Seattle Housing Market

Seattle Real Estate Market Update: Trends for Buyers and Sellers

Stay informed about the Seattle area housing market. In this update, we look at the latest market conditions and explain what they may mean if you’re thinking about buying, selling, or investing.

Local market context
for confident real estate decisions

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Greater Seattle Real Estate Market Update

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A Local Market Perspective

I’m Emily Cressey, a Seattle-area real estate broker with HomePro Associates. I share these updates to help buyers, sellers, and investors understand local market conditions and the choices they may face.

Real estate trends can vary from one neighborhood and property type to another. I’ll help you put the numbers in context so you can make informed decisions based on your goals.

October 2026 Market Snapshot

More Homes For Sale, A Slower Pace, And Mostly Steady Prices

September brought buyers more choices across Seattle, King County, and Snohomish County. Homes are taking longer to sell in many areas, but prices have not dropped sharply. Here are a few key numbers from this month’s market update.

54%+ Active Listings In King County compared with this time last year

More Selection For Buyers

Selected Market Changes By Area

Year-over-year change, September 2026
25%+ Seattle Listings
54%+ King County Listings
+35% Snohomish Listings
-15% King County Closed Sales

Source: September 2026 Northwest MLS data, as discussed in the market update.

Buyer Competition

Seattle And The Eastside Are Showing Different Conditions

Well-priced Seattle homes are still moving, while buyers have more negotiating room in many Eastside communities.

Seattle

10 Days on market for a typical home sold
-3% Median price compared with last year

Seattle homes sold faster than last year. Well-priced homes in the city are still moving.

Bellevue And The Eastside

96% Of asking price, typical Bellevue sale
More Room for buyers to negotiate

Conditions are softer around Bellevue and Redmond, giving buyers more negotiating room.

Mortgage Rates

7.3%

Freddie Mac’s average 30-year mortgage rate this week, according to the October market update.

The Takeaway

More Choice Doesn’t Mean Every Market Is The Same

Buyers have more homes to compare and more room to negotiate. Sellers need to price carefully and make a strong first impression. The right strategy depends on the neighborhood and the property.

About this snapshot: September 2026 is the latest completed month of housing data discussed in this October update. Market conditions vary by location, price range, and property type.

For Seattle Homebuyers

Timing the Market: When Is the Right Time to Buy in Seattle?

Understanding market timing involves more than one factor. This article is part of my Timing the Market guide, which helps you evaluate whether buying a home in Seattle makes sense for your goals.

Explore the Timing the Market Guide →

Want help understanding how current market conditions could affect your buying plans? I’m happy to talk through your options and timing.

October 2026 Market Analysis

Is Seattle A Buyer’s Market Yet?

September’s numbers show buyers have more homes to choose from across Seattle, King County, and Snohomish County. The market is not crashing, but conditions vary depending on where you’re looking.

September 2026
Latest completed month of housing data

Watch The October North End Update

Lake Forest Park, Kenmore, And Mountlake Terrace Market Update

Watch The North End Update On YouTube →

October 2026 data note: September 2026 is the latest completed month of housing data discussed in this market update.

The Big Picture

Buyers Have More Choices And More Time

Active listings are up more than 54% in King County, 35% in Snohomish County, and a little over 25% in Seattle compared with this time last year. Buyers have more homes to compare and are taking their time.

In King County, closed sales are down about 15%, typical showings per listing are down from six to about four, and months of supply is almost four, up from under three last year. Buyers have more negotiating room, but a well-priced home can still sell.

Prices have not dropped sharply. The King County median is basically flat at about $950,000. Seattle is down about 3%, while Snohomish County is up about 2%. Freddie Mac’s 30-year mortgage rate is 7.3% this week.

54%+ Active Listings

In King County, year over year

September 2026

More Homes On The Market

Active Listings By Area

Year-over-year change, September 2026
Seattle25%+
King County54%+
Snohomish County+35%
Mountlake Terrace Homes For Sale~+17%

Source: September 2026 Northwest MLS data discussed in the market update. Mountlake Terrace change is calculated from 21 homes for sale versus 18 the previous September. Bars are scaled relative to King County’s increase.

One Region, Different Signals

Lake Forest Park, Kenmore, And Mountlake Terrace

Lake Forest Park had 29 homes for sale, up from 15 a year ago, and months of supply nearly doubled to three. Its median price was $1,000,000, down 6%, but only 12 homes closed, so that price figure should be treated with caution. Kenmore had 71 homes for sale and 4.5 months of supply. Its median price was about $950,000, basically flat with last year.

