Waterfront
Living life on the water's edge
Realogics Sotheby’s International Realty (RSIR) is proud to present our 2026 Waterfront Report, diving into one of the rarest, most desirable markets in the Puget Sound region. For those who seek a lifestyle that is defined by a private shoreline, a waterfront property represents a life buoyed by nature, elevated by its setting, and encouraged by the adventures that await right outside the door.
The Pacific Northwest offers an unparalleled diversity of waterfront experiences, from urban shorelines and marina communities to secluded island retreats and expansive lakefront estates. The scarcity of available shoreline in the region only makes these homes more coveted and valuable.
The Waterfront Report provides a comprehensive analysis of 16 of the area’s distinct waterfront communities, lifestyle inspiration, and the trends that set this niche market apart from the rest. It should be noted that year-over-year changes can appear unusually dramatic in certain markets, particularly where a small number of high-value transactions can significantly influence statistical averages and medians. For a more comprehensive understanding of local waterfront market conditions and emerging opportunities, readers are encouraged to consult with a Global Real Estate Advisor at RSIR.
If you’re interested in becoming a steward of the shoreline yourself, use this report as a starting place for the remarkable voyage. RSIR’s advisors are experts in this market and can guide you through the waters as experienced captains. 407 & 408 5th Avenue W | Kirkland
A letter from the president
s we reach the midpoint of 2026, the Pacific Northwest waterfront submarket finds itself navigating a fascinating convergence of forces—economic, political, technological, and global. Yet through every cycle, one truth remains remarkably consistent: extraordinary waterfront properties continue to attract extraordinary buyers.
The first half of 2026 has been anything but ordinary. Artificial intelligence has rapidly transformed workplace expectations and capital allocation strategies, creating both optimism and anxiety. Significant layoffs within portions of the technology sector have been met with equally significant commitments from global companies expanding their footprint in the Pacific Northwest (and inbound wealth in the making). Financial markets have weathered periods of volatility, geopolitical tensions in the Middle East have influenced energy prices and investor sentiment, inflation has lingered longer than many expected, and mortgage rates have remained elevated enough to give some buyers pause.
Yet despite these headwinds, the wealth creation engine of the Pacific Northwest continues to generate remarkable momentum.
Year-to-date 2026 was marked by astonishing strength in the financial markets, underscoring a renewed sense of investor confidence and the growing wealth effect fueled, in large part,
by artificial intelligence. The S&P 500 surpassed 7,600 for the first time in history and established multiple record highs throughout June, while the Nasdaq Composite climbed to new all-time highs driven by unprecedented investment in AI infrastructure, cloud computing, and semiconductor technologies. The Dow Jones Industrial Average also reached fresh records, signaling that market participation had broadened beyond the technology sector alone. Meanwhile, the Philadelphia Semiconductor Index achieved new highs as investors continued pouring capital into the hardware and data-center ecosystems powering the AI revolution. Adding to the momentum, SpaceX completed what many described as the largest IPO in history. Collectively, these milestones reflect a market environment where optimism, capital formation, and wealth creation remain remarkably resilient despite ongoing geopolitical, inflationary, and policy-related uncertainties.
This economic boom has created a substantial wealth effect, particularly among executives, entrepreneurs, investors, and employees of the region's most influential companies. While headlines often focus on uncertainty, balance sheets tell a different story. Many prospective waterfront buyers today are simply wealthier than they were just twelve months ago.
Adding another complexity to the conversation is Washington state's recently enacted “Millionaire's Tax”, scheduled to take
effect on January 1, 2028, unless altered through litigation or future political action. Although much remains uncertain, luxury real estate brokers, estate attorneys, wealth advisors, and family offices are reporting increased conversations around domicile planning, wealth preservation, and long-term residency decisions. For every waterfront estate listed because an owner intends to relocate to a tax-friendly state, there are many more households quietly evaluating their options and waiting to see how future legal and political developments unfold. They are also monitoring to see if a spike of inventory floods the market. So far, the rise in listings has matched the rise in demand.
At the same time, Seattle and the Pacific Northwest stand before an unprecedented global stage. Worldwide soccer matches are introducing millions of international visitors and viewers to the natural beauty, economic vitality, and lifestyle advantages of our region. Historically, global exposure has translated into increased interest in lifestyle investments, second homes, and destination real estate. The Pacific Northwest is no longer a hidden gem. It is increasingly viewed as a world-class destination on full display.
Against this backdrop, waterfront real estate has demonstrated impressive resilience.
Across King, Snohomish, Pierce, and Kitsap counties, waterfront
inventory increased modestly by 1.2% year-to-date 2026 while pending sales climbed 9.2%, suggesting a market niche that is becoming more liquid rather than less. This dramatic increase reflects a market that’s finding equilibrium between opportunity and demand. Market wide, the months of waterfront inventory have climbed to approximately seven months, signaling a more balanced environment after years of intense seller advantage. Buyers have more choices. Sellers face more competition. Yet this is hardly a distressed market.
In fact, one of the defining characteristics of waterfront real estate remains unchanged: most owners possess substantial equity and are under little pressure to sell. Unlike more commoditized housing sectors, there is very little distress in the waterfront marketplace. Sellers unwilling to meet the market often simply choose not to transact. Brokers are reporting many offers below expectations, resulting in a blinking contest between buyers and sellers testing the balance of supply and demand.
