S
eattle’s waterfront mansions are in high demand. Over the past decade the metro area has seen some of the fastest‑growing luxury home prices in the country, driven by the tech boom. Today it ranks ninth among U.S. markets for high‑end properties.

    Luxury homes—defined as the top 5 % of a market—rose 127.1 % from $1.36 million in 2015 to $3.08 million in 2025, according to Redfin. That climb outpaced the general market in King and Snohomish counties, making it the seventh‑largest jump among metros and far above the national 82.5 % rise. Seattle now outpaces New York City’s 15.4 % and San Francisco’s 57.8 % growth.

    Agents cite the serene waterfront along Lake Washington, exclusive neighborhoods, and Washington’s zero income tax as key draws. Buyers can get more value than in other coastal metros where median luxury prices are higher.

    The tech industry—Microsoft, Amazon, Boeing—has kept demand high, but recent layoffs and high rates have cooled the market. Luxury sales hit decade lows, especially at the lower end of the luxury spectrum.

    Despite the softness, homes above $10 million remain resilient. In 2025, 22 such properties have sold—slightly more than previous years—defying the broader slump. Jeff Bezos’ $63 million Seattle‑area estate sold in April, the most expensive in Washington. Two other listings at $75 million and $79 million aim to beat that record.

    AI‑driven stock gains have allowed Seattle’s elite to liquidate wealth. Redfin’s chief economist notes high rates have not deterred luxury buyers because the market remains buoyant. Agents predict a rebound as rates fall, with AI’s continued growth potentially lifting prices further. However, some warn that inflated AI valuations could trigger a correction, prompting luxury sellers to exit.