Inventory Is Growing and Buyers Have More Choices

By Kim Pelham, Broker | The Pelham Group Northwest at Katrina Eileen Real Estate

As we kick off 2026, the Washington housing market is showing a clear shift — and it’s one I’ve been watching closely across Snohomish, King, and Pierce Counties.

Inventory is rising, buyer activity is more measured, and pricing has softened slightly in many areas. This isn’t a market in distress — it’s a market rebalancing.

More homeowners are choosing to list, while buyers are taking a more thoughtful, value-driven approach. That combination is creating opportunity — but only if you understand what the numbers are actually telling us.

Below is a snapshot of where things stand as of January 2026, using the most recent data from the Northwest Multiple Listing Service.

Big Picture Across Washington

Statewide, active listings rose nearly 21% year over year, while closed sales declined about 7%, and median prices dipped just over 3%. That tells us supply is increasing faster than demand, giving buyers more options and sellers more competition.

At the same time, mortgage rates continued a slow downward trend, ending January around 6.10%, which has helped bring buyers back into the conversation — even if they’re moving carefully.

This is very typical of an early-year market reset before spring momentum begins.

Snohomish County Snapshot (Residential + Condos)

Snohomish County continues to be a focal point for many of my clients, and January data shows a noticeable inventory shift.

Active Listings: 1,246
Up 33.0% year over year
New Listings: 922
Down slightly year over year
Pending Sales: 733
Down 11.8% year over year
Closed Sales: 438
Down 21.2% year over year
Median Sales Price: $678,500
Down 9.4% year over year
Months of Inventory: 2.84

What this means: Buyers have more choices than they’ve had in quite some time, and sellers need to be thoughtful about pricing and presentation. Homes that are well-prepared and priced correctly are still selling — just not instantly.

King County Snapshot (Residential + Condos)

King County inventory growth continues to ease pressure on buyers, particularly in Seattle and Eastside markets.

Active Listings: 3,761
Up 25.6% year over year
New Listings: 2,694
Up modestly year over year
Pending Sales: 1,735
Down 4.1% year over year
Closed Sales: 1,099
Down 6.9% year over year
Median Sales Price: $770,000
Down 3.6% year over year
Months of Inventory: 3.42

King County is clearly moving toward a more balanced market. Buyers are negotiating more confidently, and sellers no longer have the luxury of “testing” high prices without consequence. Strategy matters here.

Pierce County Snapshot (Residential + Condos)

Pierce County is also seeing rising inventory, though pricing has remained comparatively steady.

Active Listings: 1,713
Up 21.9% year over year
New Listings: 998
Up slightly year over year
Pending Sales: 912
Down 5.0% year over year
Closed Sales: 608
Down 3.2% year over year
Median Sales Price: $550,000
Down 1.3% year over year
Months of Inventory: 2.82

Pierce County remains attractive for buyers looking for value, but the days of multiple offers on every home are largely behind us — at least for now

What This Means for Buyers and Sellers

For buyers:
This is one of the most negotiable markets we’ve seen in years. More inventory means more leverage — but preparation still matters. Strong financing and good guidance make all the difference.

For sellers:
Homes are still selling, but the market is less forgiving. Pricing, condition, and marketing strategy must be aligned from day one. The best-performing listings are the ones that feel realistic, not reactive.

Looking Ahead

As we move closer to spring, activity typically picks up — but this won’t look like the frenzied markets of the past few years. Instead, expect a more balanced, intentional season where informed decisions win.

If you’re thinking about buying or selling in Snohomish, King, or Pierce County, I’d love to help you understand how these trends apply to your specific situation.

Local data matters — and so does local guidance.

Kim Pelham
Broker | The Pelham Group Northwest
Katrina Eileen Real Estate

Inventory Is Growing and Buyers Have More Choices