How Are Home Values Doing in Our Area, and Why?
Prices are lower than a year ago, inventory is higher and fewer homes are selling. Here is the data, with dates, and what it means if you are thinking about selling.
As of November 9, 2026: this post uses NWMLS data compiled by InfoSparks (ShowingTime) for median prices, NWMLS monthly reports for August and October 2026, Freddie Mac mortgage rates through November 5, 2026 and NAR data for the third quarter of 2026. Market numbers change often, so contact us for current figures.
This is a very time-sensitive post. While many of the topics here are not specific to the current market, the details are very time-centric and need to be re-analyzed regularly. We highly encourage you to contact us for current market information.
The short answer
Prices in King County are lower than a year ago (down 3.7 percent for houses and 15.9 percent for condos in October), inventory is higher, and fewer homes are selling. National prices have been slightly higher. Here is the data, with dates.
King County
| Measure | August 2026 | October 2026 |
|---|---|---|
| Median sales price | Houses $925,000 (down 5.1% from August 2025) Condos $509,000 (down 7.5%) | Houses $938,863 (down 3.7% from October 2025) Condos $470,700 (down 15.9%) |
| Active listings | 7,703 (up 30.0% from a year earlier) | 7,592 (up 32.8%) |
| Closed sales | 1,791 (down 13.6%) | 1,756 (down 18.1%) |
| Pending sales | 2,101 (down 8.4%) | 1,831 (down 17.8%) |
| Months of inventory | 4.30 | 4.32 |
The ten-year view
Using Northwest Multiple Listing Service data compiled by InfoSparks (ShowingTime), the King County median sale price for houses peaked at $1,033,950 in June 2025 and was $938,863 in October 2026. For condominiums, the peak was $625,000 in February 2025 and the October 2026 median was $470,700. The lows in this ten-year period were $495,000 for houses and $281,250 for condominiums, both in January 2016.
Source: Northwest Multiple Listing Service, InfoSparks © 2026 ShowingTime, data as of November 9, 2026. Mortgage rates: Freddie Mac.
The Eastside
- In the October 2026 NWMLS report, the Eastside median price for single-family homes was $1.35 million, down 12.9 percent from a year earlier (June 2026: almost $1.6 million, down 3.1 percent).
- In October, the most expensive Eastside submarket, Bellevue west of Interstate 405, had a median of a little more than $3.4 million, up 5.4 percent on only 16 sales (in June it was almost $3.7 million, down 19.8 percent). Small, high-priced markets swing a lot from month to month. Median prices in this area are normally skewed high because of the number of very expensive properties.
- King County's median for houses was $938,863 in October 2026, down 3.7 percent from $975,000 in October 2025, and $925,000 in August 2026, down 5.1 percent from $975,000 in August 2025 (NWMLS data compiled by InfoSparks). King County condos had a median of $470,700 in October 2026, down 15.9 percent from $560,000, and $509,000 in August 2026, down 7.5 percent from $550,000 (InfoSparks). The NWMLS October recap showed about 7.0 months of inventory for condos.
How this compares with the country
NAR reported that the national median existing single-family price was $432,900 in the third quarter of 2026, up 1.7 percent from a year earlier. Our area is running below that trend.
Why it is happening
- Affordability. The Washington Center for Real Estate Research said in the NWMLS October report that interest rates rose even further, with 30-year mortgage rates averaging 7.33 percent in October versus 6.86 percent in September. Rates were 5.98 percent at the end of February 2026, the lowest since September 2022, but they have since risen. Freddie Mac's weekly 30-year fixed average was 7.18 percent on November 5, 2026, its third straight weekly decline from 7.40 percent on October 8 and October 15. That is still up from 6.95 percent on September 17, 6.65 percent on August 20 and 6.22 percent a year earlier.
- More supply. King County had 7,592 active listings at the end of October, up 32.8 percent from a year earlier, which gives buyers more choices and more time to decide.
- Slower sales. In October, King County closed sales were down 18.1 percent and pending sales were down 17.8 percent from a year earlier, which points to cooler demand.
What it means for you
Averages hide a lot. A well-prepared, well-priced home in a strong location can still do well, while a home that is overpriced or in need of work sits. If you are thinking about selling, the useful number is not the county median. It is what comparable homes near you have sold for recently.
City-level numbers
We will cover city specific data in a later post. Stay tuned!
From Our Own Experience
Over the last few years, prices in our market have pulled back. This is somewhat expected, because prices rose so quickly in the early 2020s in response to demand during COVID.
Homes that are priced well continue to sell well. Homes priced on the values of previous years (aspirational pricing) tend to sit longer and often need multiple price reductions before they move.
Buyers have also changed how they behave. They are negotiating harder, which we have not seen in several years, since the market here moved up quickly in the late 2010s. Recent requests include:
- Price adjustments or money back at closing based on inspection results
- Offers far below the listing price
- Seller money applied to interest rate buydowns or closing costs
Many of these requests, especially the inspection requests, are considered “unreasonable” by the other party. Even so, fewer sellers have walked away from deals because of them.
Thinking about selling in the Seattle Area?
Kelly Azzarello Real Estate | Compass
Email: kelly@kellyazzarello.com
Phone: (425) 830-6457
Web: www.kellyazzarello.com
Instagram: instagram.com/kellyazzarello
YouTube: youtube.com/kellyazzarellorealestate
This post is general information about real estate topics. It is not legal, tax or financial advice, and it does not replace a professional inspection. Rules and practices differ by situation and change over time. Check current requirements and talk with a licensed professional, such as an inspector, contractor, attorney or CPA, about your own property.
Sources
- InfoSparks (ShowingTime), Northwest Multiple Listing Service King County monthly median sales price, Residential and Condominium, data as of November 9, 2026
- NWMLS Recaps, October 2026: nwmls.com/wp-content/uploads/2026/11/Recaps-October2026.pdf
- NWMLS Recaps, August 2026: nwmls.com/wp-content/uploads/2026/09/Recaps-August2026.pdf
- NWMLS Market Snapshot, October 2026 (published November 5, 2026): nwmls.com/market-snapshot-october-2026/
- MyNorthwest coverage of the June 2026 NWMLS report (June Eastside figures): mynorthwest.com/lifestyle/425/real-estate-report-inventory-expanding-sales-prices-lower/4254808
- 425 Business, NWMLS October 2026 report (Eastside figures, mortgage rate comments): 425business.com/news/northwest-multiple-listing-service-october-2026-report/article_61c26012-cee7-4bba-bdd1-df6ce5f0790d.html
- NAR, Home Prices Rise in 78% of Metro Areas in Q3 2026 (October 29, 2026): nar.realtor/newsroom/home-prices-rise-78-percent-metro-areas-q3-2026
- Freddie Mac Primary Mortgage Market Survey, rates through November 5, 2026: freddiemac.com/pmms