According to Zillow's own research, the median home price in Seattle was about $610,000 at the beginning of 2021, and it has now risen to around $860,000 after five years. This means a simple calculation shows an increase of about 41% over five years.

Considering that the national average cumulative increase over five years is reported to be around 35-45%, Seattle is close to the upper end of that range. However, when looking at the past year, there are signs of a slight decline. In 2026, a decrease of about 2% compared to the previous year was reported, which can be interpreted as a signal that the market is taking a breather, separate from the five-year cumulative increase.

Looking at it year by year, from 2021 to early 2022, prices rose rapidly due to ultra-low interest rates and the spread of remote work. After mid-2022, as interest rate hikes became more pronounced, the upward trend noticeably slowed down until 2023, with a gradual recovery expected in 2024, followed by a period of adjustment between late 2025 and 2026.

The key factor supporting Seattle's home prices has been job growth. Major tech companies like Amazon and Microsoft have their headquarters and major offices in the area, leading to a steady influx of high-income residents. However, recent observations suggest that demand in the city center is not as strong as it used to be due to some restructuring in the tech industry and the establishment of remote work. Additionally, chronic shortages in new supply and weakened purchasing power due to rising mortgage rates are also cited as reasons for the recent adjustments.

It is also important to consider regional variations. Areas close to downtown, such as Capitol Hill and Queen Anne, continue to maintain high price levels, while regions located somewhat further out tend to show larger adjustment ranges. Rather than judging the market solely based on the overall average in Seattle, it may be more practical to check the detailed trends in specific areas of interest.

Future prospects should be viewed cautiously. If interest rates gradually decrease, there is a possibility that buyer sentiment may revive, but considering the already high price levels and uncertainties in tech industry employment, it seems more likely that a gradual trend will continue rather than a repeat of the rapid increases seen in the past.

For Korean households, if the purpose is for actual residence, it may be advantageous to check the recent price adjustments and inventory in the areas of interest rather than rushing. If considering selling for investment purposes, it would be wise to review the significant cumulative increase over the past five years, current market prices, and tax implications based on the holding period before making a decision.