Seattle Housing Market

Seattle’s housing market continued to adjust in February, with home sales falling year over year, inventory expanding rapidly, and prices showing tentative signs of stabilization after a prolonged period of decline.

Seattle’s median home sale price edged higher in February, reaching $725,000 after hitting a recent low earlier this winter. Despite that near-term improvement, prices were down 1.4% from a year earlier, extending a stretch of flat-to-declining annual pricing. Relative to other major metros, Seattle continued to underperform, ranking among the weakest markets nationally.

Home sales in Seattle totaled 2,668 in February, down 10.3% from the same month last year. While transaction activity typically accelerates ahead of the spring buying season, sales remained subdued relative to historical levels. Compared to other large U.S. markets, Seattle ranked near the bottom for annual home sales growth.

Active listings climbed to 9,718 in February, an increase of 23% compared to the same month last year and one of the fastest inventory growth rates among major U.S. markets. Inventory gains were broad‑based across housing types, with condo listings growing the fastest, adding competitive pressure in that segment.

The median home sale price in Seattle decreased by 1.4% in February compared to the same month in 2025, continuing a trend of flat or declining prices.

Seattle’s median home sale price increased modestly in February to $725,000 after reaching its lowest level in roughly two years earlier this winter. Despite that uptick, prices were still down about $10,000 from February 2025, a 1.4% annual decline.

Seattle continued to lag most large U.S. housing markets in price growth. The metro ranked 33rd out of the top 40 U.S. markets for annual home price appreciation in February, among the weakest performers nationally. While many markets have returned to modest year-over-year gains, Seattle remains among the half still posting annual price declines.

Price weakness has been most pronounced outside of the single-family segment. Seattle condo prices fell 6% year over year in February, a decline of roughly $33,000, while attached homes also posted a 6% annual drop, down nearly $40,000. Detached single-family homes were more resilient, with prices down 0.9% from a year earlier.

The inventory of active home listings in Seattle increased 23% in February 2026 compared to the same month last year, providing buyers with more options.

Seattle had about 9,700 active listings in February, up roughly 1,800 listings from a year earlier. Inventory has steadily increased over the past year, ending the tight supply seen in 2023 and early 2024. In February, more sellers returned ahead of the spring selling season, shifting the market balance.

Seattle ranked sixth among the top 40 U.S. markets for year-over-year growth in active listings in February, with inventory expanding faster than in most major metros. While Seattle still has fewer listings than many large Sun Belt markets, the pace of inventory growth has been among the highest in the nation.

Inventory gains were broad-based across housing types, but condos saw the fastest growth. Active condo listings in Seattle increased 22.6% year over year in February, detached homes saw a 19.5% increase, and listings for attached homes increased by 14.3%. Condo sales were likely most impacted as sales softened and buyers remained cautious amid wider economic concerns in the region.

Home sales in Seattle declined 10.3% in February 2026 compared to the same month last year, continuing a period of subdued transaction activity.

Seattle recorded nearly 2,700 home sales in February, about 300 fewer transactions than a year earlier. While sales typically pick up heading into the spring, , activity has remained muted so far this year, reflecting elevated mortgage rates and ongoing caution among buyers. February marked another month in which sales volumes lagged both pre‑pandemic norms and early‑decade highs.

Seattle ranked 33rd out of the top 40 largest U.S. markets for year‑over‑year home sales growth in February. This is part of an ongoing trend where Seattle has underperformed its peers as the region’s job and population growth slows. While some markets have seen modest rebounds in transaction activity, Seattle continues to underperform its peers.

Sales declines were most pronounced in higher‑density housing types. Condo sales fell 22% year on year in February, while sales of attached homes declined 20.8%. Single‑family homes proved more resilient but still posted a 6.8% annual drop. This reflects more demand sensitivity for condos and townhomes relative to single‑family housing, as the Seattle market faces a near-term employment downturn.

For questions and commentary about this report:

Elliott Krivenko, Senior Director of Analytics at CoStar and Homes.com, based in Seattle, is available for interviews to provide expert insights on this data and the broader residential real estate market.

Elliott Krivenko

Senior Director of Analytics

ekrivenko@costar.com

Homes.com releases preliminary figures on housing trends on a monthly basis. Although these numbers may change slightly once all transactions are accounted for, they provide an early indication of home price appreciation, inventory changes, and sales volume in Seattle during February 2026.

For most markets, geographical coverage consists of the Census-defined Core-Based Statistical Area (CBSA). Data for San Francisco, Los Angeles, Miami, and New York is at the Metropolitan Division level.

Definition of Sale Prices

Median home price is the midpoint sale price of homes closed during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Inventory

Inventory is the number of unique active listings that were for sale during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Home Sales

The total number of closed home sales on the MLS during the month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

About the Homes.com Market Analytics Team

The Homes.com Market Analytics group is a team of experienced analysts embedded in nearly 30 markets across North America. These experts reside in and regularly visit the markets they cover, providing local expertise and a national perspective on all sectors of real estate: residential, office, industrial, retail, and multifamily.

About Homes.com Analytics Data

The Homes.com analytic data is compiled by the CoStar Analytics team, the largest and most experienced analytics team in the real estate industry. The team consists of over 50 economists, analysts, and data scientists, who collectively have more than 900 years of real estate experience and over 30 advanced degrees. Analysts on the team live in and around the markets they cover, enabling them to build deep local knowledge and unique insights.

The data set being used by the team is one of the most comprehensive and robust in the industry. It spans all 393 metropolitan markets, 542 micropolitan markets, and over 35,000 local neighborhoods in the U.S. The data set is sourced from almost 500 Multiple Listing Service (MLS) providers around the country, as well as public record data from each market, and is supplemented by proprietary data collected by CoStar's team of over 2,000 researchers. It includes a complete inventory of all homes in the U.S., including homes for sale, homes for rent, new construction homes, as well as sale comps and rent comps.