After years of dramatic price swings, Seattle’s condominium market has entered a period of remarkable steadiness, with the median resale price settling at $557,000 in January 2026—a modest $2,700 increase from the previous month that signals the end of the rapid appreciation era. This marginal gain represents a significant shift from the market’s previous momentum, as condo prices reached historic highs before adjusting and stabilizing in early 2026.
Seattle’s condo market has shifted from rapid appreciation to remarkable steadiness, with prices stabilizing after reaching historic highs.
The shift toward equilibrium became evident through several key metrics. Inventory surged 21.6% year-over-year, with total units on the market climbing 6% compared to January 2025. Perhaps most telling, months of inventory jumped from 3.02 in December to 5.4 in January, pushing conditions firmly into buyer-friendly territory. This dramatic one-month shift marked a meaningful change in market dynamics, creating the first genuine buyer’s market Seattle condos have experienced in years.
Sales activity reflected this cooling trend, with limited transaction volume for townhouses and condominiums throughout January. Nationally, existing-home sales fell 8.4%, while closed sales in sampled markets decreased 6.3% year-over-year.
The combination of elevated inventory and softer demand created a natural balance point between buyers and sellers, though early winter seasonality contributed to some of the slowdown.
Despite moderating sales, prices demonstrated surprising resilience. Home values remained steady across market segments, supported by sustained underlying demand. Price cuts affected just 14.3% of listings, down from 15.6% the previous year, suggesting sellers were pricing more accurately from the start rather than adjusting after extended marketing periods. This stability aligned with national trends, where the median home price reached $422,980 while price-per-square-foot metrics declined only 1.6% year-over-year. Condo purchase originations have fallen significantly from their 2021 peak of $148B to $83B in 2024, reflecting broader shifts in buyer financing patterns. Average days on market increased 25.8% year-over-year, reflecting the transition to more balanced conditions as properties required longer marketing periods. Seattle’s active listings grew 32.4% year-over-year, leading the nation’s largest metros in inventory expansion.
Looking ahead, J.P. Morgan projects flat 0% home price growth for 2026, though sales activity should gradually improve as mortgage rates—which fell to their lowest level since 2022 in mid-January—help buyers regain purchasing power. For now, Seattle’s condo market appears to have found its footing, offering stability after years of unpredictability.
