This Belltown, Seattle condo market update covers June through August 2026, and the headline is a reversal. In July I reported that Belltown was rising while the citywide condo market fell. Three months later, every source I track shows Belltown condo prices below where they were a year ago, listings sitting longer, and supply deep in buyer's-market territory. The drop is real, but it is smaller than the most dramatic number suggests, and the reason matters.

I publish this Belltown, Seattle condo market update every quarter using the same sources, so each edition can be read against the last. Every figure below carries its source and date range. I do not forecast, and nothing here is advice to buy or sell at a particular moment. The goal is to put the current numbers in one place and explain what they do and do not say.

The Belltown, Seattle Condo Market Update at a Glance

Three independent sources feed this Belltown, Seattle condo market update, and each measures the market in a different way. Read together, they point the same direction for the first time this year.

A short guide to the sources. Redfin reports all home sales inside its Belltown neighborhood boundary over a rolling three months; because Belltown is almost entirely condos and lofts, its median works as a condo median. The NWMLS figures come from the monthly recaps published by Seattle Condos and Lofts, and Area 701 is the listing service's district that groups Downtown and Belltown together. Zillow's index estimates the value of a typical mid-priced condo in ZIP 98121 and smooths out month-to-month noise. Each one sees the market from a different angle, which is exactly why I use all three.

What Changed Since the Last Belltown, Seattle Condo Market Update

My July Belltown condo market report was built on Redfin's three months ending May 2026: a $550,000 median, up 9.4 percent year over year, while Seattle's citywide condo median had fallen double digits. That divergence was the story then.

It has not held. Redfin's three-month median has since moved from $550,000 to $469,273, about 15 percent lower in one quarter. The NWMLS Downtown/Belltown median fell year over year in each of the three summer months. Zillow's smoothed index for the ZIP code slipped from $545,028 in May to $527,504 in August, a 3.2 percent decline over the quarter.

I would rather tell you that plainly than bury it. A quarterly report that only repeats good news is not a report. The July figures were accurate for their window; the window moved, and the numbers moved with it. That is the reason this Belltown, Seattle condo market update exists as a series rather than a single post.

Why Belltown's Median Fell 30 Percent, and Why That Overstates It

Redfin's 30.5 percent decline is the number people will quote, so it deserves a careful look. On the same page, Redfin reports that Belltown's median price per square foot rose 4.0 percent over the same period, to $618.

Those two figures can only both be true if the homes that sold this summer were, on average, smaller than the homes that sold last summer. A studio-and-one-bedroom-heavy quarter will pull the median sale price down sharply even if each square foot is holding its value. In a neighborhood this compact, a handful of large view units closing, or not closing, in a given window can swing the median a long way.

The other two sources support that reading. Zillow's index, which is designed to track the value of a comparable typical condo rather than whatever happened to sell, shows a 6.1 percent annual decline. The NWMLS Area 701 median fell 9.3 percent in August. So the fair summary is that Belltown condo values have softened, most likely in the mid-single digits to around ten percent over the year depending on the measure, and that the 30 percent headline is largely a change in what sold. I would not read it as Belltown condos losing a third of their value.

For the longer arc, Zillow's index for the ZIP peaked at $702,145 in August 2018. Today's $527,504 sits about 25 percent below that peak. My five-year Belltown home values review traces how the neighborhood got here.

Downtown and Belltown Month by Month

The NWMLS district figures give the clearest monthly picture of the summer quarter, and they are the backbone of every Belltown, Seattle condo market update I publish. These are Area 701 condo figures from the listing service, as compiled in the Seattle Condos and Lofts recaps for June, July and August 2026.

Two things stand out. First, the number of sales did not collapse. Area 701 closed 98 condo sales from June through August 2026, against 103 in the same three months of 2025. Buyers are still buying. They are paying less, and they are taking longer to do it.