Mountlake Terrace had 21 homes for sale and about two months of supply, close to last year’s level. Fourteen homes closed, compared with seven last September. Its median price rose to $668,000, but that increase is based on a small number of sales. Price per square foot was up about 7.5%.

Buyer Competition

Sales Activity And Negotiating Room

Well-priced homes are still selling, but buyers have more options.

Seattle

10Days on market for a typical home sold
-3%Median price year over year
FasterThan last year

Bellevue And The Eastside

96%Of asking price for a typical Bellevue sale
MoreRoom for buyers to negotiate
SofterConditions than in Seattle

The Eastside is softer, especially around Bellevue and Redmond. Seattle homes are still moving quickly when they are priced well. Buyers should consider negotiating on price, repairs, closing costs, or a rate buydown.

30-Year Mortgage Rate

Freddie Mac Primary Mortgage Market Survey
About A Year Ago~6.3%
Oct. 17.28%
This Week7.3%

Market Pace

Market Conditions Vary Across The Region

Selected September 2026 market indicators

Buyers have more homes to compare, but the market is moving at different speeds across the region. These indicators use different measures, so they show local conditions rather than a direct comparison of market time.

Seattle10 days
Lake Forest Park12 days
Kenmore15 days
Mountlake Terrace6 showings
King County~4 months’ supply
Bellevue96% of asking

Seattle’s typical home sold in 10 days, faster than last year. In Lake Forest Park, the typical sold home took 12 days, compared with six last year. Kenmore’s typical sold home took 15 days, faster than last September. Mountlake Terrace averaged six showings per listing, down from seven. Bellevue homes sold for about 96% of asking price.

Source: September 2026 Northwest MLS data discussed in the October market updates.

Home Values

There Is No Single Seattle-Area Price Trend

September 2026 median sale prices and year-over-year changes

King County’s median price was basically flat, Seattle was down about 3%, and Snohomish County was up about 2%. In the North End, Lake Forest Park was down 6%, Kenmore was roughly flat, and Mountlake Terrace was up 14%. Small numbers of sales can cause median prices to move sharply, so the figures should be read in context.

Seattle -3% Median price year over year
King County ~$950K Median price basically flat
Snohomish County +2% Median price year over year
Lake Forest Park $1.00M ▼ 6% year over year
Kenmore $950K Median price basically flat
Mountlake Terrace $668K ▲ 14% year over year*

*Mountlake Terrace’s median-price change is based on 14 September sales, compared with seven sales in September last year. Lake Forest Park had 12 September sales. Small samples can shift median prices.

What Negotiating Room Looks Like

Buyers have more negotiating room in many Eastside communities. In Bellevue, a typical home sold for about 96% of its asking price. Conditions are softer around Bellevue and Redmond than in Seattle.

For buyers, that may create room to negotiate on price, repairs, closing costs, or a mortgage rate buydown. For sellers, the first two weeks matter. Price and presentation need to bring buyers through the door while the listing is new.

Detached single-family home with a garage and landscaped front yard

Property Type

Single-Family Residences

More inventory gives buyers additional homes to compare, and many are taking their time. Still, the market is not moving the same way in every city. Seattle’s typical home sold in 10 days, faster than last year.

King County closed sales were down about 15% from last year. The county had almost four months of supply, compared with under three last year, and a typical home received about four showings instead of six.

The King County median price was basically flat at about $950,000. Seattle’s median was down about 3%, while Snohomish County’s was up about 2%. These regional figures do not determine the value or likely market time of an individual home.

Buyers can consider asking for repair credits, a lower price, help with closing costs, or a mortgage rate buydown. Sellers should price for current competition and make a strong first impression.

What This Means For Sellers The first two weeks matter. Price and prepare your home to attract buyers when the listing is new.
Condominium building exterior with balconies

Property Type

Condos

The October market updates do not include separate condo statistics. The Seattle, county, and citywide figures above should not be treated as condo-specific prices or market times.

Condo values and buyer demand can vary by building. When comparing units, look at recent sales in the same building or similar nearby buildings, along with the unit’s condition, size, and location.

Buyers should also review the building’s financial and lending details before making an offer. These can affect both monthly costs and the ability to secure financing.

Reserves Review Reserve study and budget Check funding plans
Assessments Check Current assessments Ask about planned costs
Insurance Confirm Building coverage Review deductibles
Lending Verify Building eligibility Ask the lender early

Buyers may have room to negotiate on price, repairs, closing costs, or other terms. Review the association documents and building condition as part of evaluating the full cost of ownership.

