As we kick off 2026, the Seattle real estate market is already showing signs of increased activity. Between sunny winter weather, strong local optimism, and shifting housing trends, buyers and sellers in King County and Snohomish County are starting the year with momentum.

Mortgage rates continue to play a major role in shaping the market. As of this week, 30-year fixed mortgage rates are hovering around 6.16%, down slightly from the prior week, while 15-year fixed rates are closer to 5.75%. While the change week over week is modest, rates remain lower than much of what buyers experienced over the last couple of years, which is helping bring more people back into the market.

Inventory levels remain relatively tight, especially compared to what we typically expect heading into spring. Over the past week, there were 473 new listings across King and Snohomish County, only slightly higher than the week before. While more inventory is expected in the next three to four weeks, buyer activity is already picking up faster than new listings are coming online.

Pending sales continue to rise, with 634 homes going pending over the last week. Many of these are moving past the inspection phase, signaling buyers are progressing confidently toward closing. Closed sales totaled 220 for the week, which should increase as we reach the end of January and head into early February. Price reductions are still present, with 215 listings adjusting their prices, typically from homes that initially overshot market value.

In King County, unpublished pending sales data shows a median price of $960,000, up from $930,000 earlier in the month. Homes are selling at 100% of asking price on average, and competition is clearly increasing. Forty percent of offers involved multiple buyers, up significantly from earlier in January. Escalation clauses and fewer contingencies are becoming more common, reflecting stronger buyer confidence and urgency.

Snohomish County is showing similar trends, though competition remains slightly less intense than in King County. The median sales price is holding steady at just under $770,000, with homes selling at roughly 100% of list price. Multiple offer situations have increased to 36%, and buyers are becoming more aggressive with escalation addendums and fewer inspection contingencies, particularly on newer listings.

Overall, buyer demand is currently outpacing new inventory across the greater Seattle area. While there are still economic uncertainties, including inflation concerns and local tech layoffs, the combination of improved mortgage rates and pent-up demand is driving a more competitive early-year market. February and March are shaping up to be especially active.

For buyers, the most important factors to watch right now are interest rates and how quickly homes are selling in the neighborhoods you care about. Tracking days on market and final sale prices on platforms like Zillow or Redfin can provide valuable insight, but remember that every neighborhood and property type behaves differently.

For sellers, early 2026 may offer a strong opportunity, particularly for homes that are truly move-in ready. Buyers are prioritizing properties that require little to no immediate work, and homes that stand out in condition and presentation are far more likely to attract multiple offers and top dollar. Preparing your home properly before listing can deliver a significant return on investment.

The Seattle housing market is clearly gaining momentum to start the year, and staying informed on these trends can help you make smarter decisions whether you’re buying or selling in 2026.