This distinction between aspirational pricing and market pricing has become increasingly evident. Perhaps no example illustrates this more clearly than the recent sale of 3858 Hunts Point Road –a real estate microclimate on Hunts Point. Originally introduced to the market in 2022 at $85 million—the highest asking price in Northwest MLS history—the estate ultimately sold in April 2026 for approximately $38 million. While exceptional in scale
3253 Hunts Point Rd | Bellevue
5 Beds | 4.5 Baths | 7,220 Square Feet | Pending $21,500,000
and circumstance, the transaction serves as a powerful reminder that even the most remarkable properties must ultimately align with buyer expectations. Market value and aspirational value are not always the same. Brokers describe the super prime market as having less elasticity than in years past, so the premiums once paid well above the asking prices or dramatic “make me move” off-market transactions are fewer. The market's uppermost tier, particularly above $50 million, has become far more selective, with sophisticated buyers negotiating more aggressively and demanding greater precision in pricing.
At the same time, properly positioned and logically priced waterfront homes continue to command strong interest and often do sell quickly, even with multiple offers when repriced correctly.
It is also worth remembering that many buyers at these price points possess the resources to create exactly what they want. In some cases, they may choose to acquire land and build a bespoke residence despite the effort and time involved. In other cases, a thoughtfully designed and move-in-ready waterfront estate becomes the proverbial "Goldilocks" opportunity— one that commands a premium because it offers immediate enjoyment without compromise.
In King County (the region's costliest housing market), since the March 30 signing of the "Millionaire's Tax" through mid-June,
pending and closed sales surged by twice the pace of inventory levels compared to the same period a year ago. Looking more acutely at the “Gold Coast” of Lake Washington’s pricey eastern shoreline (from Beaux Arts Village north to Juanita) a similar phenomenon is transpiring as buyers pounce on more selection and sharper pricing. Here pending and closed sales have skyrocketed two-and-a-half times over the same six-week period a year earlier, averaging a 4% delta between asking prices and selling prices. In fact, two properties priced above $20 million attracted multiple offers, evidencing that active and attentive buyers are sometimes just beneath the surface.
Perhaps the most important conclusion from the first half of 2026 is this: despite the noise, despite the headlines, and despite the uncertainty, there is no evidence of “waterfront watershed” in luxury real estate given the income tax policies or looming threat of a luxury exodus. Quite the opposite.
What we are witnessing is a transition from the extraordinary fever of the post-pandemic market toward a healthier and more sustainable marketplace. Inventory is rising. Sales are rising. Negotiation is returning. Buyers are becoming more discerning. Sellers are becoming more strategic. Simply put, there’s more flow and throughput in the ecosystem.
Savvy buyers recognize that exceptional waterfront properties remain among the rarest and most irreplaceable assets available anywhere in the world. They understand the value of shoreline, views, moorage, privacy, and lifestyle. They appreciate that while tax policies, interest rates, and economic cycles may change, the supply of premier waterfront real estate does not. Ultimately, the premiums paid are worth it.
The tides may change, but the waterfront endures. It always has and it always will.
Dean Jones | Principal & Owner Realogics Sotheby’s International Realty
REFERENCES
Luxury Outlook: A rising tide for lifestyle real estate
Coinciding with the release of the 2026 Waterfront Report, Sotheby’s International Realty has published its 2026 MidYear Luxury Outlook, offering timely context for what RSIR advisors are witnessing across the Puget Sound region: luxury real estate remains resilient, increasingly lifestyledriven, and closely tied to the wealth effect created by equity markets, innovation, and global mobility.
The report reinforces a powerful conclusion. Affluent buyers are not retreating from meaningful real estate investments (even in the face of evolving tax policies); they are becoming more intentional about where and how they live. Waterfront homes, legacy estates, private retreats, and lifestyle-oriented properties continue to benefit from this shift, particularly in markets where natural beauty, economic opportunity, and quality of life converge.
San Francisco’s AI-fueled rebound may offer a preview of what is ahead for the Seattle/Bellevue metro area. As artificial intelligence investment expands across the technology economy, the Pacific Northwest is well positioned to benefit from renewed wealth creation, executive relocation, and demand for irreplaceable properties.
For Puget Sound region waterfront, the message is clear: lifestyle, scarcity, and innovation remain a compelling current.
Waterfront living: it's a shore thing
Waterfront property is more than a view—it’s lifestyle, legacy, and enduring market value.
A home at the water’s edge feels immediately different. Perhaps it’s the way the morning light drifts across the surface, slowly welcoming you to the day. Or maybe it’s the rare opportunity to walk with your coffee down to your private dock, or those summer evenings that linger longer as the water laps up against your own stretch of shore.
Waterfront ownership has always occupied a class of its own. Simply put, shorelines cannot be recreated, making waterfront property finite by nature. You can always renovate a kitchen, expand a floor plan, or reimagine a garden, but dock access, unobstructed views, and private beaches remain hard to come by in every market cycle. The exclusive waterfront lifestyle is shaped by access, scarcity, and stewardship, a framing that captures both its emotional appeal and market distinction.
