Inventory Surges 28% as Mortgage Rates Dip Below 6% Ahead of Spring Market

Published on: March 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.

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.”

Broker and buyer activity reflected steady engagement. Keybox activity increased 6.9% from both a year ago and the prior month, while property showings held relatively steady compared to January. Additionally, 76% of listings in the NWMLS database qualified for down payment assistance programs, expanding opportunities for buyers across the region.

February 2026 Key Takeaways

Active Listings

• The total number of properties listed for sale increased nearly 28% year over year, with 13,341 active listings on the market at the end of February 2026, compared to 10,448 at the end of February 2025. Month over month, active inventory increased by 7.8%, up from 12,376 in January 2026.
• Nearly all NWMLS counties experienced year-over-year inventory growth, with 19 of 27 counties posting double-digit increases. The five counties with the largest increases were Jefferson (+70.3%), Adams (+69%), Walla Walla (+56.1%), Snohomish (+50.2%), and Clallam (+45.6%). 

Closed Sales

• Closed sales decreased 3% year over year, with 4,139 sales in February 2026 compared to 4,268 in February 2025. Month over month, sales increased 19.5%, up from 3,465 in January 2026.
• Year-over-year closed sales increased in 14 of 27 counties, while 12 counties saw decreases and one county (Cowlitz) reported no change.

Median Sales Price and Total Dollar Value

• The median sales price for residential homes and condominiums sold in February 2026 was $620,000, a 1.6% decrease from February 2025 ($630,000). Month over month, the median price increased 4.2% from $595,000 in January 2026.
• The counties with the highest median sales prices were King ($840,000), San Juan ($732,500), and Snohomish ($720,000), while the lowest median prices were recorded in Pacific ($300,000), Columbia ($247,000), and Ferry ($215,000). 
• The total dollar value of closed sales in February 2026 was $2.79 billion for residential homes and $362.7 million for condominiums, for a combined total of $3.15 billion.

Consumer and Broker Activity

NWMLS also tracked several indicators of consumer and broker engagement in February, suggesting increased buyer and broker activity going into the spring market.

• Keyboxes at listed properties were accessed 123,621 times in February 2026, a 6.93% increase from February 2025. Month over month, keybox activity also increased 6.86% from 115,685 accesses in January 2026.
• The total number of property showings scheduled through NWMLS-provided software increased by 0.8% year-over-year, from 97,256 showings in February 2025 to 98,075 in February 2026. Month over month, showings stayed about the same, from 98,210 in January 2026.
• A total of 16,377 listings were eligible for the NWMLS Down Payment Resource program in February 2026, a 21% increase from February 2025, when 13,537 listings were eligible. Month over month, eligible listings increased by 9.1%, up from 15,007 in January 2026. Overall, 76% of listings in the NWMLS database qualified for down payment assistance. (This count includes all property types in the NWMLS database, including multifamily properties and manufactured homes in parks.)