Greater Seattle Real Estate – February 2026

Northwest MLS Real Estate Report

The Northwest Multiple Listing Service (NWMLS), which tracks real estate activity across the greater Seattle real estate market and much of Washington state, reflected a continued shift in market dynamics this January. Inventory growth continues to outpace buyer demand, offering purchasers more choices as the market begins its transition toward the spring selling season.

There were 12,376 active listings at the end of January, up 20.9% year-over-year and 5.6% higher than December. This sustained growth in available homes signals that more sellers are entering the market, contributing to a more balanced supply than in recent years.

Sales activity slowed. Closed sales totaled 3,465 transactions, down 7% year-over-year, reflecting both seasonal patterns and ongoing affordability constraints. While some counties saw modest increases, most experienced declines compared to January 2025.  In addition, home prices softened modestly. The median sales price for residential homes and condominiums was $595,000, down 3.25% from a year ago.

Seattle Luxury Market

Following is a more detailed look at luxury real estate and waterfront homes in Seattle for the past month.

Stunning, modern residence available in Cle Elum

Luxury Homes

January saw 87 luxury home sales over $2 million in King County, compared to 114 during the same month last year. While the Eastside typically leads the region’s high-end market, and this January was no exception.

Of the thirteen homes that sold for more than $5 million, the Eastside claimed all 13. January’s highest sale was a waterfront home on Hunts Point that closed for $17.37 million.  Additional notable sales this year were recorded in Clyde Hill, Laurelhurst, Bellevue,  Kirkland, and others.

Luxury Condos

In the condo segment, 47 units sold for more than $1 million in January, far below the 85 sales recorded in January 2024. Notably, 8 of those sales exceeded $2 million, although most were not the typical condo in high-rises but more townhome style in a small HOA.  For example, the top sale was a 3 level home in a 7-unit complex in Bellevue that sold for $2.7 million. 

Beautiful unit available in The Emerald

Is Greater Seattle Real Estate Slowing Down?

Not really. January reflected a typical seasonal pause rather than a true slowdown, and the broader picture remains encouraging. Inventory continued to build year-over-year, giving buyers more choices and helping the market move toward a healthier balance. 

Overall, Greater Seattle real estate is not slowing down, it’s adjusting in a constructive way. For example, rising inventory, stable buyer demand, and while sales were down in luxury real estate market, the luxury home market still saw some impressive top-dollar sales.

For this blog, the information and statistics were derived from the Northwest Multiple Listing Service.