6810 NE Wood Bay Lane | Poulsbo
It’s that scarcity that gives waterfront real estate its staying power. While conventional housing is often influenced by new supply, changing neighborhood preferences, or broader affordability pressures, true waterfront property is governed by a different equation: limited inventory, persistent demand, and a lifestyle that cannot be replicated inland.
The emotional case for waterfront ownership is easy to understand, and the numbers reinforce the narrative. In 2025, only 3.4% of single-family homes sold across the analyzed counties were classified as waterfront homes. This points to an inherently limited inventory with a higher price point than non-waterfront residences. In 2025, the King County median sales price for a waterfront home rose to $1.8 million, which is 46% higher than the median for all King County homes. The difference exceeded 50% in Kitsap and Pierce counties.
Yet the appeal of waterfront ownership is not measured by price performance alone. It is also measured in morning swims, paddleboards at the ready, and friends arriving barefoot in August. These are the lifestyle assets that can be lived in, shared, preserved, and ultimately passed on.
This is what makes waterfront real estate such a compelling “liquid asset.” It combines both financial and experiential returns. It offers the tangible qualities of land, architecture, and location, plus the intangible returns of recreation, wellness, privacy, and legacy. For buyers, these homes are often purchased with less sensitivity to short-term market movement. That long-view ownership culture can help support resilience when broader markets fluctuate.
Of course, not every shoreline is created equal. Discerning buyers seeking to make their home on the waterfront will still look closely at permitting, insurance, maintenance, and environmental considerations. Some waterfront requires shared access, including boat moorage restrictions and other limitations on development. But when properly evaluated, waterfront property continues to stand apart within the luxury sector. It's limited in supply, enduring in demand, and rich in returns.
REFERENCES
Waterfront highlights from 2025
In examining the 16 distinct waterfront communities analyzed in the report, one takeaway is clear: these markets are not only unique within the broader market, but they’re also unique from each other. With some neighborhoods offering more waterfrontage and others providing more seamless access to in-city amenities, the supply and demand for these markets ebb and flow at their own individual pace, depending on market trends.
Some communities saw significant price growth between 2024 and 2025, such as Bellevue (with a 29% year-over-year increase in median sales price) and Four Points (with a 44% year-overyear increase). While others experienced a significant decrease in the median sales price (Sammamish/Issaquah and Seattle floating homes).
Other trendlines are easier to track across the communities, such as the average number of days spent on the market, which increased between 2024 and 2025 in 13 out of the 16 communities. Bellevue, Mercer Island, and Kirkland all saw a decrease in this figure, indicating that buyers were more motivated to make purchases more quickly in these desirable Eastside markets during 2025.
Even amidst slower market cycles, the popularity of Eastside residences, particularly those that offer waterfront access in addition to the amenities and access of the surrounding cities, endures. The two highest sales prices throughout the communities analyzed were in Bellevue and Mercer Island. The highest median sales price of all communities analyzed was found in the Four Points neighborhood—which includes Medina, Hunts Point, Yarrow Point, and Clyde Hill—at $11,530,000. In 2026, as of the publishing of this report, the top sale in the region was a 12,600-square-foot waterfront mansion in Hunts Point, which sold for $38,000,000.
In markets like Kitsap County (excluding Bainbridge Island), Port Angeles and Sequim (combined for our reporting purposes), and Camano Island, buyers were able to search for their waterfront property within markets that had a median sales price of less than $1,000,000. In Poulsbo, which had the lowest average price per square foot, buyers made their dollar go farther for the amount of square footage they received.
What this means for buyers and sellers
In 2025, the waterfront market moved more slowly than the broader market. However, buyers should be prepared to make competitive offers as inventory in these markets is scarce, and if you fall in love with a property, another one like it may not come around for a while.
Knowing exactly the right type of questions to ask, like who owns the surrounding tidelands or who is responsible for maintaining the bulkhead, is particularly important when making a waterfront purchase. These properties open the door to new opportunities, but they also carry new responsibilities.
Sellers, listing your home during the spring and summer months is the ideal time to highlight your home’s allure. With fair weather, your curb appeal will be at its peak. Buyers are more motivated to make purchases during warmer months, so that they can take advantage of their waterfront benefits immediately. Many waterfront homes will be appreciated from the shorelines, but the first engagement will most likely be online. RSIR advisors are experts in crafting strategic marketing plans that include professional staging, photography, and videography.
When you’re looking to position your lakefront estate at its best or you’re searching for your dream beachfront escape on the Sound, the best place to start your journey is by enlisting the help of an experienced advisor. RSIR’s Global Real Estate Advisors understand the nuances of buying and selling a waterfront home amidst the broader market fluctuations. Start your voyage by charting a navigation plan with a trusted broker.
There is no shortage of iconic waterfront communities in the Pacific Northwest, from the forested shores of Bainbridge Island, known for scenic ferry rides to and from Seattle, to Lake Washington, with its ideal convergence between natural beauty and in-city opportunity. However, some of the most popular markets also come at the highest price.
