Featured on KIRO Newsradio · May 7, 2026
Key Insights from Anton’s KIRO Newsradio Interview on the Spring 2026 Puget Sound Housing Market
Last week, KIRO Newsradio anchor Aaron Granillo reached out for an interview on what’s actually happening in the Puget Sound housing market this spring. The piece ran on MyNorthwest under the headline “Puget Sound housing market features more homes, steady prices, and a ‘tale of two markets.'” A radio segment compresses; below are the key insights I shared, with the deeper context and data I wish I’d had more time to expand on.
“So far, we have not seen numbers that suggest a crisis. We’re seeing a market adjusting.”
— Anton K. Alexander, on KIRO Newsradio · May 7, 2026
A Tale of Two Markets — What That Actually Means
The phrase “tale of two markets” is how I described what we’re seeing on the ground, and it’s not a metaphor. It is two materially different transaction environments running in parallel inside the same MLS.
In one market — the prepared, accurately priced, well-presented home — buyers are still moving fast. Over half of homes are going under contract within the first 10 days. Multiple-offer situations are still happening. Sale prices are still landing above list. That market never went away. The buyers in it have done the math, accepted the rate environment, and are transacting.
In the other market — the listings I’m watching sit — homes are sitting for weeks. It isn’t the economy that turned on those sellers. The slower outcomes almost always trace back to one of two things: a lack of preparation — condition, finishes, photography, presentation, the things that signal quality to a serious buyer — or an opening price that didn’t match the market’s current temperature. Sometimes it’s both. Either way, the gap closes eventually, almost always through one or two price reductions. The sellers who get ahead of it capture cleaner outcomes than the sellers who chase the market down.
The Numbers Aaron and I Talked Through
Statewide, housing supply is up 28.4% — Washington now has 18,563 active listings according to the Northwest Multiple Listing Service. That’s the broadest framing. But Puget Sound moves county by county and the picture is genuinely uneven:
- Snohomish County: 58% inventory increase — the largest of any county in NWMLS. Combined median price for homes and condos dipped slightly to $750,000.
- King County: Median single-family home price down 6.8% to $960,000. More inventory, more options for buyers, but the floor under prices is holding.
- Pierce County: Bucked the trend — median sales price climbed 4.5% to nearly $580,000 for homes and condos.
Regionwide, closed sales fell 3.7% year over year in April while the median price held steady at $650,000. That’s not a market in distress. It’s a market processing a bigger inventory base at slightly slower velocity, with prices anchored by structural supply constraints that don’t disappear because the headlines get noisier.
The K-Shaped Economy and Why It Matters Here
The other framing I gave Aaron was the K-shaped economy. The tech layoffs are real — tens of thousands of positions cut across major employers since the start of the year, and they send jitters through the market. People feel like they need to be more conservative financially. That’s rational behavior. It’s also not the whole picture.
Billions of dollars are pouring into AI infrastructure in Seattle and the Eastside — Bellevue, Kirkland, Redmond — at the same time. That spending is creating high-paying engineering, infrastructure, and AI specialist roles. The roles being cut and the roles being added are not the same roles. The consumer pressures hitting one segment of the market are not necessarily affecting the segment driving demand for million-dollar-plus homes in the neighborhoods we work in.
I expanded on this thesis last week in our May market report — Two Economies. One Market. — with the full underlying data and a seven-year chart series on Seattle pricing behavior. If you want the deeper version of what I told KIRO, that’s where it lives.
Where Rates Are, and What’s Next
The 30-year fixed rate climbed roughly half a percentage point in April, driven by renewed inflation fears tied in part to the conflict in Iran and the resulting oil supply disruption. Current rates sit at approximately 6.3%. That added a real headwind to a market that, by late February, had been building genuine momentum.
And yet — our pending data shows the Seattle market gaining traction heading into May. Average days on market are trending toward 25, down from 29 in April. That’s not the behavior of a market unwinding. It’s a market that absorbed the rate shock, recalibrated, and is moving again.
