June 26, 2026 · By Timothy Lee
The latest Northwest MLS data for May 2026 points to a steadily rebalancing housing market across Western Washington. Inventory is climbing faster than buyer demand, yet prices have held remarkably steady — a combination that's creating real opportunities on both sides of the table.
There were 21,381 active listings across Western Washington in May — up 16.8% from a year ago and 15.2% from April. More homes on the market means more choice for buyers and more competition for sellers.
New listings (12,562) actually dipped slightly from a year ago, so the growing inventory is being driven as much by homes taking a little longer to sell as by brand-new supply.
Buyers are still active: 8,168 pending sales and 6,213 closed sales in May. Both jumped from April as the spring season picked up — pending up 7.7% and closed up 9.5% month over month — and came in only modestly below last year.
The headline is balance. With 3.44 months of inventory (up from 3.27 in April), the market is edging away from the extreme seller's-market conditions of recent years toward something closer to equilibrium.
Despite the jump in inventory, the median sale price held at $650,000 — essentially flat versus April and down less than 1% from a year ago. In King County, the median came in higher at $875,000.
Stable pricing alongside rising inventory tells you sellers are pricing realistically and buyers are willing to transact when a home is well-presented and fairly priced.
If you're buying: you have more selection and more negotiating room than at almost any point in recent memory, and prices aren't running away from you. Get pre-approved, know your numbers, and be ready to move on the right home.
If you're selling: demand is still here, but buyers are selective. Realistic pricing and strong presentation matter more than ever — the homes that show well and are priced right are still moving quickly.
Want to know what these trends mean for your specific neighborhood and price point? Reach out to our team for a personalized read on your options.
Figures are drawn from the Northwest MLS May 2026 Monthly Market Snapshot (published June 3, 2026). Statistics compiled from Northwest Multiple Listing Service data; this summary is not compiled or published by NWMLS.
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