NWMLS February Market Report: Inventory Surges 28% as Mortgage Rates Dip Below 6% Ahead of Spring Market
March 6, 2026
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, today released its February 2026 Market Snapshot.
Regional Market Recap
Inventory continued to expand across the region in February, providing buyers with significantly more options than a year ago. Active listings increased nearly 28% year over year to 13,341 properties, with 19 of 27 counties posting double-digit gains. Compared to January, inventory rose 7.8%, signaling continued seller participation heading into the spring market.
Closed sales totaled 4,139 transactions, down 3% from February 2025 but up 19.5% from January. The median sales price for residential homes and condominiums reached $620,000, down 1.6% from last year while rising 4.2% compared to the prior month.
“The good news is that mortgage interest rates dropped below 6% at the end of February, for the first time since September 2022,” said Steven Bourassa, director of the Washington Center for Real Estate Research. “The lower interest rates have not yet led to increased sales on a year-over-year basis, with the number of transactions declining 3% and prices down relative to February 2025. Listings continue to increase year over year, up 28%, as sellers decide to move on with their lives rather than wait for better market conditions. Compared to January, however, listings, sales, and prices were all up.”
February 2026 Key Takeaways for King and Kittitas Counties
Active Listings
- Nearly all NWMLS counties experienced year-over-year inventory growth, with 19 of 27 counties posting double-digit increases. King County listings increased by 35.5%, and Kittitas County saw an 8.1%.
- Last month the total number of properties listed for sale in King County was 4,399 compared to 3,247 in February 2025. Month over month, active inventory increased by 17%, up from 3,761 in January 2026.
- Kittitas County also saw a total increase in active listings month over month and year over year. February 2026 listings totaled 254, and increase from 247 in January 2026 (2.8%) and from 235 in February 2025 (8.1%).
Closed Sales
- Closed sales decreased in King County by 10% year over year, with 1,364 sales in February 2026 compared to 1,516 in February 2025. Month over month, sales increased 24.1%, up from 1,099 in January 2026.
- Kittitas County saw a 4.8% year-over-year increase in closed sales from 42 in February 2025 to 44 in February 2026. The increase from January 2026 to February 2026 was 33.3%, jumping from 33 closed sales to 44.
Median Sales Price
- The median sales price for residential homes and condominiums sold in King County in February 2026 was $840,000, a 2.4% increase from February 2025 ($820,000). Month over month, the median price increased 9.1% from $770,000 in January 2026.
- After a 30% year-over-year increase in median sale price in Kittitas County in January 2026, the trend is holding steady in February 2026. The median sales price was $591,250, up from $479,250 in February 2025 (23.4% YoY). Month to month, the median sales price decreased from $617,500 in January 2026 (4.3%).
###
As the leading resource for the region’s residential real estate industry, NWMLS provides valuable products and services, superior member support, and the most trusted, current residential property and listing information for real estate professionals. NWMLS is a broker-owned, not-for-profit organization with more than 2,400 member offices and 30,000+ real estate brokers in Washington state and Oregon. NWMLS operates regional service centers throughout its coverage area, providing dedicated support to its members and fostering a robust, cooperative brokerage environment. NWMLS offers a home listing search and comprehensive broker database at nwmls.com.
Washington Center for Real Estate Research
College of Built Environments at The University of Washington WCRER provides a bridge between academic study and research on real estate topics and the professional real estate industries.