Is the Seattle Housing Market Cooling? June 2026 Data Breakdown

Hello Seattle and welcome to our June real estate housing update. This is realtor Emily Cressy and we are going to dive right in and see what's happening here in the month of June. You're looking at May data from the Northwest MLS multiple listing service and I've highlighted a few key metro areas like Seattle and Bellevue as well as Shoreline and Bothell to see what is happening across the board here in real estate. Now as we can see as we look at median sales price in this table over here Seattle real estate has actually gone up on average three and a half percent now sitting at almost 900,000 for the median home price across all home types condos single family townhomes but in the other metros listed we are losing ground the median home price is going down seen most vividly here in Bellevue Washington the tech hub which is having job layoffs and we also have the millionaires tax affecting this region and luxury price points quite heavily and the median home price here is down almost 11 year over year compared to where we were last year at this time right now the median home price in Bellevue is just a little under one and a half million dollars if we look at new listings we can see that in a similar vein new listings in Bellevue are up 15 percent now we've seen different things on twitter saying you know 62 increase and all of this type of stuff but across the board condos through luxury we are seeing a 15 more new listings last month than usual or than the previous year I should say in other markets this is down in Seattle we actually have almost seven percent fewer new listings this May than we did last May but still quite a few new listings and overall good signs of high inventory here as we look at homes for sale we can see that we've got 3,000 homes for sale in Seattle 642 in the city of Bellevue and again this is increased across the board in every metro that we're looking at Shoreline is the smallest one we only have two percent more homes for sale this May than we did last year May 2025 next we want to check on whether these homes are going pending which means going under contract and closing which means money and keys are exchanging hands and overall this is a sign that that inventory is getting absorbed we have more listings but we also have more closings taking place unfortunately it looks like closings are down eight percent in Bellevue eight percent in Shoreline pretty flat in the city of Seattle this one I think days on market tells a big part of the story the median days on market is still less than two weeks in most of these areas Bothell at 16 days still a very fast moving market half of the inventory or more is selling within the first two weeks so this is not a slow or stagnant market by any sense of the word if we look at average time then it is a little higher which would suggest that some homes are sitting longer which you know means they're probably overpriced now month supply indicates what would happen if we stopped putting any homes on the market and the ones that were there continued to be sold at the pace they're selling now in that sense we would have run out of inventory in Shoreline in three months Bellevue in five and a half months once we see this kind of surpass the three month mark and go into the three to six is kind of considered balanced beyond six is definitely buyer's market territory so again this is suggesting we have a quite a bit of homes for sale relative to how quickly they're being sold but are people getting the full price for them let's see in Bothell 99.7% let's take a look we're looking at the percentage of the original price that they sold for and what this tells us is that at Bellevue is the softest of the four markets homes there are still selling for about 98% of list price while we are seeing a little bit of price concessions it's not a lot the bottom line here is you really just have to price it right from the beginning and you should still be able to sell pretty close to where you want to end up has price per square foot gone down not especially across most of the market although in Bellevue the answer is yes price per square foot is down nine percent which is another indicator of softening market in Bellevue in Seattle it's flat Bothell's flat here in Shoreline though price per square foot has actually gone up six and a half percent and of course we are seeing the new light rail stations they are having an impact there are developers who are buying in that area as well as homeowners that want to be able to walk to those open light rail stations how many people do you need to have through your property in order to sell it well in Shoreline we're seeing on average 13 people come through each home and in my experience that's because we are getting a lot of showings a lot of multiple offer situations especially on affordably priced homes very in demand area and in other cities we're sitting around 10 or fewer I normally tell my clients by the time we have 10 people come through and tour your property we should have received an offer if it's priced correctly so overall what we're seeing in the market is generally strong it's still a fast moving seller's market for the most part the weaker parts of the market seem to be developing on the east side and in luxury price point homes in the affordable housing market and the medium price point and below I still see things moving fairly quickly if you're thinking about buying this is a great time to take advantage of some concerns about the market especially on the east side you might be able to snag yourself a deal and here on the Seattle side again you just have to make sure your home is priced and prepared correctly before you come to market if I can help you with anything like that let me know emilycressey at homeproassociates.com I'll see you on our next video we make these updates every month so be sure to subscribe so you can stay informed