As February 2026 unfolds, Washington’s real estate market continues to exhibit a dynamic shift, influenced by increased inventory and evolving buyer activity. Recent data from the Northwest Multiple Listing Service (NWMLS) paints a comprehensive picture of the current state of the market, offering insights for both buyers and sellers navigating these changes.
Key Market Statistics
Statewide, the median home price in January 2026 settled at $595,000, reflecting a 3% decline from the previous year. This trend is mirrored in King County, where the median residential sold price was $850,000, marking a 1% year-over-year decrease and a sharper 7% drop from December 2025. For those eyeing condos, the median price in Seattle fell to $557,000, a significant 19% dip compared to January 2025.
Across the state, active listings have surged by 21% year-over-year, with King County seeing a 31% increase in available homes. The Eastside, known for its high-demand areas like Bellevue, experienced a 49% jump in active listings, signaling a shift towards a buyer-friendly market. Snohomish County also noted a 39% rise in listings, providing more options for potential homeowners.
Pending sales, a crucial indicator of market activity, are showing a promising upward trend. King County reported a 36% month-over-month increase in pending sales, while the Eastside saw a 69% surge from December 2025. These figures suggest a renewed interest from buyers, likely spurred by improved affordability and more choices.
Western vs. Eastern Washington
While Western Washington, particularly the Seattle metro area, grapples with declining prices and rising inventory, Eastern Washington presents a contrasting scenario. Here, markets like Spokane are experiencing steadier price trends, supported by lower inventory levels and consistent demand. This divergence highlights the regional nuances within the state’s real estate landscape, where local economic factors and buyer demographics play significant roles.
Implications for Buyers and Sellers
For buyers, the current market conditions are favorable. With increased inventory and stabilizing prices, there is more room for negotiation and a wider array of options. As interest rates remain relatively low, entering the market now could be advantageous, especially before the anticipated spring surge in activity.
Sellers, on the other hand, may need to adjust expectations. With the rise in active listings, pricing competitively and preparing homes meticulously are crucial to attract discerning buyers. While the market is still active, the days of rapid sales and multiple offers are less common, requiring strategic marketing and patience.
Market Outlook
Looking ahead, the Washington real estate market is poised for modest growth through the remainder of 2026. Experts suggest a slight 1-2% increase in median prices, driven by steady demand and a cautious return of buyers. As spring approaches, an influx of new listings is expected, which could put additional pressure on prices and further enhance buyer opportunities.
While the market dynamics are shifting, Washington remains a vibrant and attractive location for homeownership, supported by its diverse economy and appealing lifestyle options. Those considering buying or selling this year should stay informed, consult with real estate professionals, and keep an eye on shifting trends as the year progresses.
For detailed guidance tailored to your specific needs, consulting with local real estate experts is recommended. They can provide insights into neighborhood-level trends and offer strategic advice to navigate this evolving market.
Disclaimer: This article provides general information and is not intended as legal, financial, or real estate advice. For specific advice, consult with appropriate professionals.