Greater Seattle Real Estate – May 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 gaining momentum in May as the spring season took hold. Inventory continued to surge while buyer activity showed signs of improvement.
King County saw a notable increase in available inventory during May, providing buyers with more opportunities than they had a year ago. Active residential listings climbed to 4,628, up 14.1% from 4,056 in May of last year. The increase in supply points to a market that is becoming more balanced while continuing to support strong activity across the county.
Buyer demand remained steady despite the growth in inventory. Closed residential sales totaled 1,653 in May, virtually unchanged from the 1,657 sales recorded a year earlier. This consistency suggests that buyers remain engaged, particularly in King County’s most desirable neighborhoods where demand continues to be strong.
Homes are taking slightly longer to sell than they were during the highly competitive conditions of recent years, but the market remains active by historical standards. The additional inventory gives buyers more time to evaluate their options, while sellers continue to benefit from healthy demand for well-priced homes in sought-after locations.
Home values have also remained remarkably stable. The median sales price for residential properties in King County was $975,000 in May, compared to $989,000 a year earlier. While prices have moderated slightly year over year, many of the county’s prime neighborhoods continue to attract strong buyer interest, reinforcing the long-term strength of the local housing market.
Seattle Luxury Market
Following is a more detailed look at luxury real estate and waterfront homes in Seattle for the past month.
May saw 233 luxury home sales over $2 million in King County, compared to 240 during the same month last year. The Eastside typically dominates the luxury market, it accounted for 106 of those sales this May, representing less than half of the county’s total luxury transactions. This shift suggests luxury buyers are increasingly expanding their search beyond traditional Eastside markets, with Seattle capturing a larger share of high-end demand.
May’s highest sale was a waterfront estate in the Mercer Island neighborhood that sold for $15.85 million. Similarly, last year’s top May sale was a $12.25 million estate on Clyde Hill. Additional notable sales this year were recorded in Bellevue, Seattle, and Mercer Island.
Luxury Condos
The condominium market remained active at the luxury level, with 58 condos selling for more than $1 million in May, compared to 94 during the same month last year. Of those sales, seven exceeded $2 million, highlighting continued strength in the upper-tier condo segment.
The month’s top condo sale was a lakeview residence in downtown Kirkland that sold for $3.7 million. Last year’s leading May condo sale was a $5.05 million residence on the 30th floor of Bellevue’s Lincoln Tower.
What does this mean for the Greater Seattle market?
May’s housing data reflects a market that remains resilient despite changing conditions. Inventory growth has provided buyers with more options, yet sales activity has remained consistent and home values have held steady.
At the luxury level, buyer demand continues to extend beyond traditional Eastside markets, with Seattle and Mercer Island capturing a larger share of high-end transactions. Meanwhile, activity in the luxury condo segment highlights ongoing confidence in the region’s premium housing market.
Taken together, the data points to a market that is broadening rather than slowing, with increased inventory helping to create more balanced conditions across a wide range of price points.