September 2026: The Market Just Changed Hands
If you caught my live this week, you heard me say it: by the numbers, the Seattle metro is the worst-performing housing market in America right now. Redfin ranked it dead last of the 50 biggest metros on pending sales, prices and inventory growth.
But Washington doesn't have one housing market. So let's look at our own backyard.
The September numbers (NWMLS)
Snohomish County | King County | |
|---|---|---|
Median price | $720,000 | $850,000 |
vs. Sept 2025 | -0.4% | flat |
Active listings vs. last year | +44.2% | +31.1% |
Months of inventory | 3.7 (single-family) | 4.7 |
Across the whole NWMLS region:
Inventory is the highest for any September since 2014.
Pending sales are down 15.1%, and closed sales are down 8.9%.
Buyers went under contract on about 62 homes for every 100 new listings, down from 80 a year ago.
What's driving it
Rates. The 30-year fixed hit 7.40% on October 8, the highest since November 2023 and seven weekly increases in a row. A year ago it was 6.30%. When homes cost what they cost here, every quarter-point hurts.
What it means for you
Buying? This is the most leverage buyers have had in years: more choice, price cuts, seller-paid closing costs and rate buydowns. Talk to your lender about what that does to your payment.
Selling? Price it right from day one. The homes that sit are the ones chasing the market down.
Staying put? Nothing changes for you. Don't make decisions off a headline.
Prices aren't crashing. What's changed is the speed, the leverage and who's in charge of the negotiation.
Questions about your neighborhood or price range? Just hit reply.
— Anton
Information and statistics compiled and reported by the Northwest Multiple Listing Service.
Mortgage rates: Freddie Mac.
Metro rankings: Redfin.