For buyers interested in the lifestyle that a waterfront home encourages without the costs associated with purchasing a home in a more luxury or competitive market, there are still lesser-known treasures to be found in the Puget Sound region.
LAKEWOOD: IT’S IN THE NAME
With seamless access to Pierce County amenities and opportunities, including Tacoma to the north and Joint Base Lewis-McChord to the south, Lakewood is perfectly sited between major amenities while maintaining its quiet, residential appeal. It’s known for its ample lakes, including American Lake, which is stocked with rainbow trout for fishing enthusiasts and boasts the 500-year-old Thornewood Castle for architecture and history buffs.
Lakewood homebuyers are drawn to the award-winning schools, diverse dining, and ability to reside on one of its seven total lakes for a fraction of the price of nearby waterfront real estate markets.
In 2025, the waterfront market in Lakewood had a median sales price of $1,000,000—a significantly lower number than what most homebuyers in Bellevue, Mercer Island, and Kirkland paid. Listings spent an average of 37 days on the market, which is also less than the averages in Eastside neighborhoods, indicating that the affordable pricing also created more competitive conditions. Despite its name, a waterfront home in Lakewood remains rare, with just 21 sales in 2025 accounting for 11% of total residential sales.
1157 12th Avenue | Fox Island 19.15 Acres | $5,398,000
FOX ISLAND: AN ATTRACTIVE ALTERNATIVE
Located approximately 30 minutes from Tacoma, Fox Island feels worlds away with its island charm, boating opportunities, and nature preserve. Accessible from Tacoma and Gig Harbor by bridge, residents experience both seclusion and connection.
With similar attributes to Bainbridge Island—such as moorage opportunities, tideland exploration, and hiking trails—homebuyers who are willing to broaden their home-search radius can enjoy many of the same benefits of Bainbridge Island for lower prices.
In 2025, Bainbridge Island’s median sales price was $2,350,000, whereas Fox Island's median sales price was $1,992,500. The highest sales price on Bainbridge Island was $6,300,000, compared to $4,100,000 on Fox Island. If you’re looking for a private dock to moor your prized boat, the opportunity to start and end your days with the sights of the Sound, or small-town charm surrounded by big-city convenience, Bainbridge Island and Fox Island feel like companion cities with matching appeal.
The Waterfront Collection
1025 Granary Avenue | Bellingham
Starting From the Mid $500,000s
BELLINGHAM: A GATEWAY TO A NEW LIFESTYLE
Less than an hour from Canada and only 90 minutes from Seattle sits a renowned hub for education, career, and recreational opportunities—where the ski slopes are a short drive away, and island hopping is made possible by the robust ferry system to the San Juan Islands. In Bellingham, snow-capped Mount Baker in the distance and the serene waters of the Sound create a backdrop that looks straight from a postcard. For those searching for a slower pace of life, where the natural landscape guides your daily activities, Bellingham is the ideal home base for settling into a forever home or making an exciting first purchase.
With a median sales price of $1,273,400 in 2025, the Bellingham market feels luxury but offers lower pricing than many of the southern communities analyzed in the report. With sales prices ranging from $410,000 to $4,225,000 in 2025, this city opens the door to both affordable homes and upscale estates.
REFERENCES
City of Lakewood. About Lakewood. Cityoflakewood.us
City of Bellingham. About Bellingham. Cob.org
Data supplied by the Northwest MLS and Trendgraphix. Neither the Associations nor their NWMLSs guarantee or are in any way responsible for its accuracy.
One of Bellingham’s biggest appeals is the accessibility of waterfront inventory, with waterfront sales accounting for 20.8% of last year’s total residential sales. This percentage is higher than that of Bainbridge, Mercer, and Whidbey Islands. The average dollar per square foot is $622.8, meaning buyers in this market receive more for their dollar than in the majority of the other markets analyzed in this report.
With the Port of Bellingham’s Waterfront District redevelopment plan taking shape, Bellingham Bay is transforming into an eclectic, mixed-use neighborhood. Residents are in a prime position amidst the city’s turning tides.
Lifestyle defined
A day on the
waterfront by location
Meaningful connections to the unique bodies of water that grace the region are a part of the fabric of life in Washington state. Whether you’re paddling over the crystal clear waters of Lake Crescent, fly-fishing for steelhead and bull trout in the Skagit River, or hosting a sunset cruise on a yacht on Lake Union, the diverse ways to appreciate our rivers, lakes, and Sound are endless.
Purchasing a waterfront home is about much more than owning a property that sits in a stunning setting; it’s an invitation to create a life inspired by the surrounding nature.
RISE AND SHINE
The way we start our days can dictate how the following hours transpire. A morning cup of coffee with the sound of lapping waves and seabirds on a private deck sets the tone for a day of staying centered and calm. For those who want to regulate their nervous system by a more ambitious method, walking straight from your door and into a cold plunge in the soft light of dawn is a privilege that few can claim.
PRICELESS EXPERIENCES
Afternoons spent kayaking waterways with friends and family mean more than just recreation and exercise. With the various birds, seals, whales, and fish found in the region’s waters, you might catch a glimpse of the type of wildlife that people travel from across the world to witness. Whale-watching tours are unnecessary when you can sight a pod of orcas from your kitchen window.
