Seattle Housing Market
Seattle Real Estate Market Update: Current Trends And What They Mean For Buyers And Sellers
Welcome to HomePro Associates, your go-to resource for the Seattle real estate market update. We’re here to keep you informed with the latest market trends, key statistics, and insightful analysis of Seattle’s real estate landscape.
Local market context
for confident real estate decisions
A Local Market Perspective
I’m Emily Cressey, a Seattle real estate broker with HomePro Associates, and I share these market updates to help buyers, sellers, and investors understand what’s really happening in the Seattle housing market.
Whether you’re buying, selling, or investing, our goal is to provide you with the knowledge and tools you need to make smart, confident decisions. From neighborhood insights to pricing trends, we cover all the essentials.
September 2026 Market Snapshot
More Homes To Choose From, With Big Differences Across The Region
Inventory is the clearest market-wide story, but buyer competition, pricing, and market pace vary by location and property type. Here are a few of the signals I’m watching before we get into the full breakdown.
+22%
Active Listings
Across the NWMLS service area, year over year
More Selection For Buyers
Active Residential Inventory By Area
Year-over-year change, August 2026
+27%
Seattle
+33%
King County
+36%
Snohomish County
+46%
Eastside
Source: August 2026 market data included in the full analysis.
Buyer Competition
Seattle And The Eastside Are Showing Different Conditions
Some homes are still attracting strong interest, while others need a price adjustment before buyers respond.Seattle
23%
Sold above asking
41%
Required a price adjustment first
There is still a competitive core of buyers for the right property, but pricing and preparation matter.
Eastside
11%
Sold above asking
48%
Sold after a price reduction
Buyers have more negotiating room, while pending sales show that buyers are still active when pricing meets the market.
Mortgage Rates
6.76%Freddie Mac’s average 30-year fixed mortgage rate on September 10, compared with 6.66% on August 27.
The Takeaway
More Choice Doesn’t Mean Every Market Is The Same
Buyers have more homes to compare, but well-priced homes in desirable locations can still sell quickly. The right strategy depends on the neighborhood, price range, property type, and current competition.
About this snapshot:
August 2026 is the latest completed month of housing data used in this
update. Early September indicators are identified where applicable.
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.
September 2026 Market Analysis
What’s Driving The Seattle Real Estate Market Right Now?
The September market is giving buyers more choices than they have had in years, but the story changes significantly depending on location, property type, and price point.
August 2026
Latest completed month of housing data
Watch The Eastside Update
Seattle Eastside Real Estate Market Update
September 2026 data note:
September sales are still in progress, so this analysis uses August 2026
as the latest completed month of housing data, together with early-September
indicators where noted.
The Big Picture
Buyers Have More Room To Breathe
Inventory remains the central story heading into September. Across the Northwest MLS service area, active listings finished August 22% higher than a year ago, while pending sales fell 6.5% and closed sales declined 7.6%.
More listings give buyers time to compare homes, retain contingencies, negotiate repairs, and push back when an asking price does not reflect current conditions. Well-priced homes in desirable locations can still sell quickly, though. More inventory does not make every neighborhood a buyer’s market.
Financing remains a significant constraint. Freddie Mac’s average 30-year fixed mortgage rate reached 6.76% on September 10, up from 6.66% on August 27.
+22%
Active Listings
Across the NWMLS service area, year over year
August 2026More Homes On The Market
Active Residential Inventory By Area
Year-over-year change, August 2026
Seattle+27%
King County+33%
Snohomish County+36%
Eastside+46%
Source: August 2026 residential market data. Bars are scaled relative to the largest increase shown.
One Market, Different Signals
What About Redmond?
Redmond remains an interesting exception to the broader Eastside pricing story. The latest rolling three-month data show a median sale price of about $1.34 million, up roughly 3.3% year over year, even while the number of homes sold is down nearly 34%.
Price per square foot is also down approximately 11%. A rising median does not automatically mean individual homes are appreciating at the same rate. Changes in which homes are selling, including larger or newer properties, can move the median significantly.
Buyer Competition
Sales Activity Intensity
Buyers are still active, but they are becoming more selective.Seattle
23%Sold above asking
72%Sold within 30 days
41%Required a price adjustment first
Eastside
11%Sold above asking
48%Sold after a price reduction
+4%Pending sales year over year
The Eastside numbers point to more negotiating room, not an absence of buyers. Pricing that matches current conditions is still bringing buyers into the market.
30-Year Mortgage Rate Trend
Freddie Mac Primary Mortgage Market SurveyAug. 276.66%
Sept. 36.71%
Sept. 106.76%
Market Pace
Homes Are Taking Longer To Sell In Several Areas
Median days on market, rolling three months ending August 2026Properly priced homes are still finding buyers within a few weeks in many areas. But the gap between today’s pace and last year’s faster market is becoming easier to see.
