Greater Seattle Real Estate – March 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, continued to show shifting market dynamics in February as the region gradually moves toward the spring selling season. Inventory growth remains one of the most notable trends, giving buyers significantly more options than they had a year ago.
There were 13,341 active listings at the end of February, up nearly 28% year-over-year and 7.8% higher than January. This sustained increase in available homes signals that more sellers are entering the market rather than waiting for potentially better conditions, contributing to a more balanced supply than in recent years.
Sales activity improved from January but remained slightly below last year’s pace. Closed sales totaled 4,139 transactions, down 3% compared with February 2025 but up 19.5% month over month as the market began its seasonal pickup.
Home prices showed a similar pattern. The median sales price for residential homes and condominiums reached $620,000 in February, down 1.6% from a year ago but up 4.2% compared with January’s $595,000 median. While prices remain slightly softer year over year, the month-to-month gain reflects the early stages of spring market activity.
Mortgage rates also provided some encouraging news. According to housing economists, rates dropped below 6% at the end of February for the first time since 2022. While the lower borrowing costs have not yet translated into stronger year-over-year sales, they could help support buyer demand as the market moves deeper into spring.
Seattle Luxury Market
Following is a more detailed look at luxury real estate and waterfront homes in Seattle for the past month.
February recorded 123 luxury home sales above $2 million in King County, down from 149 during the same month last year.
Ten homes sold for more than $5 million. The Eastside accounted for seven of those transactions, while three were in Seattle. Although the Eastside typically leads the region’s high-end market, February’s top sale occurred on the Seattle side.
The month’s highest sale was an impeccable 1913 waterfront Tudor in Laurelhurst that closed for $9.3 million. By comparison, the top sale in February of last year was also a Seattle-side estate, this time in Broadview, which sold for $10.5 million and offered sweeping seascape views.
Additional notable luxury sales this year were recorded across the Eastside, including in Mercer Island, Medina, Clyde Hill, Bellevue, and Kirkland.
Luxury Condos
A total of 72 condominiums sold for more than $1 million this February, down slightly from the 94 recorded in February 2025. Of those, 11 units surpassed the $2 million mark, underscoring continued strength in the region’s upper-tier condo market.
The month’s top condominium sale took place at Escala in downtown Seattle, where a penthouse closed for $6.6 million. That figure surpassed last February’s leading condo sale, a $4.8 million penthouse in Bellevue Towers in Bellevue.
Is Greater Seattle Real Estate Slowing Down?
Not necessarily. February’s data suggests a market that is adjusting rather than declining. Inventory has expanded significantly, giving buyers more choices than in recent years, while prices have remained relatively stable despite a slight year-over-year dip.
At the same time, month-over-month increases in listings, sales, and prices point to early spring momentum. Combined with slightly lower mortgage rates and steady buyer engagement, the regional housing market appears to be transitioning toward a more balanced environment as the busy spring season approaches.