Stretching nearly 100 miles from Admiralty Inlet to Olympia, with 1,330 miles of shoreline, the Puget Sound is where the recreation and industry of humans converge with the hundreds of species of animals that inhabit the ecosystem. Whether you’re taking photos that could rival those in National Geographic from your beach or you’re looking for ways to reinforce your bulkhead without disrupting the surrounding environment, owning a piece of shoreline welcomes you into a remarkable world. It also necessitates a responsibility to protect and respect the shoreline you’re lucky enough to own.
IT’S ABOUT THE JOURNEY
For boaters, owning a private dock to moor your vessel means a scenic ride is always mere steps away. The accessibility of adventure creates the opportunity to shape your day-to-day to your dream life. Nothing is stopping you from starting up the engine or hoisting the mainsail when conditions are smooth and the weather is fair.
With the myriad of waterways throughout even the busiest of cities, like Seattle, a boat can present a new method of travel. Anchor in Seward Park and run the loop for a productive and fun way to kickstart the day. Make the voyage from an Eastside home to the Kirkland Marina for dinner and a sunset cruise back. Cruise South Lake Union during the evening to see the glimmering lights of the cityscape reflected off the water.
For further exploration, island hop throughout the San Juan Islands to experience an adventure that is quintessentially Pacific Northwest.
The Hiram M. Chittenden Locks (also known as The Ballard Locks) are far more than a maritime landmark—they are the gateway to some of the world's most extraordinary boating routes. This remarkable engineering marvel connects Seattle's freshwater lakes and waterways, including Lake Union, Portage Bay, Lake Washington, and the Ship Canal, to Elliott Bay, Puget Sound, and the greater Salish Sea beyond.
Perhaps most remarkable is that this vast network of protected waterways remains intrinsically connected to Seattle, allowing owners to enjoy an expansive boating lifestyle while maintaining the convenience, security, and comfort of a freshwater homeport.
CONNECTED BY MORE THAN JUST WATERWAYS
The ability to visit neighbors by boat means that block parties transform into dock parties. A waterfront home is an opening to more—more access, more entertainment, and more moments to share in the joy of life on the water with those who appreciate it as much as you do. It’s no secret that in the Pacific Northwest, our setting inspires our lifestyle and allows us to build relationships with people who relate.
From Opening Day celebrations on the first Saturday in May to sailboat races in coastal towns like Port Townsend, boating allows you to build community. One of the largest of these gatherings can be found in Seattle during the annual Seafair Weekend, a summer festival with boat races, parades, live music, and more. Festivities extend from the water to the sky with air shows by the Blue Angels.
FROM SUNRISE TO SUNSET
At the end of all the kayaking, sailing, oyster shucking, and marine adventures, there’s no better feeling than returning to a property that extends the feeling of a day at the beach. A bonfire with the pink hue of a sunset behind it certainly feels special and rare, but for waterfront homeowners, it's entirely possible to close out most days like this. These are the types of properties that make the life you’ve always dreamed of attainable.
REFERENCES
Puget Sound Estuary. About Puget Sound. pugetsoundestuarium.org.
Analyzing waterfront trends
For those who look to be stewards of the shoreline, boating aficionados, tidepool adventurers, and beyond, owning a waterfront residence in the region presents an opportunity where home meets natural wonder. This unique market is truly rare, with just 1,650 sales in 2025 out of the counties analyzed in the report. In some counties, waterfront homes are even more scarce, like in King, Snohomish, and Pierce counties, where waterfront sales accounted for merely 2% of total residential sales in 2025.
King County had the highest median sales price ($1,800,000), with San Juan County coming in second place ($1,475,000).
Like the diversity found in waterfront home styles, from rustic floating homes to grand lakefront estates, there is ample variety in price ranges. Buyers searching for a waterfront home in Grays Harbor County saw a median sales price of $467,500 in 2025.
48,657
The following charts illustrate the variety in prices across all 12 counties, with most waterfront properties sold for under $1,000,000 in 2025. In King and Kitsap counties, a significantly higher portion of sales were over $1,000,000, compared to the data for all the counties combined.
Kitsap County
to $4M 39%
to $2M 18%
$1M 4%
Only 3.4% of homes sold across the counties examined were waterfront properties.
The definition of rare
Waterfront Market Report
Bainbridge Island
Residential Waterfront Homes
Located just a ferry ride away from Seattle, Bainbridge Island offers island escapes that allow for seamless access to city amenities while maintaining a completely distinct idyllic identity. The waterfront market on the island makes up a larger portion of total sales, speaking to the prevalent waterfront lifestyle and respect for shoreline stewardship that exists on this Kitsap County gem. Of the 371 total sales, 51 (14%) were waterfront properties, which is a higher percentage than most of the other communities analyzed. The market did see a price correction, with a 10% year-over-year decrease in the median sales price bringing 2025’s figure to $2,350,000. As witnessed in many non-waterfront markets as well, buyers searching for their homes in 2025 were deliberate and patient on their home-search journeys, as indicated by the 88-day average that homes spent on the market.
