More Choices, Steady Prices: Your Summer 2026 Market Update for Seattle, the Eastside & North End

Welcome to our Seattle housing market update for summer 2026. Every spring my feeds fill up with agents spinning the market however suits them — you won’t get that here. Whether the news is good or bad, our clients hear it straight. So here’s what the numbers actually say across Seattle, the Eastside, and the North End.

Seattle housing market update: more homes, steady prices

The one-sentence version: there are a lot more homes for sale than a year ago, and prices have barely moved. That combination is the whole story right now, and it changes the math for buyers and sellers alike across Seattle, Bellevue, Kirkland, Bothell, Woodinville, and Kenmore.

For most of the last few years, the headline in every Seattle housing market update was scarcity: too few homes, too many buyers, prices climbing on adrenaline. Summer 2026 is the first season in a while where that script has flipped. Supply is rebuilding, demand is steady but rate-constrained, and the result is a market that feels calmer and more negotiable without prices actually cracking.

Inventory came back — in a big way

Across the NWMLS region, there were 21,381 active listings at the end of May — up nearly 17% from a year ago and the highest level we’ve seen all year. King County alone has roughly doubled its inventory since the December low, from about 3,200 listings to just under 7,000. Snohomish County is following the same seasonal climb.

What does that mean in plain English? Buyers finally have choices again. We’re sitting at about 3.4 months of supply region-wide. That’s still technically a seller’s market (balanced is usually 4–6 months), but it’s a meaningfully gentler one than the frenzy of recent years. The practical effect: fewer 12-offer bidding wars, more homes that sit long enough to negotiate, and inspection and financing contingencies making a comeback.

Prices are remarkably stable

Here’s the part that surprises people: with all that new inventory, you’d expect prices to slide. They haven’t. The regional median held flat at $650,000 for the second month running, down less than 1% year over year. King County’s median actually rose about 1% from last May to $875,000, and Snohomish sits near $760,000. More supply has cooled the pace of the market, not the price.

Why aren’t prices falling? Two reasons. First, a lot of the new “inventory” is simply normal spring listings returning after an unusually thin winter, not distressed selling. Second, would-be sellers locked into 3% mortgages are still reluctant to list and trade up into a 6.5% loan, which keeps a natural lid on supply. Stable prices on rising inventory is a healthy, sustainable setup — not the prelude to a crash.

How the Eastside & North End cities look

Let’s be straight about it: Seattle itself has cooled. The citywide median is down about 2.3% year over year (roughly $879K on a three-month basis), and on a single-month basis the dip looks closer to 4–5%. Homes in the city still move fast — around 10 days — so this is softer pricing even where demand stays healthy, not a collapse.

The bigger drops are in the Eastside real estate market and at the high end. Bellevue is down roughly 11% year over year (median in the $1.5M range) and Woodinville is off about 15% on thin sales volume — both with longer days on market as buyers regain leverage. Kirkland bucks the trend, holding firm and even up modestly (about +2.6%) near $1.4M. Bothell is the most balanced of the bunch, essentially flat near $1M, and Kenmore stays competitive at a more accessible price point.

The takeaway: this isn’t one market. The entry and mid-tiers are still moving quickly, while the Eastside high end has cooled enough that well-prepared buyers can actually negotiate. Curious which specific neighborhoods are leading and lagging? We broke that down in a companion post: Seattle’s Best & Worst Neighborhoods Right Now.

The thing holding it all back: mortgage rates

Affordability is still the ceiling on this market. After drifting down earlier in the year, the 30-year fixed bumped back up to about 6.5% in late spring. NWMLS’s economist tied the uptick to energy-driven inflation, and was candid that it’s hard to predict when rates resume falling. Translation: don’t wait for a magic rate. Plan around the one in front of you, and remember you can refinance the rate later but you can’t go back and buy at today’s price once it moves.

Is now a good time to buy or sell?

If you’re buying, this is the most breathing room you’ve had in years — more listings, less bidding-war pressure, and real negotiating room in the higher price tiers, especially on the Eastside. You can take time, write in contingencies, and ask for repairs again. If you’re selling, prices are holding, but you’re no longer the only home on the block. The homes still selling fast are priced right out of the gate and show beautifully; overpriced listings sit and then chase the market down. Pricing sharply and prepping well matters more than it has in 18 months.

What this Seattle housing market update means for you

Zoom out and the picture is encouraging for almost everyone: a market normalizing toward balance, with prices steady, choice expanding, and the only real headwind being financing cost. That’s a far healthier environment than the overheated runs of recent years — for buyers and sellers both.

Seattle housing market update: frequently asked questions

Is the Seattle housing market a buyer’s or seller’s market right now?

It’s still technically a seller’s market at about 3.4 months of supply, but it’s the most balanced it has been in years. Buyers have meaningfully more leverage than in 2024–2025, particularly in the higher price tiers and on the Eastside.

Are Seattle home prices going down in 2026?

Region-wide, prices are essentially flat (down less than 1% year over year). The city of Seattle is down about 2.3%, and parts of the Eastside high end are down double digits, but King County overall is up about 1%. This is softening, not a crash.

How much more inventory is on the market than last year?

Active listings across the NWMLS region are up nearly 17% year over year — the most homes available in 2026 so far — with King County inventory roughly double its December low.

Which Eastside cities are seeing the biggest price drops?

Bellevue (about −11% year over year) and Woodinville (about −15%, on thin volume) have softened most, while Kirkland has actually risen modestly and Bothell and Kenmore are roughly steady.

Will mortgage rates come down later in 2026?

No one knows for sure. Rates ticked back up to around 6.5% in late spring on inflation concerns, and even NWMLS’s economist won’t predict the turn. Our advice: make the decision on the home and the payment in front of you, and refinance later if rates fall.

Thinking about a move?

Numbers tell you what the market did. We help you figure out what it means for your home, your neighborhood, and your timing — straight, no spin. We’re always happy to chat. Let’s talk.

Sources: Northwest Multiple Listing Service published statistics & county breakout reports, including the May 2026 release; city-level figures from Redfin (May–June 2026); mortgage rate from Freddie Mac. City figures are directional. Get Happy at Home | Compass.