Seattle Real Estate Market Update: June 2026

The Seattle real estate market is showing signs of stabilization in June 2026, with home prices continuing to rise modestly while higher mortgage rates and increased inventory are giving buyers more negotiating power.

After 10 years of tracking the Seattle housing market, one thing is clear: the market has changed dramatically since 2016.

Seattle Home Prices Continue to Rise

As of May 2026, the median Seattle home price reached $1.031 million, up 4.4% year over year.

That’s a significant increase from 2016, when Seattle’s median sales price was approximately $630,000. However, today’s market is much less competitive.

In 2016, roughly 75% of homes were selling above asking price, with homes averaging about 6% over list price. Today, Seattle homes are selling for approximately 1.6% above asking price, a major difference for buyers.

Bellevue has seen even stronger price growth. The median sales price reached approximately $2.1 million, up 9.8% year over year.

Higher Mortgage Rates Are Slowing the Market

Mortgage rates remain one of the biggest factors influencing the Seattle housing market.

The average 30-year fixed mortgage rate increased from approximately 6.44% in May to 6.68% in June 2026.

Higher borrowing costs have helped keep home prices from accelerating rapidly. Over the past several years, Seattle-area home prices have generally remained relatively stable, with seasonal fluctuations driven largely by inventory and interest rates.

Seattle Housing Inventory Is Rising

One of the biggest changes in the market is the amount of available inventory.

Seattle currently has approximately 3 months of housing supply, while Bellevue has about 4.7 months of supply. Inventory levels are reaching their highest point in roughly a decade.

More inventory means less competition between buyers. Instead of multiple buyers competing for the same property, buyers have more homes to choose from and more opportunities to negotiate.

That’s good news for buyers, although sellers face a more competitive environment.

Is It a Good Time to Buy a Home in Seattle?

For buyers who are financially prepared and planning to own a home for the long term, the current market offers some meaningful advantages.

Home prices aren’t dramatically discounted, but buyers have something they haven’t had in years: less competition.

Compared with the intense bidding wars of 2016 and the early 2020s, today’s buyers are more likely to encounter one or two competing offers—or sometimes none at all.

The combination of relatively stable prices and higher inventory can make the current Seattle housing market a more manageable environment for buyers.

Is It a Good Time to Sell a Home in Seattle?

For homeowners who have owned their properties for several years, elevated home values may provide an opportunity to unlock significant equity.

Seattle’s median home price is substantially higher than it was a decade ago, and Bellevue has experienced even greater appreciation.

However, sellers should be prepared for a market where buyers have more choices. Pricing a home competitively, presenting it well, and understanding local market conditions are increasingly important.

Seattle Real Estate Market Outlook

The Seattle housing market is unlikely to repeat the extraordinary price growth seen between 2016 and 2022 anytime soon. Still, long-term homeowners have historically benefited from owning real estate through different market cycles.

For buyers, today’s market offers more inventory and less competition. For sellers, strong home values and accumulated equity can create opportunities—provided the property is priced appropriately.

The biggest takeaway for June 2026 is simple: Seattle real estate is no longer a bidding-war market in most areas, but it remains a high-value market with relatively stable prices.

For anyone considering buying or selling real estate in Seattle, Bellevue, or the greater Puget Sound area, understanding the neighborhood-level data is more important than ever.