Seattle15 days
Kent17 days
Bellevue20 days
Kirkland22 days
Redmond23 days
Renton24 days
Bellevue’s median market time roughly doubled from 10 days to 20 days. Redmond moved from about 15 days to 23, Kirkland from 16 to 22, and Renton from 11 to approximately 24. Kent remains a faster market, with a median around 17 days, essentially unchanged from a year earlier.
Source: Redfin. All home types, rolling three-month data through August 2026.
Home Values
There Is No Single Seattle-Area Price Trend
All home types, rolling three-month median sale-price data ending August 2026Seattle, Bellevue, Kirkland, and Renton are showing year-over-year declines in the latest rolling city data, while Redmond and Kent remain positive on median price. Median prices can shift based on which homes sell, so they do not tell the whole story of what individual homes are worth.
Seattle
$874K
▼ 2.8% year over year
Bellevue
$1.56M
▼ 2.0% year over year
Redmond
$1.34M
▲ 3.3% year over year
Kirkland
$1.29M
▼ 3.8% year over year
Renton
$665K
▼ 7.7% year over year
Kent
$650K
▲ 3.9% year over year
Source: Redfin. Figures are rounded for readability.
A Note About The Luxury Market
The upper end of the Eastside is especially sensitive to financing costs, stock-market wealth, and confidence in the technology sector. Recent layoffs at major Puget Sound employers add another layer of uncertainty for some high-income buyers.
Washington’s changing tax environment may also influence financial planning for some households, but it is one factor among many. Interest rates, employment, lifestyle, retirement, and ordinary housing decisions are all affecting the market at the same time.
Property Type
Single-Family Residences
Seattle single-family homes remain more competitive than the overall market headlines might suggest, particularly in desirable neighborhoods and in the middle of the city’s price range.
In August, Seattle’s median residential sale price was approximately $920,000, down about 8% from a year earlier. Active residential listings were up roughly 27%, while closed sales fell about 16% and pending sales fell about 14%.
There is still a meaningful pool of buyers willing to compete for the right house. About 23% of Seattle residential homes sold above asking in August, and roughly 72% sold within 30 days. But approximately 41% required a price adjustment first.
Buyers are not necessarily looking for the cheapest house. They are looking for the home that feels like the best value compared with everything else they can buy.
What This Means For Sellers
Preparation gets buyers interested. Pricing helps determine whether
they act.
Property Type
Condos
Condos continue to offer some of the strongest negotiating opportunities in the Seattle-area market. Buyers have considerably more inventory to compare, and prices have softened more sharply than they have for many single-family homes.
In Seattle, the August condo median was approximately $535,000, down about 10% year over year, while active condo inventory increased roughly 19%.
The Eastside condo median was approximately $630,000, down about 12%, while active listings were up approximately 28%. King County condos overall had a median around $515,000, down roughly 6%, with active listings up approximately 25%.
Snohomish County was a notable exception. The condo median increased about 6%, and closed sales also increased.
Seattle
$535K
Median ▼ 10%
Inventory ▲ 19%
Eastside
$630K
Median ▼ 12%
Inventory ▲ 28%
King County
$515K
Median ▼ 6%
Inventory ▲ 25%
Snohomish County
$532K
Median ▲ 6%
Closed Sales ▲ 13%
For buyers, a condo that has been on the market for several weeks may offer room to negotiate price, closing costs, repairs, or other terms. It is also important to review the building’s reserves, assessments, insurance, litigation, rental restrictions, and lender eligibility.
For sellers, presentation matters more as inventory expands. Clean, bright, well-presented units priced against today’s competing listings can still move. Units priced against 2022 or 2023 expectations are more likely to accumulate market time.
Market Data Sources:
Northwest Multiple Listing Service August 2026 Market Snapshot; local
August 2026 residential and condominium market reporting; Redfin
rolling three-month housing-market data through August 2026; Freddie Mac
Primary Mortgage Market Survey. Market statistics can vary by geography,
property type, and reporting methodology.
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.
Condo For Sale
Pending
Pending
- $339,950
- 2 bd
- 1 ba
- 867 sqft
Top-Floor Harbour Pointe Condo with Resort-Style Amenities in Mukilteo, WA
Home For Sale
Sold
Sold
- $1,900,000
- 4 bd
- 2.5 ba
- 3,619 sqft
Luxury Edmonds Home with Sound Views & Private Cul-de-sac
Home For Sale
Sold
Sold
- $416,000
- 3 bd
- 1 ba
- 1070 sqft
3-Bed Home with Bonus Room & Detached Shop in Tacoma, WA
Manufactured For Sale
- $69,900
- 2 bd
- 1 ba
- 730 sqft
2-Bedroom Manufactured Home at The Pointe at Lockwood, Bothell WA
Home For Sale
Sold
Sold
- $1,000,000
- 3 bd
- 3 ba
- 2000 sqft
Fully Remodeled Home with Sunset Views in Woodinville Wine Country
Home For Sale
Sold
Sold
- $644,000
- 2 bd
- 1.5 ba
- 861 sqft
Shoreline Home with Detached Studio and Garden Space
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.