Sellers should price against current competing units and present the home clearly. As with other property types, buyers are comparing value and may take more time when they have several options.

Market Data Sources: September 2026 Northwest MLS figures discussed in the October market updates; Freddie Mac mortgage-rate figure quoted in the October update. Market statistics vary by geography and property type. The October scripts do not provide separate condo market statistics.

Seattle Housing Market

Looking Back At Summer 2026

This summer continued the shift toward a more normalized Seattle-area market. Buyers had more homes to compare, while sellers faced greater competition. Conditions varied by location, price range, and property type, making realistic pricing and strong presentation increasingly important.

More Buyer Choice
More Local Variation

Three Summer Takeaways

What Shaped The Market

01 More Choices For Buyers

Rising inventory gave buyers more opportunity to compare homes and negotiate.

02 Conditions Varied By Area

Neighborhood, price point, and property type continued to shape the pace and competition.

03 Preparation Mattered

Sellers were better positioned when their home was well presented and priced for its current competition.

Watch The Monthly Updates

Summer 2026 Market Videos

Looking Ahead

Market Outlook

The Seattle-area market is not moving in one direction. Higher inventory, elevated mortgage rates, changes in the technology sector, and Washington’s changing tax environment are affecting different neighborhoods and price points in very different ways.

September 2026 Outlook

The Eastside Is Softer, But Buyers Haven’t Disappeared

The Eastside remains one of the clearest examples of how much the Seattle-area market has changed. Active residential listings were 46% higher than a year ago in August, while the median sold price fell approximately 6% year over year to $1.45 million.

But there is an important counterpoint: Eastside pending sales actually increased 4% year over year. Buyers appear to be responding to greater selection and more realistic pricing, even while sellers are facing considerably more competition.

Only about 11% of Eastside homes sold above asking price, while approximately 48% sold after a price reduction. That doesn’t look like a market without buyers. It looks like a market in which buyers have become much more price-sensitive.

+46% Active Inventory Year over year
+4% Pending Sales Year over year
-6% Median Price Year over year
48% Price Reductions Homes selling after a reduction

Economic Backdrop

Taxes, Tech Employment And The Luxury Market

There are also forces affecting Seattle and Eastside real estate that go beyond the normal housing supply-and-demand cycle.

Washington enacted a new individual income tax in 2026 that will eventually apply a 9.9% tax to Washington taxable income above the $1 million standard deduction. Importantly, the tax does not begin until January 1, 2028.

There has been significant discussion about whether high-income households will relocate before the tax takes effect. One statistic that received attention earlier this year showed 53 Washington homes priced at $2 million or more being newly listed on March 12, compared with 32 on the same date in 2025, a 65% year-over-year increase.

I would be cautious about treating that as proof of an exodus. It was one day of listing activity, and housing economists have pointed out that a single day’s numbers are a very small and noisy sample. The tax may become one consideration for some affluent households, but interest rates, stock-market wealth, employment, lifestyle, retirement, and ordinary housing decisions are all operating at the same time.

Important Timing Washington’s new individual income tax was enacted in 2026, but the tax itself applies beginning with income earned in 2028.

Tech Employment Is Another Piece Of The Puzzle

The technology sector continues to go through meaningful workforce changes, which matters in a region where many higher-priced home purchases are tied directly or indirectly to technology employment and compensation.

Amazon announced layoffs affecting approximately 2,198 Washington employees earlier this year, followed by additional smaller rounds, including 121 Washington positions disclosed in late August.

Meta eliminated approximately 1,395 Washington jobs in May, roughly 20% of its local workforce at the time.

Microsoft announced another 605 Washington job reductions centered in Redmond, with those layoffs taking effect September 4.

Those numbers don’t prove that tech layoffs are responsible for softer Eastside home prices. They do, however, create another layer of uncertainty for buyers who may depend on technology salaries, bonuses, or equity compensation to make a large home purchase.

2,198 Amazon Major Washington reduction announced in 2026
1,395 Meta Washington jobs cut in May
605 Microsoft Washington cuts effective September 4

Commercial Real Estate

The Office Market Is Still Part Of Seattle’s Story

Commercial real estate remains an important backdrop for the residential market because Seattle and Bellevue depend heavily on large employers, especially in technology and professional services.

The latest second-quarter 2026 data put Seattle CBD office vacancy at approximately 34.9%, compared with approximately 23.2% in Bellevue’s CBD.

The difference is notable, but there are also early signs of stabilization. Eastside office leasing strengthened during the first half of 2026, and East King County recorded positive net absorption in the second quarter. That makes the commercial picture more mixed than the vacancy numbers alone suggest.

