More Homes, Steady Prices: What the May 2026 Market Data Means for You
Real Estate
Real Estate
Inventory rose sharply year over year, with 4,628 active listings in King County and 1,902 in Snohomish County, while median prices held steady at $875,000 and $759,875, respectively, according to May 2026 NWMLS data.
If you've been watching the market from the sidelines, May 2026 had something worth noticing: more homes, and prices that didn't flinch.
After years of a near-impossible market for buyers, with very little inventory, offers piling on in days, and prices that felt untouchable, the landscape is shifting. Not collapsing. Shifting. There's a meaningful difference, and understanding it matters whether you're thinking about buying, selling, or simply figuring out what your home is worth today.
Here's a plain-language breakdown of what the latest NWMLS data is telling us about King County and Snohomish County real estate.
The number of homes available for sale at the end of May 2026 jumped compared to a year ago:
Snohomish County's inventory growth is especially notable. That's over 460 additional homes on the market compared to a year ago. For buyers who've been frustrated by slim pickings in areas like Mill Creek, Bothell, and Lynnwood, this is real movement.
Across the full NWMLS service area, active inventory rose 16.8% year over year, reaching 21,381 listings regionwide. The available inventory is at its highest point of 2026 so far.
Here's the nuance: while total inventory is up, the number of new listings hitting the market in May was lower than it was a year ago.
So if new listings are declining, why is total inventory growing? Because homes are taking longer to sell. Buyers have more negotiating room than they did a year ago, and not every property is moving quickly. That's actually a healthier dynamic than the frenzy of 2021–2023. It gives buyers time to think, and it rewards sellers who price strategically from day one.
Despite the inventory growth, median prices in both counties remained strong:
| County | Median Sale Price (May 2026) |
|---|---|
| King County | $875,000 |
| Snohomish County | $759,875 |
Regionwide, the median sale price across the NWMLS service area was $650,000, nearly flat compared to $654,995 in May 2025 (down just 0.8%). Month over month, the median was unchanged from April.
This is the key takeaway for anyone worried about a crash: prices are stable. The combination of rising inventory and flat pricing is not a warning sign. It's a normalization signal. The market is finding its footing after several years of artificial compression.
Closed sales regionwide totaled 6,213 in May 2026, compared to 6,467 in May 2025, a 3.9% year-over-year decrease. Month over month, however, sales jumped 9.5% from April, reflecting the typical spring market acceleration.
Pending sales (homes under contract) showed a similar pattern: slightly below year-ago levels (8,168 vs. 8,249), but up 7.7% from April. Buyers are engaged, just more selective than they were a year or two ago.
The NWMLS tracks months of supply: how long it would take to sell every currently active listing at the current pace of sales. As of May 2026, that number stands at 3.44 months, up from 3.27 months in April.
For context, most real estate economists consider a 4–6 month supply to be a balanced market. We're below that threshold, which means the advantage still leans toward sellers in most price ranges. But the margin is narrowing, and the direction of travel matters.
The window that's opening right now is worth paying attention to. More inventory means more choices and, in some cases, more negotiating power. Prices haven't dropped significantly, but you're far less likely to find yourself in a bidding war that erases your negotiating leverage entirely.
If you've been waiting for a "better" market, you may be closer to it than you realize. Interest rates remain a factor, of course, but home prices, inventory levels, and competition are all more favorable than they were 18 months ago.
Pricing still matters more than ever in this environment. Homes that are priced well are selling. Homes that are priced on hope are sitting longer and often requiring price reductions that could have been avoided.
In a market where buyers have more options than they did a year ago, your first two weeks on market are the most important. Presentation, price, and timing are all levers, and getting all three right from the start makes the difference between a clean transaction and a stale listing.
The good news: strong buyer demand is still there. It just needs to be earned.
Is now a good time to buy a home in Snohomish County? With inventory up 32.1% year over year and prices holding steady at a median of $759,875 as of May 2026, buyers in Snohomish County have more options and more breathing room than they've had in years. It's not a buyer's market outright, but conditions have improved meaningfully compared to 2023 and 2024.
Are home prices dropping in King County? Not meaningfully. The median sale price in King County was $875,000 in May 2026, essentially flat compared to a year ago. While inventory is rising, demand remains solid enough to keep prices stable. A dramatic price drop would require a significant economic disruption, which current data does not suggest.
How long are homes sitting on the market in the Mill Creek and Bothell area? The NWMLS public data doesn't publish days on market at the submarket level in real time, but the broader trend shows homes are taking longer to sell across both King and Snohomish counties compared to this time last year. If you'd like area-specific DOM data for Mill Creek or Bothell, that's something I can pull directly from the MLS for you. Just reach out.
Active listing and new listing counts for King and Snohomish Counties reflect residential properties only. Regional totals for closed sales, pending sales, months of inventory, and median prices reflect residential and condominium properties combined, as reported by the Northwest Multiple Listing Service. Additional context from NAR and NWMLS regional data.
Becca Locke is a Real Estate Advisor with Locke Real Estate at Real Broker, LLC, serving King and Snohomish Counties with over 20 years of experience and 500+ closed transactions. She holds Washington State license #23740 and ranks in the top 5% of Northwest MLS agents. Becca specializes in first-time buyers, empty nesters, and buyers relocating to the Mill Creek and Bothell area.
beccalocke.com | 206.920.6500
Ready to talk through what these numbers mean for your specific situation? Reach out here. No pressure, just a conversation.
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Whether you're buying your first home, selling the one you've outgrown, or relocating to the Snohomish County area, you deserve an advisor who knows this market from the inside out. I've lived in Mill Creek for 13 years, sold 500+ homes across the greater Puget Sound region, and built a practice around one thing: making sure my clients make confident, informed decisions. Whether you're a first-time buyer navigating a competitive Snohomish County market, a homeowner ready to sell and move on, or relocating to the Pacific Northwest and trying to figure out where to land, I bring the same thing to every situation: deep local knowledge, honest guidance, and a process that keeps you informed from start to finish.
