Local Market Update – May 2026
Halfway through the spring season, and the story across our four markets is one of transition. Conditions look different than they did just 12 months ago: more homes are on the market, prices have pulled back from their peaks, and buyer-seller dynamics are quietly shifting. The opportunity is real on both sides, but geopolitical and economic uncertainty has potential buyers staying close to the si...
Home renovations in Seattle are down, but project costs keep rising
Seattle’s remodeling market has cooled, making contractors easier to book this summer, but homeowners should still brace for sticker shock when the quotes come in. A few years ago, even getting a callback from a contractor could be a challenge. The city had one of the hottest renovation markets in the country, allowing contractors to be selective about the projects they took on. Often, this mean...
Uber announces major office lease in Bellevue
Uber has signed a lease at the Four106 office tower at 360 106th Avenue NE in Downtown Bellevue, becoming the latest company to snap up office space and bring new jobs to the area. The lease adds 170,000 square feet to Uber’s local footprint, bringing its total space across Bellevue and Seattle to more than 285,000 square feet. Four106 was an attractive fit for several reasons. The building sits...
Surge in senior housing demand attracts developers
For many baby boomers, downsizing isn’t a straightforward option. Much of the country has a limited supply of small, reasonably priced homes, and a growing wave of senior housing investments is expected to offer alternatives outside of traditional retirement communities. The demand is there. Senior housing occupancy hit 92% in 2025, a figure roughly 10 percentage points higher than it was i...
Local Market Update – April 2026
As spring gets underway, our region’s real estate market is sending mixed signals. March saw inventory climb across the board, yet buyer activity didn’t keep pace with that supply growth. Affordability remains a central theme: mortgage rate sensitivity continues to weigh on decision-making at higher price points, while markets that have seen meaningful price corrections are beginning to show s...
Washington’s “millionaires tax” goes up against 90 years of legal precedent
Washington Gov. Bob Ferguson signed the so-called “millionaires tax” into law in March, creating what would be the first personal income tax in Washington State history if it survives legal and political opposition. Under the new law, earners who make over $1 million must pay a 9.9% income tax on earnings above that threshold. The tax takes effect on Jan. 1, 2028, with the first payments ...
High prices and rates drive King County buyers toward adjustable-rate mortgages
King County homebuyers are increasingly turning to adjustable-rate mortgages to reduce their monthly homeownership costs. With the county’s median home price approaching $1 million and mortgage rates stubbornly above 6%, the affordability pressures driving this trend continue to grow. Unlike traditional fixed-rate mortgages, adjustable-rate mortgages start with a lower interest rate that remai...
Bellevue pitches pre-approved designs to address “middle housing” shortage
As affordability pressures persist across the region, Bellevue is exploring a plan to fast-track “middle housing” development by introducing a library of pre-approved home designs for detached accessory dwelling units (DADUs) and small homes. Rather than hiring an architect and waiting months for design review, the proposal would allow builders to purchase a pre-approved design, submit it w...
Local Market Update – March 2026
The spring real estate market got off to an early start this year, with all four of our local markets seeing a surge in homes selling above list price in February compared to January, pointing to increased buyer activity. More sellers are entering the market, giving buyers a wider selection of homes to choose from. At the same time, prices have remained relatively stable, a sign that these markets...