Office Vacancy Comparison Latest available Q2 2026 data
Seattle CBD 34.9%
Bellevue CBD 23.2%

Source: Kidder Mathews Q2 2026 Puget Sound Office Market Report.

One Region, Many Markets

Don’t Confuse “Seattle” With One Housing Market

Kent is a good example of why broad Seattle-market headlines can be misleading. Over the three months ending in August, Kent’s median sale price was approximately $650,000, up 3.9% year over year, and homes were still selling in a median of about 17 days.

Compare that with the Eastside, where inventory is up sharply and the median residential price is down. Price point, job base, housing type, commute patterns, and available inventory can produce very different results within the same metropolitan area.

September 2026 Sources: Northwest Multiple Listing Service August 2026 market data; Windermere Bellevue September 2026 local market report; Washington State Department of Revenue; Washington Employment Security Department filings; Kidder Mathews Q2 2026 Office Market Report; Freddie Mac Primary Mortgage Market Survey; Redfin market data.

What To Do Now

Advice For Buyers And Sellers

A changing market doesn’t automatically favor one side in every transaction. The advantage usually goes to the person who understands the specific property, neighborhood, and negotiating environment.

For Buyers

More Leverage, But Be Strategic

Buyers have more negotiating room than they have had in years, particularly on the Eastside and on homes that have accumulated market time. But increased leverage doesn’t mean every seller will accept an aggressive offer.

I saw this firsthand with a Woodinville property this year. My client’s offer at roughly 10% below asking received no counter at all. The home ultimately sold to another buyer closer to 5% below asking.

Get The Strongest Financing Approval You Can

Ask your lender whether you can obtain a fully underwritten preapproval before you shop seriously. The more of your financial file that has already been reviewed, the less financing uncertainty a seller has to accept.

Move When The Home Earns It

More inventory can create the impression that there is always another house coming. That may be true broadly, but exceptional homes in desirable locations can still attract multiple interested buyers.

Negotiate More Than Just Price

Closing-cost credits, repairs, seller-paid rate buydowns, possession timing, and other terms may be worth more to you than simply pushing for the lowest possible purchase price.

Stay Close To Your Lender

Freddie Mac’s average 30-year fixed mortgage rate moved from 6.66% on August 27 to 6.76% on September 10. At Seattle-area home prices, relatively small rate changes can materially change the monthly payment.

For Sellers

Competition Has Shifted Back To You

Sellers can still achieve strong results, but buyers have far more alternatives than they did a few years ago. With active inventory up 22% year over year across the NWMLS service area and substantially more in several Seattle-area markets, your home has to compete for attention.

Prepare Your Home Like You Mean It

Buyers can compare your property with more competing listings. Deferred maintenance, worn finishes, clutter, and poor presentation become much more noticeable when shoppers have several alternatives.

Invest In How The Home Appears Online

Professional photography, video, thoughtful staging, and strong listing presentation matter because the buyer’s first showing usually happens on a phone or computer screen.

Price For Today’s Competition

Don’t anchor solely to an automated home-value estimate or to what a neighbor received during a stronger market. Automated estimates can’t fully evaluate condition, remodeling quality, views, floor plan, or today’s active competition.

Secret-Shop Your Competition

Before setting the list price, tour five to ten comparable active listings if possible. Look at what buyers will see: condition, finishes, location, presentation, and price. Your home isn’t competing against last year’s sold listings alone. It is competing against what buyers can purchase today.

Expect Negotiation

Repair requests, closing-cost contributions, and rate buydowns are appearing regularly in today’s transactions. Decide before listing where you have flexibility so you aren’t making every decision emotionally in the middle of a negotiation.

The Bottom Line

Preparation And Clear Thinking Are Winning

The Seattle-area market is offering opportunities to both buyers and sellers, but it is less forgiving of sloppy decisions.

Buyers who understand where they have leverage, keep their financing ready, and act decisively on the right property are getting good opportunities. Sellers who prepare carefully, price against today’s competition, and remain flexible in negotiations are still reaching the closing table successfully.

The key in this market is not waiting for conditions to become perfect. It is understanding the market you are actually in and making the best decision available within it.

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The Puget Sound Market Update with Emily Cressey shares market insights and tips for buyers and sellers in the always evolving Seattle – Bellevue – Everett real estate market. Whether you want to buy, sell, or invest, our market insights will help you track market trends and make smart decisions.

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Emily Cressy in Downtown Seattle
Emily Cressy on North Lake Union in Seattle, WA