Redmond Mortgage Guide
Redmond is Microsoft’s home city and now the eastern end of the Link 2 Line. With a median sale price near $1.34 million over the 12 months ending August 2026, most house purchases here run past the King County conforming limit, and a large share of buyers qualify partly on stock compensation.
Market Snapshot: Redmond, WA
What buyers need to know about Redmond mortgages
Redmond’s housing demand is anchored by employment rather than by scarcity of land. Microsoft’s headquarters campus, Nintendo of America, and the wider Overlake employment core put a steady, well-paid buyer pool into a market that has kept adding townhomes and mid-rise condos downtown. That mix is why Redmond has both $3M single-family homes and townhomes that still finance conventionally.
Transit changed the calculus here. The Link 2 Line reached Downtown Redmond on May 10, 2025, adding Marymoor Village and Downtown Redmond stations and connecting the city directly to Overlake and Bellevue without I-405. Walkable, transit-adjacent inventory in downtown Redmond now competes with the traditional draw of larger lots on Education Hill. Since March 2026, the 2 Line also crosses Lake Washington on I-90, so Redmond riders now have a one-seat trip through Bellevue and Mercer Island to downtown Seattle.
Redfin data for the three months ending August 2026 puts the median sale price for all Redmond homes near $1.34 million, with a median of 23 days on market, homes selling for about 97.7% of list price, and close to 39% of listings taking a price cut. That is a market with real negotiating room by recent Eastside standards, though well-priced homes in the strongest school attendance areas still move quickly.
Redmond home prices, taxes, and light rail in 2026
Redmond prices depend on the kind of home. Here is the picture over the three months ending August 2026, from Redfin’s Redmond housing market data, alongside the NWMLS year-to-date median from the NWMLS King County report for August 2026.
| Redmond (Redfin, 3 months ending Aug 2026) | Median sale price |
|---|---|
| Houses | $1,499,122 (down 5.0%) |
| Townhomes | $858,057 |
| Condos | $451,522 (down 26%) |
| Single-family, Redmond and Carnation (NWMLS area 550), Jan to Aug 2026 | $1,350,000 |
What this means for you: a typical Redmond house is a jumbo loan, while most townhomes and condos fit under the $1,063,750 conforming limit, and condo prices are well below a year ago. My King County housing market report compares Redmond with the rest of the county.
Property taxes. Redmond’s 2026 levy rate is about $8.40 per $1,000 of assessed value, and the median Redmond tax bill is about $12,724 a year, up about 17% from 2025 as assessed values rose, according to the King County Assessor. My King County property taxes guide compares cities. This is not tax advice.
Excise tax when you sell. Washington’s graduated real estate excise tax, plus Redmond’s local 0.5%, comes to roughly $23,000 on a $1.34 million sale as an illustrative example, and by local custom the seller pays it. My guide to closing costs in King County breaks it down.
Light rail and nearby guides. Downtown Redmond, Marymoor Village, and Redmond Technology stations now connect to Bellevue, Mercer Island, and Seattle. My guide to homes near Eastside light rail covers each station area, and the Sammamish guide covers the plateau just east. For the whole county, start with my King County home loans page.
Jumbo Loan: 10% to 20% Down
With a house median near $1.5 million, most Redmond single-family purchases exceed King County’s conforming limit of $1,063,750. Jumbo guidelines vary by investor, so where your file lands matters.
RSU & Stock Compensation
A large share of Redmond buyers are compensated partly in restricted stock. With documented vesting history, that income can be used to qualify, and how it is calculated often decides the outcome. Many also hold shares bought through an employee stock purchase plan; those purchases are not income, but sold shares can fund a down payment with a clear paper trail.
Conventional: Downtown & Overlake
Redmond’s downtown condo and townhome inventory frequently keeps loan amounts under $1,063,750, which opens conventional financing at 5%, 10%, or 15% down.
VA Jumbo Loan
Eligible veterans can borrow above standard limits in King County with no monthly mortgage insurance, a real advantage where the median is near $1.4M.
Jumbo Cash-Out Refinance
Redmond owners who bought before the recent run-up often hold significant equity. Cash-out refinancing is commonly used for renovation or to fund a second property.
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Redmond WA mortgage questions
What is the median home price in Redmond WA?
According to Redfin, the median sale price for all Redmond homes was about $1.34 million over the 12 months ending August 2026. Over the most recent three months, houses ran near $1.5 million, townhomes near $858,000, and condos near $452,000. Homes sold in a median of 23 days. Because the house median sits above King County's conforming loan limit of $1,063,750, most single-family purchases in Redmond require jumbo financing.
Does light rail serve Redmond?
Yes. The Link 2 Line was extended to Downtown Redmond on May 10, 2025, adding Marymoor Village and Downtown Redmond stations to the existing Redmond Technology stop at Overlake. For buyers weighing downtown Redmond condos and townhomes against larger lots further out, transit access is now a genuine part of the tradeoff.
Can I use RSU income to qualify for a mortgage in Redmond?
Yes, subject to lender guidelines. Restricted stock unit income is generally usable with a documented vesting history and a reasonable expectation that it continues. Redmond has one of the highest concentrations of equity-compensated buyers in the state, and the way a given investor averages that income can be the difference between qualifying comfortably and not qualifying at all.
Can I buy in Redmond without a jumbo loan?
Often, yes, if you target the right inventory. Downtown Redmond and Overlake condos and townhomes frequently price where the loan amount stays under $1,063,750, which keeps you in conventional financing. Since the threshold is based on loan amount rather than price, increasing your down payment is another way to stay conforming on a higher-priced home.
Buying or refinancing in Redmond?
Redmond buyers usually need two things handled well: jumbo structure and equity compensation. Keith works with both every week.
Mortgage Reel is powered by Fairway Independent Mortgage Corporation. NMLS #2289. Keith Akada, Loan Officer. NMLS #112443. Washington State Consumer Loan Company License MLO-112443. Median price, days on market, and sale-to-list figures are from Redfin data for the three months ending August 2026, and the year-to-date median is from Northwest Multiple Listing Service; all change month to month. Loan limits shown reflect the 2026 King County one-unit conforming limit. This is not a commitment to lend. All loans subject to credit and property approval. Not all applicants will qualify. Equal Housing Opportunity.