Second, supply stayed heavy all summer. Seattle Condos and Lofts measures months of supply by dividing active listings by pending sales. On that method, Downtown/Belltown sat at 8.7 months in June and 6.7 months in July, both figures they published, and my own calculation from their August table puts it at about 8.9 months. Earlier in the year they reported 8.5 months in April and 9.3 in May. By their own framework, under 4 months is a seller's market, 4 to 7 is balanced, and above 7 is a buyer's market. Downtown and Belltown have been above 7 in four of the last five months.

How Buyers and Sellers Are Actually Meeting

Redfin's competitiveness measures fill in what the price medians cannot. For the three months ending August 2026 in Belltown:

• Sale-to-list ratio: 96.7 percent, down about half a point from a year earlier. On average, homes closed a little over 3 percent below its final asking price.
• Homes with price drops: 38.5 percent, up 9.6 points from a year earlier. Nearly four in ten listings reduced their price before selling.
• Homes sold above list: 9.1 percent, up 6.9 points. Well-priced units in demand still draw competition, and occasionally multiple offers.
• Median days on market: 71, up from 28 a year earlier.
• Redfin Compete Score: 33 out of 100, which Redfin labels somewhat competitive. By comparison, Redfin scores Queen Anne at 75 over the same period.

The pattern is a two-speed market. A minority of units, usually the right floor plan at the right price in a well-run building, still move quickly and near or above asking. The larger share sits, reduces, and eventually sells at a discount to where it started. The gap between those two groups is where most of the negotiation in Belltown is happening right now.

Belltown Against the Citywide Seattle Condo Market

The citywide picture is soft as well. Per the Seattle Condos and Lofts August 2026 recap of NWMLS data:

• Seattle's citywide condo median was $535,000, down 10.1 percent from a year earlier and the eighth straight month of annual decline.
• Excluding townhomes, ADUs and other non-traditional condo types, the traditional condo median was $475,000, down 10.4 percent.
• Active listings reached 1,189, the most in the listing service since October 2010.
• Citywide supply rose to 6.8 months, the highest since 2010.
• Pending sales fell 17.1 percent and closed sales fell 20.7 percent year over year.

Against that backdrop, Belltown is no longer outperforming, but it is not an outlier on the downside either. The Area 701 median in August matched the citywide all-condo median at $535,000, and its sales count held up better than the city's. Where Belltown does stand apart is supply: its months of supply has run consistently deeper than the citywide figure all year.

Zillow shows the same relationship on value. Its typical condo value for ZIP 98121 ($527,504) runs about 17 percent above the citywide Seattle figure ($449,212) in August 2026, and the two fell by similar amounts over the year: 6.1 percent for the ZIP and 4.5 percent citywide. Belltown still carries a premium. It is simply not widening it right now.

What This Belltown, Seattle Condo Market Update Means for Buyers

If you are shopping, the numbers in this Belltown, Seattle condo market update describe more selection and more room to negotiate than Belltown has offered in years. That does not make every unit a bargain, and it does not tell you anything about where prices go next.

• Anchor on closed sales in the building. The neighborhood median is a blend of studios and view penthouses. What a comparable unit in the same building sold for this year is the number that matters.
• Read the price history. With 38.5 percent of listings reducing, a unit's original list price and days on market tell you a lot about the seller's position.
• Use the time for due diligence. A slower market gives you room to read the reserve study, board minutes and resale certificate properly. My condo due diligence guide covers what to look for.

For a sense of what current prices buy, my piece on what $500K buys in Belltown walks through typical units near today's median. You can also browse current Belltown condos for sale.

What This Belltown, Seattle Condo Market Update Means for Sellers

If you are selling, the data argues for pricing from recent closed sales, not from last year's headlines or this year's hopes. Seventy-one days on market and nearly four in ten listings taking a reduction are what happens when asking prices get ahead of buyers.

