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...
Bellevue bet on AI — and it’s paying off
As tech giants snap up real estate on the Eastside, Bellevue is cementing its reputation as a hub for artificial intelligence. Light rail, newer office infrastructure, proximity to hyperscalers, a deep talent pool, and a proactive city council have combined to draw a new wave of tech jobs to the city — even as layoffs continue elsewhere in the industry. The broader tech industry has seen tens of...
Housing affordability gap narrows as rates fall
The income threshold for buying a home has declined for two consecutive years. Falling mortgage rates and rising household income have pushed the earnings needed to purchase a median-priced home to $111,252 — down from $115,870 in 2024 and $120,669 in 2023. Housing analysts generally consider a monthly payment at or below 30% of household income to be affordable. The numbers tell a more complica...
A new wave of development is coming to the Eastside
From design approvals to groundbreakings to long-awaited proposals finally moving forward, the Eastside is seeing a surge of residential and mixed-use development activity. Bellevue and Redmond are at the center of it, driven by high demand, transit investment, and a rental market that remains among the most expensive in the state. Bellevue holds the top spot as Washington’s most expensive renta...
Local Market Update – February 2026
The region’s housing market opened the year in a more balanced position, shaped by rising inventory, shifting buyer activity, and continued price adjustments across local markets. While affordability remains a central challenge, expanded housing supply and early signs of renewed buyer interest are beginning to influence market dynamics. KING COUNTY In January, King County’s median single-famil...