(10%)
TOP THREE WATERFRONT SALES IN 2025
1 2 3
6426 Wing Point Road NE, Bainbridge Island
$6,300,000
15254 & 15260 Broom Street NE, Bainbridge Island
$6,031,500
1850 Beans Bight Road NE, Bainbridge Island
$4,950,000
Waterfront Market Report
Bellevue
Residential Waterfront Homes
For the best of Eastside living, from boutique shops to top-rated dining, with a Lake Washington setting, West Bellevue waterfront homes offer the access of a major city with the natural beauty of a lakefront getaway. This desirable market boasts one of the highest median sales prices of the communities analyzed, with a notable 29% year-over-year increase bringing the median from $3,862,500 in 2024 to $5,000,000 in 2025. Waterfront homes sold more quickly in 2025 than they did in 2024—down from an average of 72 days on market to 63 days. Buyers received less water frontage in Bellevue than in some of the other waterfront communities in our report, which is common for city residences. The average price per square foot was down in 2025 and decreased from $1,542 to $1,452 per square foot.
TOP THREE WATERFRONT SALES IN 2025 1 2 3
9441 Lake Washington Boulevard NE, Bellevue
$20,250,000
9525 Lake Washington Boulevard NE, Bellevue
$11,000,000
2537 103rd Avenue SE, Bellevue
$9,950,000
Waterfront Market Report
Camano Island
Residential Waterfront Homes
As is typical with most island communities reported on, Camano Island’s waterfront market makes up a significant percentage of the entire residential sales, with waterfront homes accounting for 21% of total closed sales in 2025. Despite lower prices compared to the previous year, with the median sales price down by 13% year-over-year, from $1,140,000 to $997,000, the market moved more slowly last year. The days on market average was up from 67 days to 76 days on average when comparing 2024 to 2025. Although sales prices were lower on average, the average price per square foot was up from $538 to $624, meaning buyers paid more for square footage than they did the previous year. Buyers who purchased on the island in 2024 received more square footage for their dollar compared to those who bought a home in 2025.
TOP THREE WATERFRONT SALES IN 2025
1 2 3
495 Tillicum Way, Camano Island*
$7,100,000 | *Sold Off-Market
1237 Gerdes Road, Camano Island
$2,876,250 1421 Moore Road, Camano Island
$2,600,000
Waterfront Market Report
MEDINA | CLYDE HILL | YARROW POINT | HUNTS POINT
Four Points
Residential Waterfront Homes
Comprised of Clyde Hill, Medina, Hunts Point, and Yarrow Point, the Four Points area sits between Bellevue and Kirkland on the Eastside. With just 10 residential sales and the highest median sales price of the communities analyzed in the report, this waterfront market is rare and highly coveted. However, as is typical with most luxury markets, homes move more slowly. In 2025, the average number of days a home spent on the market was 124 days, meaning that although there was limited inventory in Four Points, buyers still did not feel pressured to make quick moves. The most significant difference between Four Points’ 2024 and 2025 waterfront markets was in the median sales price, which increased by 44% yearover-year. The highest sales price in this community was $18,000,000, which is the third highest waterfront sales price out of the markets analyzed in this report.
124
21 55
TOP THREE WATERFRONT SALES IN 2025
1 2 3
4652 95th Avenue, Yarrow Point*
$18,000,000 | *Sold Off-Market
3261 Hunts Point Road, Hunts Point*
$16,000,000 | *Sold Off-Market
3611 Hunts Point Road, Hunts Point
$15,250,000
Waterfront Market Report
Gig Harbor & Fox Island
Residential Waterfront Homes
Combined for our reporting purposes, Gig Harbor and Fox Island are idyllic Pierce County retreats located across the water from Tacoma. Buyers and sellers making their moves in these communities in 2025 saw a similar market to the one witnessed in 2024. There was less than a half percent change in both the average price per square foot and the median sales price. Homes sold slightly more slowly on average, with the days on market average up from 66 days in 2024 to 70 days in 2025. Buyers who purchased their waterfront residences in these communities received an average of 119 feet of shoreline. With neither the highest nor lowest price points of areas reported on, these markets offer a desirable opportunity to find your own slice of Puget Sound shoreline.
TOP THREE WATERFRONT SALES IN 2025
PIERCE COUNTY 4014 Horsehead Bay Drive NW, Gig Harbor
1 2 3
$8,500,000
$6,652,350
Waterfront Market Report
Kirkland
Residential Waterfront Homes
Located on the Eastside, with the stunning waters of Lake Washington and access to marinas creating a boater’s paradise, Kirkland’s waterfront market allows for connection to both city amenities and natural beauty. The waterfront market remains incredibly rare, with the niche market making up just 1% of all residential sales in the city. Buyers who want access to both Seattle and the Eastside, plus the lake, are drawn to Kirkland’s unique offerings. The market saw some price growth, with a 4% year-over-year increase in the median sales price, bringing it from $6,300,000 in 2024 to $6,550,000 in 2025. The average price per square foot was also up year-over-year, seeing a 9% growth from $1,653 to $1,803 per square foot. Homes sold more quickly in Kirkland in 2025 than they did in 2024—down from 63 days to 51 days on average.
