Seattle Condo Market Update: What Buyers and Sellers Need to Know in 2026

Seattle's condominium market is changing, and it is changing in ways that matter differently depending on which side of a transaction you are on.

For buyers, the current environment is creating opportunities that have not existed in several years. For sellers, pricing and presentation have become considerably more important than they were when inventory was scarce. Calling this market simply good or bad misses what is actually happening.

This is a property-specific market, and understanding the difference between a broad average and an individual building or unit is more important than ever.

Seattle Condo Buyers Have More Choices

The biggest change in the market is inventory. During the second quarter of 2026, Seattle had approximately 5.1 months of condominium inventory, compared with 4.3 months during the same period in 2025, with the number of condos available for sale up roughly 7.4% year over year.

When buyers have only a handful of properties to choose from, the focus is often simply on securing a home before someone else does. When they have many options, the dynamic shifts entirely. Buyers start comparing buildings, views, HOA dues, reserve health, parking, and overall value rather than simply trying to get into contract before a competing offer arrives.

That is the environment Seattle condo buyers are navigating today, and for buyers who are prepared, it represents a meaningful opportunity.

Prices Have Adjusted

Seattle condominium prices moved lower during the second quarter. One Q2 market report put the citywide median condominium sale price at approximately $540,000, down 6.9% from the same quarter in 2025. Average market time increased from 44 days to 52 days, while the number of homes sold declined about 10.5%.

Windermere Mercer Island's Q2 report tells a similar story, showing the median price for Seattle condos down approximately 7% year over year. It also illustrates why broad averages need context: results varied significantly between neighborhoods, and in some cases between individual buildings within the same neighborhood.

That does not mean every Seattle condominium lost 7% of its value. Condos are particularly difficult to evaluate using citywide averages because two units in the same building can have dramatically different values depending on floor height, view, orientation, layout, parking, storage, outdoor space, and condition. Applying a citywide percentage directly to an individual unit rarely produces a useful number.

Buyers Are More Selective

Longer market times do not mean buyers have disappeared. They mean buyers have options, and they are using those options to make more careful decisions. Consider two similar units that become available at the same time: one is thoughtfully prepared, professionally photographed, and priced in line with the most relevant recent sales; the other starts substantially above where comparable properties have actually been selling because the seller wants to leave room to negotiate. Today's buyer sees both.

They do not necessarily make a low offer on the expensive one. Often, they simply choose the better value. That distinction is critically important for sellers who are currently on the market or planning to list.

Downtown Seattle Is Its Own Market

The Seattle condo market cannot be treated as a single, uniform market. Downtown, Belltown, Capitol Hill, Queen Anne, First Hill, and South Lake Union can perform differently from one another, and even within Downtown Seattle, individual buildings can behave differently.

Windermere Mercer Island's Q2 data showed Downtown-Belltown condominium sales at a median of approximately $612,000, down 9% year over year, with only 19% of sales occurring within the first ten days. A buyer comparing homes in Insignia, Escala, Olive 8, First Light, or another downtown tower is not simply comparing price per square foot. They are evaluating floor plans, views, HOA costs, amenities, parking, building finances, and long-term ownership considerations, and within the same high-rise, two residences with similar square footage can still have very different values.

What This Market Means for Buyers

For condo buyers, there is a lot to like about the current environment. More inventory means you can be more selective, compare multiple buildings rather than settling for the only available option, and in many cases find opportunities for negotiation that simply did not exist a few years ago.

Price, however, is only one part of buying a condominium. Before making an offer, buyers should review the resale certificate, understand the HOA budget, look at reserve funding, read the meeting minutes, and understand upcoming projects and insurance. A seemingly inexpensive condo in a financially troubled building may not ultimately be the bargain it appears to be.

What This Market Means for Sellers

For sellers, the biggest mistake right now is pricing based on what you wish the market were doing rather than what buyers are actually paying. The market provides feedback quickly. If competing properties are receiving showings and yours is not, that means something. If buyers repeatedly tour your home but choose competing listings, that means something too. And if newer listings go pending while yours remains active, that is information worth acting on.

Sometimes presentation needs to improve. Sometimes staging or photography can change how buyers perceive a property. And sometimes the price simply needs to move.

The Bottom Line

Seattle's condo market is not one simple story. Inventory has increased, market times have lengthened, and broad prices have adjusted. At the same time, buyers are still purchasing condos and well-positioned properties continue to sell.

For both buyers and sellers, this is precisely the kind of market where knowing the individual building and the individual unit matters far more than following a citywide headline.