NWMLS January Market Report: Inventory Climbs as Sales and Prices Moderate

Information and statistics compiled and reported by the Northwest Multiple Listing Service.

KIRKLAND, Washington – February 4, 2026 – Northwest Multiple Listing Service (NWMLS), the source for the most current, accurate market listing data in Washington state, released its January 2026 Market Snapshot.

Market Recap

January housing market data shows a continuation of recent trends, with growing inventory outpacing buyer demand across much of Washington state. Active listings increased nearly 25.6% year over year in King County and 9.3% in Kittitas County. Closed sales in King County declined by 6.9%, keeping pace with statewide sales, while closed sales in Kittitas County declined 28.3%. King County saw median prices fall by 3.6%. Kittitas County saw one of the highest increases in median prices at 30%.

“Substantial year-over-year growth in active listings continues to be accompanied by much slower, even negative growth in sales and median prices,” said Steven Bourassa, director of the Washington Center for Real Estate Research at the University of Washington.

Compared to December, statewide inventory rose nearly 6% in January, while closed sales dropped 31% and median prices declined about 3%. The data suggests more homeowners are willing to sell, while affordability constraints continue to limit buyer participation.

Consumer and broker activity rebounded strongly from December, signaling early momentum as the market begins to transition toward the spring selling season. Mortgage interest rates also continued a gradual downward trend, ending January at 6.10%, compared to 6.15% at the end of December. Rates have reached similarly low levels only twice since the run-up in 2022—briefly in February 2023 and again in September 2024—when rates dipped temporarily before rising again. This time could be different, as the rate decline has continued over a longer period, suggesting that it might be more sustainable.

January 2026 Key Takeaways

Active Listings

• The total number of properties listed for sale increased 20.9% year over year, with 12,376 active listings on the market at the end of January 2026, compared to 10,241 at the end of January 2025. Month over month, active inventory increased by 5.6%, up from 11,718 in December 2025.
• Nearly all NWMLS counties experienced year-over-year inventory growth, with 16 of 27 counties posting double-digit increases. The counties with the largest increases were Jefferson (+59.5%), Walla Walla (+58.6%), Thurston (+50.8%), Okanogan (+36.4%), Adams (+36.4%), and Clallam (+35.3%).