Phinney Ridge Home Prices Are Getting Out of Control (is it still worth it?)

Read to the end for examples of expensive Phinney Ridge homes.

Phinney Ridge has always been expensive. That’s not news. What is new is how far it’s pulled away from the pack.

Looking at rolling 12-month NWMLS data (each point is a full year of activity), there’s a clear step-change in 2025: Phinney didn’t just keep rising—it jumped into a new tier.

And since that jump, the neighborhood has mostly moved “in parallel” with nearby North Seattle areas. In other words: the gap widened, then both tracks continued upward at a similar pace.

Quick answer: how much more does Phinney Ridge cost right now?

In real-world terms, buyers are commonly paying about $125,000 to $200,000 more in Phinney Ridge for a house that would feel very similar in other nearby North Seattle neighborhoods.

That’s a big delta. Big enough that it forces the question: is the premium still worth it?

What happened in 2025?

I don’t have a single neat explanation (and I’m wary of anyone who does). But here are the forces that usually create a “sudden gap” like this:

• The mix of homes that sold changed. One year of more renovated homes, better layouts, better lots, or fewer true fixers can push a median up fast.
• Buyers got more decisive about location. When a neighborhood becomes a “must-have,” people stop comparing it fairly to the next neighborhood over.
• Phinney’s lifestyle bundle is hard to replicate. You’re getting walkability, character, views, and a day-to-day ease that a lot of Seattle neighborhoods can’t match all at once.
• Commute and flexibility matter more than people admit. Phinney is one of those places where your commute stays reasonable even if your job changes.

Put all that together, and it’s not hard to see how the premium could expand quickly—especially in a year where inventory was weird and buyers were extra selective.

So… is Phinney Ridge still a good long-term buy?

I think it can be. But not for the reason most people want to hear.

If you’re buying Phinney Ridge expecting another big, surprise leap next year, I wouldn’t underwrite that. The 2025 jump may end up looking like a one-time reset in pricing, not a new annual pattern.

The better reason to buy Phinney Ridge is simple: most Phinney buyers are buying a long life there. They’re planning to stay. They want a neighborhood that works for work, kids, walking to dinner, and weekends—without feeling like they’re trapped in one corner of the city.

Phinney Ridge checks a lot of boxes that are hard to “shop by spreadsheet”: beautiful streets, a real neighborhood feel, strong access to Green Lake, Ballard, Fremont, and quick routes in multiple directions. For a lot of families, it’s the most “Seattle” version of North Seattle living.

And that’s why I don’t think buying in Phinney Ridge is a bad move—even if the premium feels wild.

How to decide if the Phinney premium is worth it (a practical way)

Here’s the decision framework I like, because it keeps things grounded:

• Match the house, not the neighborhood. Same size, similar condition, similar lot, similar parking, similar layout. (This is where most comparisons fall apart.)
• Price the lifestyle, honestly. If you’ll actually use the walkability, the proximity, the parks, and the “easy access to everywhere,” that premium may be money well spent.
• Watch the gap, not just the price. If Phinney keeps appreciating at the same rate as nearby areas after the jump, then the premium may hold—but it may not keep widening.

My prediction for 2026

I would not expect another dramatic year like 2025. I think Phinney continues to appreciate over time, but I’d be surprised if we see a repeat of that sudden surge in the near term.

If you’re buying now, I’d assume “steady Seattle appreciation,” not fireworks.

FAQ

Why is Phinney Ridge more expensive than other North Seattle neighborhoods?

Because it bundles together walkability, charm, views, and a central North Seattle location that stays convenient even when your job or routine changes. That combination is scarce, and buyers pay for scarcity.

Did Phinney Ridge prices really jump in 2025?

Yes—rolling 12-month NWMLS data shows a noticeable step-change in 2025. :contentReference[oaicite:2]{index=2}

Will Phinney Ridge prices drop?

Anything can happen short-term, but most buyers here are long-term owners. That tends to support pricing. The bigger question isn’t “will it drop,” it’s “will it keep widening the gap.” I’m not betting on another big gap-widening year soon.

Is Phinney Ridge worth the extra $125,000–$200,000?

It depends on whether you’ll actually use what you’re paying for. If you’re buying the location and lifestyle and plan to stay a long time, it can absolutely make sense. If you’re flexible and just want “a similar house,” there are often better values nearby.

One last thought

If you’re shopping this part of Seattle, the smartest thing you can do is make the comparison fair. Not “Phinney vs. somewhere cheaper,” but the same house, the same quality, the same commute reality—then decide if the lifestyle difference is worth the check you’re writing.

EXAMPLES OF RECENT PHINNEY RIDGE SALES (Zillow Links)

6727-6th-Ave-NW (Listed $1.175m, Sold $1.39m) 

349-N-72nd-St (Listed $1.3m, Sold $1.41m)