What This Means If You’re Buying or Selling Right Now
If you’re selling: The two variables that matter most this spring are preparation and price. The homes still going under contract quickly are well-prepared — condition, finishes, photography, marketing — and priced to today’s market, not the market from 18 months ago. Miss on either side and listings sit. If you’d like a complimentary market analysis or a conversation about pricing strategy and pre-listing preparation ahead of a launch, that’s the work I’d want to start with.
If you’re buying: The active buyer pool is smaller than it was at peak frenzy, but the people in it are serious. Full underwriting, a clear scope on neighborhoods and trade-offs, and the ability to move within 24 to 48 hours when the right property surfaces — that combination is beating higher offers that aren’t as clean. I’ve watched it happen this spring repeatedly.
For everyone else: the macro headlines will keep moving. The local market will keep moving differently than the headlines suggest. Working out what the difference means for your specific situation is what we do every day. Reach out if a conversation would help.
Frequently Asked Questions
Should I sell my home in Seattle now or wait until later in 2026?
For most sellers, the spring window is the strongest selling environment of the year. Inventory is up, but buyer activity is up too — more than half of Seattle homes are going under contract within the first 10 days when they’re well-prepared and priced correctly. Summer typically softens the competition. Waiting until later in 2026 means more inventory competition and the unpredictability of fall and winter buyer pools. The timing question is less important than the preparation and pricing question — a well-prepared, accurately priced home sells now. The bigger risk is launching unprepared or at a price that reflects 2024 comparable sales rather than today’s market.
Why are some Seattle homes selling in days while others sit on the market for weeks?
It traces back to two things almost every time: how well the home was prepared for sale and the opening price. Seattle homes selling in the first 10 days are presented well — condition, finishes, photography, marketing — and priced to the current market temperature. The homes sitting are typically missing one or both. The market has not become unfriendly to sellers; it has become more discerning. Buyers in 2026 have more inventory to choose from, so the homes that signal quality and offer fair value rise to the top. Sellers who get ahead of both the preparation and the pricing reality capture cleaner outcomes than sellers who need two or three reductions to find their buyer.
Is Seattle a buyer’s market or a seller’s market in 2026?
Both, depending on the segment. It’s a tale of two markets. Well-prepared, accurately priced homes are still in a seller’s market — the average sale-to-list ratio is above 100%, meaning homes still close above asking. Underprepared or overpriced homes are effectively in a buyer’s market — buyers have leverage to negotiate, request concessions, and walk away. Inventory is up 28.4% statewide, which gives buyers more options than they had a year ago, but Seattle’s structural supply constraints continue to support pricing at the upper end of the market. The right framing for 2026 isn’t buyer’s market versus seller’s market — it’s prepared versus unprepared.
How are tech layoffs affecting the Seattle housing market?
The layoffs are real and they create caution among buyers, particularly in segments closest to the affected roles. But the layoffs and the housing market are not as tightly coupled as the headlines suggest. The roles being cut are concentrated in corporate support, recruiting, and middle management. The roles being added — driven by hundreds of billions of dollars flowing into AI infrastructure across Seattle, Bellevue, Kirkland, and Redmond — are senior engineering, AI specialist, and infrastructure positions that pay at or above the levels needed to drive demand for $1M-plus homes. This is what economists call a K-shaped economy: different segments moving in different directions inside the same market. The luxury and upper-tier Seattle market has remained relatively stable through the layoff cycle for that reason.
What are Seattle home prices doing in spring 2026?
Prices are holding steady regionwide at a $650,000 median, with significant county-by-county variation. Snohomish County saw the largest inventory increase at 58%, with the combined median price for homes and condos dipping slightly to $750,000. King County’s median single-family home price was down 6.8% to $960,000. Pierce County bucked the trend with median prices climbing 4.5% to nearly $580,000. Closed sales were down 3.7% year over year in April, but the average sale price as a percentage of list price remained above 100% — meaning the homes that did transact still closed above asking. The picture is one of a market processing higher inventory at a slightly slower pace, not a market in price decline.
— Anton
Anton K. Alexander is a Broker with Elev8 Realty Group at Compass.
17+ years in Seattle real estate. $700M+ in career sales representation.
Featured commentary on KIRO Newsradio · MyNorthwest · May 7, 2026 — interview with Aaron Granillo, KIRO Newsradio Anchor.
