May 2026
Market Update

The Seattle-area real estate market is no longer moving as one market. Seattle, the Eastside, and Snohomish County are all behaving differently right now, and if you're buying or selling, that distinction matters more than ever.

As always, we're talking residential only, and we're going to start on the Eastside — so Bellevue, Kirkland, Redmond, Sammamish, Issaquah, and beyond.

The Eastside is seeing inventory levels we haven't seen in about a decade. Yes, you heard that right, inventory is at 10 year highs. Active inventory hit 1,740 homes, which is up 27% year over year, and months of inventory climbed to 2.9 months.

Now, to put that into perspective, we're still technically not in a buyer's market. But we are much closer to a neutral market than we've been for years. And we're seeing that show up in the numbers.

23% of homes sold above list price in May. Last year at this time that number was 39%. Thirty percent sold below list price, and nearly 29% of homes had a price change before they sold. Those are some pretty dramatic shifts. And what's driving it? Supply. Not a collapse in demand.

Inventory is way up, but pending sales are only slightly lower than last year. Buyers are still buying — they just have a lot more choices. And when buyers have choices, they become picky. Homes that are priced right and presented well are still moving. Everything else? Buyers are moving on.

The median Eastside sales price came in at $1.51 million, down about 8% year over year from $1.63 million. Now, I think this is important to talk about because there is a difference between a crash and a correction. What we're seeing right now looks much more like a supply-driven correction than a demand-driven collapse. More listings are competing for the same buyers, and that means pricing strategy matters more than ever. This is absolutely not a "let's try this price and see what happens" market. You get one chance at a first impression.

Now let's jump over to Seattle. And Seattle is telling a very different story. Inventory is basically flat. Active listings are up just 2% year over year, which is a huge change from what we were seeing earlier this spring when inventory growth was much higher. Months of inventory sits at 2.1 months, which is still relatively competitive. Median sales price is actually UP 3% year over year to just over $1.03 million. And 36% of homes sold above list price.

So despite all the headlines about slowing markets, Seattle is still showing some pretty healthy demand. Closed sales were up 7% year over year. Prices are up. And inventory has largely stabilized.

What I think we're seeing is a market that's becoming more selective — not weaker. The right homes are still getting a lot of attention. The wrong homes are sitting.

One stat that really stood out to me: homes that sold above list averaged about six days on market. Homes that had a price change before selling averaged around 80 days. That is a massive difference. The market is rewarding good pricing immediately and punishing overpricing pretty quickly.

For buyers, though, there are definitely opportunities. Once a home sits for 30 days or more, negotiating power starts shifting. Credits, rate buydowns, repairs, and price reductions are all becoming much more realistic conversations.

Now let's talk Snohomish County. Snohomish is kind of sitting in the middle of Seattle and the Eastside right now. Inventory is up 32% year over year, with 1,902 active listings. Pending sales are actually up slightly — about 1.5%. And median sales price is down 4% year over year to $800,000.

What's interesting is that buyer demand still looks pretty healthy. Sixty-four percent of homes sold within 15 days. Sixty-one percent sold at or above asking price. And homes are still selling at nearly 100% of list price on average. So while buyers have more options, good homes are still moving quickly.

What we're seeing across all three markets is that inventory growth is creating more competition between sellers. That's really the theme of 2026 so far. Buyers have more choices. Sellers have more competition. And execution matters more than timing.

For me personally, over the last month I've seen some really interesting things. I've seen unique homes — homes with character, great design, or something special about them — sell incredibly fast. I've seen well-prepared homes get multiple offers even in markets where inventory is growing. But I've also seen really nice homes sit longer than expected simply because they missed the mark on pricing or preparation. And honestly, that's probably the biggest lesson from this market.

The market isn't dead. The market isn't crashing. The market is selective. Buyers are still out there. They're just no longer willing to chase every listing.

If you're thinking about buying or selling this year, I would love to talk through what's happening in your specific neighborhood because the reality is Bellevue is different than Kirkland, Kirkland is different than Redmond, and even price point to price point we're seeing very different behavior.

If you'd like a more detailed report for your area or want to know what I'm seeing on the ground in your specific market, reach out anytime. And if you don't know me, my name is Bella Chaffey Lakic. I've been a Realtor in the greater Seattle area for over seven years. Born and raised on the Eastside, I know these markets inside and out, and I'd love to help with any of your buying, selling, investing, or relocation needs. Thanks so much for watching, and I'll see you in the next one.