Seattle Area Real Estate: What the July 2026 Data Actually Tells Us

The July 2026 NWMLS data is out, and the headline for King County is more optimistic than recent months might have suggested: price declines are moderating, and in some markets, prices are recovering.

Here's what the numbers show — and what they mean for buyers and sellers right now.

Single-Family Homes: The Price Floor Is In Sight

The King County median single-family sale price in July was $995,000 — down just 0.5% from $1,000,000 a year ago. Compare that to June's 4.6% year-over-year decline, and you can see the trend clearly: the downward pressure on prices is easing. Active inventory is up 25% year-over-year to 5,342 homes, and closed sales fell 10% to 1,600 transactions — but at 3.34 months of supply, the county remains firmly in seller's market territory.

Seattle's single-family market is a story of resilience. The weighted median closed price was approximately $1,016,000, up slightly (+0.9%) from July 2025's $1,007,000. That's the first positive year-over-year reading for Seattle since earlier this year. Inventory is up 16.4% from last year, but with 3.08 months of supply, the imbalance between buyers and available homes has not materially changed. Area 705 (West Seattle, White Center, South Park corridor) drove volume with 133 closings at a $989,000 median. Area 700 (Magnolia/Queen Anne/Interbay) posted a strong $1,333,000 median on 45 closings.

The picture across the city is nuanced. Areas with strong walkability, good transit access, and school appeal are holding or gaining value. The pockets seeing the most strain are those where prices got most extended during 2021–2023 and where buyers have the most alternatives.

On the Eastside, inventory is reshaping the market — but not breaking it. Active listings are up nearly 40% year-over-year across the Bellevue, Kirkland, Redmond, Sammamish, and Mercer Island corridor. Months of supply hit 3.94 in July — the highest in the county, and the closest the Eastside has come to a balanced market in years. The median sale price eased 5.3% to $1,638,000. For buyers who've been perpetually outcompeted in these cities, conditions are genuinely improving.

That said, 3.94 months of inventory is not a buyer's market — it's a more balanced market. Desirable properties in well-regarded school districts and close-in neighborhoods are still generating interest. The buyers benefiting most are those targeting larger homes in outer Eastside zip codes (Maple Valley, Black Diamond, rural Sammamish) where the inventory build has been most pronounced.

SE King County continues to outperform expectations. Closed sales fell just 2.1% year-over-year — the smallest decline of any sub-market — and pending sales are actually up 2.7%. That makes SE King the only area in the county showing positive demand momentum on a leading-indicator basis. At a $725,000 median, SE King offers genuine value relative to Seattle and the Eastside, and buyers are responding.

SW King (Auburn, Burien, Federal Way, Renton) posted a −1.4% price decline to $660,000 and 2.86 months of inventory — among the tightest readings in the county. This market is drawing buyers who need Seattle-accessible locations at more attainable price points. It's worth watching.

North King County (Shoreline, Kenmore, Bothell) had the largest percentage inventory jump (+39.8% YoY) yet remains at only 3.21 months of supply. The light rail corridor continues to underpin demand, and the −2.0% price dip to $925,000 is well within normal seasonal variation for this market.

Condominiums: A Market in Transition

The condo market is telling a more complex story — one of ongoing supply pressure alongside meaningfully improving price comparisons.

The county-wide condo median in July was $519,975, down just 1.9% year-over-year. That's a dramatic improvement from June's 10.8% decline, and it suggests the steepest phase of the condo correction may be behind us. Active condo inventory is up 20.9% year-over-year to 2,494 units, and closed sales fell 18.5% to 422 transactions. At 5.91 months of supply, the overall condo market sits just below the 6-month threshold that defines a buyer's market.

Seattle condo buyers have the most leverage in years. At 6.24 months of supply, Seattle's condo market has officially crossed into buyer's market territory. The pressure is most concentrated in the downtown and Belltown corridor (area 701), where nearly 9 months of inventory is on the market. Urban condo buyers — whether first-time buyers, downsizers, or investors — are finding the best selection and negotiating power this decade. The Capitol Hill/First Hill area (area 140) is the relative standout at $700,000 median and meaningful buyer demand.

Eastside condos saw the sharpest price move — a 9.5% year-over-year decline to a $663,000 median. Inventory is up 28.3% while closings fell 21.8%. If you've been considering an Eastside condo as a step into homeownership before moving up to a single-family purchase, this is a window worth examining.

Affordable condo markets in SW and SE King remain the most accessible entry points in the county. SW King ($340,000 median) and SE King ($366,000 median) both showed positive year-over-year price comparisons, reflecting the continued demand for affordable homeownership options even as the broader market softens.

What This Means for You

If you're a single-family buyer: The window of relative balance may be narrowing. Inventory is higher than it's been in years, and buyer competition is down from the frenzy of prior years — but prices are no longer falling at a meaningful rate in most sub-markets. Buyers who wait for further discounts may be disappointed. Buyers who act now with solid preparation get better selection with less pressure than 2021–2023 required.

If you're selling a single-family home: The pricing environment is more forgiving than it was in early 2026, but it still requires accuracy. Homes priced at market are moving. Homes priced above market are sitting and, increasingly, being reduced. Your agent's ability to read comparable sales data precisely — not a year ago, but right now — is the single biggest factor in your outcome.

If you're in the condo market: Whether buying or selling, the dynamics vary enormously by location. Seattle urban core condos favor buyers significantly. North King and closer-in suburban condos are more balanced. If you're a condo seller, expert pricing and professional presentation are non-negotiable. If you're a condo buyer, you have more leverage than you've had in years — use it thoughtfully with appropriate contingencies and inspection.

The overarching message: The King County market has not broken. Prices are stabilizing. Inventory is normalizing. Buyers have more options and more time than they did two years ago, and sellers who price realistically are still transacting. The frantic market of the early 2020s is not coming back in the near term, but neither is the distressed market some headlines might imply.

The next 60–90 days of data will be critical. Pending sales are down across the board, which means August and September closings may show further volume softness. Whether prices follow will depend heavily on whether buyers return to the market as summer inventory typically recedes.

Questions about what July's numbers mean for your specific situation, neighborhood, or home? Reach out — I'm happy to pull the current comps and give you a straight read.

Data source: Northwest Multiple Listing Service, July 2026. Sub-market median prices are volume-weighted aggregations of NWMLS map area data. County-wide figures are from NWMLS published totals. Analysis covers King County, Washington. Information deemed reliable but not guaranteed.