• Price to the building's recent closings. The units that sold near or above list this summer were priced where buyers already were.
• Presentation carries more weight in a slow market. When buyers have 280-plus Downtown/Belltown listings to compare, the units that photograph and show well get the showings.
• Know your own timeline. A deeper supply means a longer expected marketing period. Plan around that rather than around a single month.

My guide to selling a Belltown condo covers preparation and pricing strategy, and when to sell a Belltown condo looks at the seasonal supply pattern. If you want a number for your own unit, request a home valuation and I will build it from sales in and around your building.

What I Will Watch Before the Next Belltown, Seattle Condo Market Update

The next Belltown, Seattle condo market update will cover September through November 2026. I will track the same measures so the two editions line up:

• Months of supply in Area 701. Whether it stays above 7 as new listings follow their usual seasonal decline into late fall.
• Price per square foot against the median. Whether the gap between Redfin's two figures closes, which would tell us how much of this summer's drop was mix.
• Sale-to-list and price reductions. The clearest real-time read on how far apart buyers and sellers are.
• Zillow's index for 98121. The steadiest of the three measures, and the one least moved by a single quarter's mix of sales.

These are the things I will measure, not predictions about how they will come out. If one of the sources changes its method or stops publishing a figure, I will say so in the next edition rather than substitute an estimate.

Frequently Asked Questions

Are Belltown, Seattle condo prices going down?

Yes, over the past year. Redfin's Belltown median for the three months ending August 2026 was $469,273, down 30.5 percent, though its price per square foot rose 4.0 percent, which points to smaller units selling. Zillow's condo index for ZIP 98121 fell 6.1 percent and the NWMLS Downtown/Belltown median fell 9.3 percent in August 2026.

What is the median condo price in Belltown, Seattle right now?

It depends on the source. Redfin's Belltown median was $469,273 for the three months ending August 2026. The NWMLS Downtown/Belltown condo median was $535,000 in August 2026. Zillow's typical condo value for ZIP 98121 was $527,504 in August 2026. Each measures a slightly different area and method.

Is Belltown, Seattle a buyer's market for condos?

By the months-of-supply measure, yes. Downtown/Belltown (NWMLS Area 701) had about 8.9 months of supply in August 2026 by my calculation, and Seattle Condos and Lofts reported 8.7 months in June. They treat anything above 7 months as a buyer's market. That describes current conditions, not a forecast.

How long do Belltown condos take to sell?

Redfin reports a median of 71 days on market in Belltown for the three months ending August 2026, up from 28 days a year earlier. About 38.5 percent of listings had a price reduction. Well-priced units in demand still sell faster, and 9.1 percent sold above list price.

Why did Redfin show a 30 percent drop in Belltown?

Redfin's median fell 30.5 percent while its median price per square foot rose 4.0 percent over the same three months ending August 2026. That combination means smaller, lower-priced units made up more of this summer's sales. Zillow's index, which tracks a typical comparable condo, shows a smaller 6.1 percent decline.

How often is this Belltown condo market update published?

Quarterly. Each edition covers the most recent three months of published data from the same sources: Redfin, NWMLS figures compiled by Seattle Condos and Lofts, and the Zillow Home Value Index. This edition covers June through August 2026. The next will cover September through November 2026.

If you want these numbers translated to a specific building or unit, call me at (206) 251-9002 or send me a note. I live in Belltown, I work with this data every quarter, and I will give you a calm, specific read on where you stand. For the neighborhood itself, my complete Belltown neighborhood guide and moving to Belltown guide cover the rest.

Sources: Redfin Belltown housing market page (three months ending August 2026, accessed September 24, 2026); Northwest Multiple Listing Service figures as compiled by Seattle Condos and Lofts in its June, July and August 2026 recaps; Zillow Home Value Index, condo/co-op, ZIP 98121 and city of Seattle (August 2026). Months of supply for August 2026 calculated from Area 701 active listings and pending sales using Seattle Condos and Lofts' published method.