Straight talk: buyers have more leverage right now than they’ve had in a long time. If you’ve been waiting for a better moment to buy in the Seattle area, this is worth your attention.
What changed
The number to watch is months of inventory, which is how long current listings would take to sell at today’s pace. King County hit 4.70 months in September, up from 3.2 a year earlier. Snohomish County went from 2.4 to 3.85, and the NWMLS region overall went from 3.25 to 4.44. King County has about 31% more active listings than a year ago. northendhomesnorthendhomes
For perspective, King County had 3,240 active listings in August 2021 and 8,876 in August 2026. connectingyouhome
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How long since we’ve seen this?
A long time. One analysis of NWMLS InfoSparks data found that Seattle is above four months of inventory for the first time since January 2012. Even the 2019 slowdown didn’t get here: King County sat at 2.6 months in August 2019. themadronagroupconnectingyouhome
Seller’s market vs. now
In a typical seller’s market, you compete. You face multiple offers, tight timelines and little room to negotiate. Now you are in the driver’s seat and have choices. You can take time with inspections and ask for repairs, credits, closing-cost help or a rate buydown. Sellers are far more willing to deal than they’ve been in years.
The reality check
This isn’t a fire sale. The King County single-family median was $949,975 in September, under 1% below last year. King County sellers are still getting about 99% of list price. Mortgage rates are also high: the 30-year fixed hit 7.40%, the highest since November 2023. The opportunity right now is leverage and selection, more than dramatically lower sticker prices. However, when compared to the 20-year average year over year home price increase of 4.5%, the current average home price is down around $45,000. October 2026 Real Estate Market Update: King & Snohomish Counties +2
What I expect next
Here’s my read. Prices are likely to soften through the end of the year. In January we typically see the ‘early spring market’, with greatly increased buyer activity. After that prices tend to firm up, and the market tightens back toward sellers. Buyers who wait for that crowd compete for homes again, and at higher prices.
We saw that pattern for several years running, and it was happening again this year until the war with Iran. The US and Israel launched attacks on Iran in late February, and mortgage rates, which had just dipped below 6%, started climbing again. Rates are the wild card for this winter and spring. CNNmarketplace
Condos and townhouses
Condos represent the clearest buyer’s market. King County condos are at 7.05 months of inventory, with the median down about 6% to $496,000. I expect condos, and townhouses to a somewhat lesser degree, to rebound more slowly, which keeps the buyer window open longer. northendhomes
It’s not the same everywhere
King County leads this shift. Snohomish County single-family homes are at 3.7 months, and Pierce County is at about 3.2. Those markets are tighter, so leverage there is smaller. northendhomesericakines
What to do now
Get pre-approved so you can move when the right home appears.
Tour more homes than you would in a hot market. Selection is your advantage.
Negotiate for more than price: repairs, credits, closing costs, rate buydowns.
Don’t count on this lasting. If spring brings a crowd, the leverage fades.
Want to talk through your situation? A great local lender recommendation? Call or text me at 206-931-8706.
© 2026 Fletch Newland Real Estate – Spire One Realty – Mount Lake Terrace, WA.
General information only, not financial advice. Market conditions and forecasts aren’t guaranteed.
Sources: NWMLS data via InfoSparks as reported by Northend Homes, Madrona Group and Connecting You Home (Sept 2026); Beyond Real Estate; Marketplace; CNN.