Active listings in the Northwest Multiple Listing Service area reached their highest level since September 2014 last month, according to the latest NWMLS data.
There were a total of 24,965 properties on the market in September, up 24.5% year over year. Over half of those listings were concentrated in three counties: King, Snohomish and Pierce.
Meanwhile, closed and pending sales both decreased annually while the median home price ticked downward incrementally.
Pending home sales declined for the seventh month this year, with contracted listings decreasing 15.1% to 6,231— the steepest decline this year. Closed home sales also decreased 8.9% to 5,623, marking the lowest September sales level since 2014.
The median home price fell 0.9% to $625,000. Across the region, median prices have remained at or below year-ago levels every month of 2026 so far.
“Recent months have demonstrated what economists call ‘downward stickiness’ in home prices,” said Stephen Bourassa, director of the Washington Center for Real Estate Research. “Prices tend to rise quickly in a strong market but can be slower to fall when conditions weaken, in part because sellers may have the flexibility to wait rather than accept a lower price. Meanwhile, inventory continues to grow and sales have slowed, while higher mortgage rates are adding to affordability challenges for buyers.”
Given the rate of sales, the NWMLS region had a 4.4-month inventory in September, the highest level since February 2014.
The condo market also slowed considerably in September: Pending sales fell 22.7%, and closings fell 19.1%, while the median price decreased 4.7% to $455,000.
King County
In King County, active listings jumped 31.1% year over year, with 8,058 properties on the market during September. Pending sales declined 16.7% to 2,072, and closings declined 12.2% to 1,714. The median home price was flat at $850,000.
Snohomish County
Snohomish County saw a 44.2% annual increase in active listings during the month, with 2,967 properties on the market. Pending sales fell 17% to 819, and closings fell 8.9% to 771. The median home price dipped 0.4% to $720,000.
Pierce County
Active listings increased 21.6% year over year in Pierce County, with 3,269 homes on the market. Pending listings dropped 15.1% to 960, and closings dropped 9% to 862. The median price increased 2.7% to $575,000.
Kitsap County
In Kitsap County, active listings rose 18.3% to 904. Pending sales declined 19.2% to 307, but closings increased 2.3% to 351. The median home price ticked up 1.6% to $589,500.