51
48 63
TOP THREE WATERFRONT SALES IN 2025
1
2 3
245 Lake Avenue W, Kirkland
$10,453,000
407 408 5th Avenue W, Kirkland
$10,400,000
1433 10th Street W, Kirkland
$10,150,000
13
1,312
Waterfront Market Report
EXCLUDING BAINBRIDGE ISLAND
Kitsap County
Residential Waterfront Homes
Kitsap County’s waterfront market (which excludes Bainbridge Island, as it was analyzed separately in our reporting) accounted for 5% of total county residential sales (3,349 sales). There was minimal price growth in this market in 2025, with the median sales price increasing by 2% year-over-year from $956,500 in 2024 to $975,000 in 2025. Inventory moved more quickly than most of the other communities analyzed in the report, but with an average of 60 days on market (up from 47 days in 2024 and 41 days in 2023), homes generally did not see immediate competitive offers. In 2025, sellers had to be strategic in their home listing plans, even in rare and sought-after markets like Kitsap County. The highest sales price in this county was $3,700,000 for a property located in Poulsbo.
TOP THREE WATERFRONT SALES IN 2025
1 2 3
21330 Miller Bay Road NE, Poulsbo
$3,700,000
971 NW Norfinn Lane, Poulsbo
$3,150,000
7142 NE William Rogers Road, Indianola
$2,561,000
157
3,349
Waterfront Market Report
Mercer Island
Residential Waterfront Homes
Although Mercer Island boasted the highest median sales price for waterfront sales in 2024, it came in at the third spot in 2025 out of all the communities analyzed. The figure decreased by 28% year-over-year, a significant drop from $8,112,500 in 2024 to $5,812,500 in 2025. The average price per square foot saw a similar decrease of 22%, bringing it down from $1,815 to $1,412 per square foot. Lower pricing perhaps encouraged buyer activity, as the days on market average decreased from 159 days in 2024 to 74 days in 2025. However, activity still did not reach the levels of 2023, when the average was 45 days. The island did have the most expensive sale of 2025, with a listing selling for a remarkable $25,000,000.
45 159
TOP THREE WATERFRONT SALES IN 2025
1 2 3
1615 Roanoke Way, Mercer Island
$25,000,000
1628
$15,000,000
7010
Waterfront Market Report
Northwest Lake Washington
Residential Waterfront Homes
The Northwest Lake Washington waterfront market saw some of the most significant price growth witnessed in our reporting. The median sales price saw a notable 22% year-over-year increase, bringing it from $2,700,000 in 2024 to $3,290,625 in 2025. The average price per square foot remained stable with a 2% year-over-year increase. Sold homes in this market had the second lowest average for days spent on the market, at 54 days (which has remained largely consistent over the past three years). With waterfront homes accounting for only 1% of total residential sales in this community, a Northwest Lake Washington home is considered truly rare. Although buyers receive less shoreline than in other areas—with an average of just 57 linear feet—they also receive access to desirable in-city amenities and entertainment.
TOP THREE WATERFRONT SALES IN 2025
1 2 3 SEATTLE
3509 43rd Avenue NE, Seattle
$11,350,000
Lakeside Avenue S, Seattle $8,250,000
17
2,450
Waterfront Market Report
Combined in our report, Port Angeles and Sequim offer incredible opportunities for waterfront property ownership in Clallam County, located in the northwest corner of Washington state. Famously situated in the “rain shadow,” these cities offer more sunshine and less rain than other western Washington locales. Buyers in this market received the most shoreline of all the communities analyzed, with an average of 302 linear feet in 2025 (up significantly from 2024’s average of 139 feet). With an average of $571 per square foot (up 8% year-over-year from $527 in 2024), buyers also received more for their dollar when making their waterfront purchases in Port Angeles and Sequim. Despite this, homes sat on the market longer in 2025 than they did in 2024, with an average of 74 days.
33
1 2 3 887 Oxenford, Port Angeles
$3,200,000
Waterfront Market Report
Poulsbo
Residential Waterfront Homes
With a median sales price in the mid-range of the communities analyzed in our report, Poulsbo offers the opportunity to purchase your own piece of shoreline for relatively more affordable prices than seen in other communities. In fact, the median sales price was down by 10% year-over-year in 2025, from $1,400,000 to $1,255,000. Buyers received even more waterfrontage than they did the previous year, which was up from 107 to 146 average linear feet. Waterfront homes make up a small portion of the overall market in Poulsbo, with merely 5% of sales (26 out of 495 homes) accounting for waterfront sales in 2025. Despite lower prices and scarce inventory, homes lingered on the market longer in 2025 than they did in 2024—up from 56 days to 87 days on average.
TOP THREE WATERFRONT SALES IN 2025
1 2 3
21330 Miller Bay Road NE, Poulsbo
$3,700,000
495
LAKE SAMMAMISH
Waterfront Market Report
Residential Waterfront Homes
Combined in our reporting, Sammamish and Issaquah present waterfront opportunities to the east of some of the more competitive markets in the city. However, owning a waterfront property in this area is still a rare opportunity, with waterfront home sales making up just 3% of the total residential sales in 2025. Although the average days a home spent on the market was significantly lower in 2025 (at 68 days) than it was in 2023 (110 days), it was higher compared to 2024’s average of 55 days. Buyers generally paid less, with the median sales price down by 19% year-over-year from $3,337,500 to $2,700,000, but they received less square footage for their dollar as indicated by the 16% year-over-year increase in the average price per square foot.
