1.8% over the year, with homes going to pending in about 18 days.4

The two prices measure different things. Redfin takes the midpoint of what closed, so a month heavy in condos or small houses pulls its median down. Zillow estimates the value of the same housing stock each month, which is why its number moves less and sits below the closing median.

Redfin's Seattle search page listed 3,164 homes for sale, plus 3 in early access, when this brief checked it on October 26.3 The same page showed 3,186 homes plus 10 early access on October 5, so the count has come down by 22 in three weeks.

Seattle's city pages publish no months-of-supply ratio, so the visible count is the closest read on how much choice a buyer has this week.

This week's 0.08-point decline from 7.40% takes about $38 off the monthly payment on the median.1 Each quarter point moves that payment by roughly $117.

The year matters more. Freddie Mac's survey averaged 6.19% in the same week last year, and the same $683,674 loan carried $513 less a month at that rate.

These figures cover principal and interest only. King County property taxes, homeowners insurance, HOA dues and mortgage insurance sit outside them.

The Seattle Social Housing Developer's board voted unanimously on October 15 to build its first project from the ground up. The site is a 0.18-acre lot at 2402 E Yesler Way in the Central District, with about 20 homes planned.56

The budget is about $15 million for land, design, construction and soft costs, or roughly $750,000 a home.5 At least half the units will have two or three bedrooms, and the building is designed to Passive House energy standards.5

Tenants will be drawn by lottery across income levels, with the city's Community Preference policy giving weight to people with roots in the Central District.5

The land came from Nancy Long, the widow of former state House Speaker Frank Chopp, who built the two cabins now standing on the lot. King County values the parcel at $940,000.6 Atelierjones is the architect, groundbreaking is set for fall 2027 and completion for late 2028.6

The authority is funded by the 5% payroll tax Seattle voters approved in 2023, and the City Council committed $115 million to it in February.67 It expects a second acquisition this year and more than 1,000 homes by the end of 2027. The authority says that plan depends on a low-interest bond sale.5

Twenty rental homes leave the for-sale market exactly as it is. The figure to watch is the $750,000 per unit, because the authority plans to repeat this model at scale.

Council members filed 170 amendments to the mayor's 2027-2028 budget by October 20.8 Staff briefings on them run October 27 to 29, the balancing package is published November 3, committee votes fall on November 13, 16 and 19, and the final council vote is November 20.9

Seattle's own ballot also carries Proposition 1, which would raise the sales tax by 0.3% for up to ten years. It replaces the 0.15% transit tax that expires March 31, 2027, with the revenue dedicated to bus service.10 Property tax bills are untouched; the increase falls on purchases, and the measure takes effect no earlier than April 1, 2027.10

Freddie Mac publishes its next survey on Thursday. Redfin's window will pick up October closings in late November, and the council's final budget vote lands on November 20.