Greater Seattle Real Estate – August 2026
Northwest MLS Real Estate Report
The Northwest Multiple Listing Service (NWMLS), which tracks real estate activity across the greater Seattle area and much of Washington, reflected a market that continued to shift in August as inventory levels remained elevated across King County. While buyer activity remained steady, the significant increase in available homes compared to last year has created a more favorable environment for buyers.
King County saw a substantial increase in available residential inventory during August, giving buyers considerably more choices than they had a year ago. Active residential listings climbed to 5,230, up 32.8% from 3,939 in August of last year. New listings also increased, with 2,538 homes entering the market compared to 2,088 during the same month last year, representing a 21.6% increase. The combination of more homes coming onto the market and a larger number of active listings points toward a meaningful shift in market conditions.
Buyer demand, meanwhile, has not increased at the same pace as inventory. Pending residential sales totaled 1,692 in August, down from 1,765 during the same month last year. Closed residential sales followed a similar pattern, with 5,861 sales compared to 6,341 in August 2025. The decline in pending and closed sales alongside substantially higher inventory suggests that more homes are currently sitting on the market while buyers have greater flexibility in evaluating their options.
Homes are also taking longer to sell. In August 2025, residential homes in King County spent an average of approximately 2.5 months on the market, compared to 3.6 months in August 2026. The increase in market time further supports the shift toward a more balanced market, giving buyers additional time and negotiating flexibility while placing greater importance on pricing and presentation for sellers.
Home values also softened compared to last year. The median residential sales price in King County decreased to $920,000 in August, down from $990,000 during the same month last year. Despite the decline, the market continues to see significant high-end activity,
Seattle Luxury Market
Following is a more detailed look at luxury real estate and waterfront homes in Seattle for the past month.
August saw 172 luxury home sales over $2 million in King County, compared to 215 during the same month last year. The Eastside accounted for 76 of those sales, representing less than half of the county’s luxury transactions. Despite the year-over-year decline, high-end properties continued to attract buyers across King County, with luxury activity extending beyond the Eastside into Seattle and other sought-after communities throughout the region.
August’s highest sale was a $22.8 million estate in the Medina neighborhood. Last year’s top August sale was a $26 million property in Bellevue. The continued presence of multimillion-dollar transactions highlights the ongoing demand for exceptional properties, even as overall luxury sales have moderated from last year’s levels.
Luxury Condos
The condominium market also saw a notable shift in August, with inventory continuing to expand while sales activity softened across King County. Active condo listings increased from 1,986 in August of last year to 2,473 this year, giving buyers significantly more options as they navigate the market.
At the same time, fewer condominiums closed this August, with 341 sales compared to 476 during the same month last year. Condos are also spending considerably more time on the market, averaging 7.3 months before selling compared to 4.2 months in August 2025. The combination of increased inventory, fewer sales, and longer market times is giving buyers more flexibility to take their time and evaluate their options.
Home values have also softened, with the median condo sales price declining to $515,000 in August, down from $549,000 during the same month last year. This represents a 6.2% decrease year over year and further reflects the shift toward a more buyer-friendly condominium market.
At the luxury level, August’s highest-priced condo sale was a waterfront residence in Kirkland that sold for $4.3 million. While luxury condo activity has moderated, the sale highlights the continued appeal of waterfront condominium living in some of King County’s most desirable communities.
The combination of increased inventory, longer market times, and lower median prices is creating significantly more flexibility for condominium buyers, while sellers may need to be increasingly strategic with pricing and presentation to stand out in a more competitive market.
What does this mean for the Greater Seattle market?
August’s housing data reflects a meaningful shift in the greater Seattle market, with inventory rising substantially while sales activity and median prices have softened across King County. Buyers are benefiting from significantly more selection and longer timelines to make decisions, creating a market where there is less pressure to act quickly and more opportunity to negotiate.
The shift is particularly noticeable in the condominium market, where inventory has increased, sales have declined, and average market times have extended considerably. Residential homes are showing a similar pattern, with active listings up nearly 33% from last year and homes taking longer to sell. Together, these trends indicate that buyers have gained considerably more leverage compared to this time last year.
For sellers, the market remains active, but strategy matters more than it did a year ago. Well-priced and well-presented homes can still attract strong interest, particularly in desirable neighborhoods and at the luxury level. However, with more competing inventory and buyers taking more time to make decisions, sellers may need to be more deliberate about pricing and positioning their properties.
Taken together, August’s data points to a greater Seattle housing market that has moved beyond simply finding balance and is giving buyers a distinct advantage. Increased inventory, longer market times, fewer sales, and softer median prices are creating a more flexible environment for buyers, while sellers face a market where thoughtful pricing and strong presentation are increasingly important.