68
110 55
AVERAGE PRICE PER SQ. FT ↑(16%)
TOP THREE WATERFRONT SALES IN 2025
1
2 3
$7,450,000
1,217
one of ‘Bank-High’, ‘Bank-Low’, ‘Bank-Medium’, ‘Bay’, ‘Bulkhead’, ‘Canal’, ‘Lake’, ‘No Bank’, ‘Ocean’, ‘Saltwater’, ‘Sound’, ‘Strait’, ‘Tideland
City is ‘Sammamish’ and ‘Issaquah’.
Waterfront Market Report
San Juan County
Residential Waterfront Homes
Known for stunning forests, wildlife sightings, and plenty of shoreline, San Juan County is one of the most iconic waterfront markets in the Pacific Northwest. In fact, a notable 27% of all residential sales in 2025 were waterfront properties, which is unsurprising given the number of islands that make up the county. Buyers who made their purchases last year were treated to ample amounts of private shoreline, with an average of 272 linear square feet of waterfront for sales in 2025. Inventory moves more slowly in this market, with the average days a home spent on the market at 133 days. Prices were down, and the median sales price decreased 12% year-over-year from $1,670,000 to $1,475,000. Sellers had to list strategically and price their homes appropriately to capture the attention of buyers last year.
TOP THREE WATERFRONT SALES IN 2025
1 2 3
61625 RES Undisclosed, Orcas Island
$13,100,000
Waterfront Market Report
Seattle Floating Homes
Iconically depicted in movies, television, and novels, Seattle's floating homes have captured attention across the world for decades. These charming properties offer a completely unique experience: life on Lake Union. Their distinctive nature is matched by their rarity, and less than 1% (just 30 sales) of Seattle’s residential sales in 2025 were floating homes. Despite largely offering less square footage than other waterfront homes in the area, the homes still fetch high sales prices. The median sales price in this market was $817,000, and the highest sales price last year was a $5,100,000 home. For those who seek connection to the balance between the exciting boat traffic and serene natural views that Lake Union offers, a Seattle floating home presents an opportunity truly like no other.
TOP THREE WATERFRONT SALES IN 2025
1 2 3 LAKE UNION
Residential Waterfront Homes 2821 Fairview Avenue E #2, Seattle*
$5,100,000 | *Sold Off-Market
Waterfront Market Report
West Seattle
Residential Waterfront Homes
With just 7 sales, the West Seattle market is the smallest of the communities analyzed in our reporting, which accounts for some of the major changes between the 2024 and 2025 data. The biggest change between the two years was found in the days on market average, which went from 23 days in 2024 to 163 days in 2025. The median sales price increased by 12% year-over-year from $2,447,500 to $2,750,000. However, the average price per square foot decreased by 8% to $855. The highest sales price in this community was a $6,500,000 sale. Buyers who purchased a waterfront West Seattle home did receive more water frontage on average in 2025 than those who purchased their property in 2024, as indicated by the increase from 56 to 75 linear feet on average. West Seattle is also one of the most unique submarkets amongst non-waterfront owners because the popular Alki Beach is a public asset and a highly accessible lifestyle without the elevated price point.
163
35 23
TOP THREE WATERFRONT SALES IN 2025 1 2 3 AVERAGE PRICE PER SQ.
9325 Fauntleroy Way SW, Seattle
$6,500,000
7161 Beach Drive SW, Seattle
$3,850,000
7117 Beach Drive SW, Seattle
$2,800,000
Waterfront Market Report
Whidbey Island
Residential Waterfront Homes
Known for its small-town charm amidst striking natural backdrops, Whidbey Island offers the quintessential Pacific Northwest waterfront lifestyle. Buyers searching for their Whidbey Island residence in 2025 navigated a market with relatively similar prices to 2024, but with slightly more sales. The median sales price was up by 2% year-overyear, while the average price per square foot was down by 8%. Despite its island nature, the waterfront market still only made up 11% of total residential sales last year— accounting for 108 sales out of the 1,011 total. The days on market average has steadily trended higher over the past few years, with an average of 72 days in 2025 compared to 61 days in 2024 and 56 days in 2023.
72
56 61
$2,899,000 TOP THREE WATERFRONT SALES IN 2025
1 2 3
3826 Oceanside Drive, Greenbank*
$4,000,000 | *Sold Off-Market
5208 East Harbor Road, Freeland
$2,900,000
5962 Cedar Street, Freeland
Waterfront Portfolio
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$5,495,000
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13401
$4,788,000
3027
$2,500,000
4065
$3,000,000
Fifty years
Celebrating fifty years
This year, we celebrate 50 years of Sotheby’s International Realty®—a milestone in a centuries long legacy of discerning taste, unwavering trust, and exceptional service. Sotheby’s Auction has shaped culture for over three centuries. Realogics Sotheby’s International Realty has extended that legacy by connecting buyers with remarkable properties around the world. Heritage is our advantage, and innovation is our tradition.
Celebrating Fifty Years of Sotheby’s
