Snohomish County Housing Market Update – March 2026

Spring has officially sprung in Snohomish County — and the housing market knows it! March brought a noticeable surge in activity across nearly every key metric we track: more homes listed, more inventory to choose from, faster sales, and prices that held firm.

Whether you're thinking about buying, selling, or simply keeping an eye on what your home might be worth, this month's numbers tell an interesting and nuanced story.

Let's dig in!

The Numbers: What Happened in March 2026 - Snohomish County Housing Market Update

Note: All data covers single-family resale homes on half an acre or less, excluding condos, new construction, and waterfront properties — giving us the cleanest apples-to-apples view of the core Snohomish County market.

Average Sales Price

• March 2026: $825,000

• February 2026: $790,000 → Up +4.4% month-over-month

• March 2025: $823,000 → Up just +0.2% year-over-year

What this means: The jump from February to March is largely seasonal — spring is traditionally when buyers come off the sidelines, competition heats up, and prices tick upward. The bigger story, however, is the year-over-year number: essentially flat at +0.2%. This is actually a healthy sign of a stabilizing market. The days of 10–15% annual appreciation are behind us (for now), replaced by modest, sustainable price growth. For sellers, this means your home's value has held up well. For buyers, it means you're not walking into a runaway bidding war environment like 2021–2022.

Looking ahead (3–6 months): Prices are likely to hold steady or see a modest uptick through summer, barring any significant economic shocks. The key wildcard is mortgage rates (more on that below).

New Listings

• March 2026: 622

• February 2026: 455 → Up +36.7% month-over-month

• March 2025: 585 → Up +6.3% year-over-year

What this means: This is the most dramatic monthly jump in our dataset — and it's mostly a good thing. February is historically one of the slowest months for new listings; sellers wait for spring weather and stronger buyer demand before putting their homes on the market. That said, the 6.3% year-over-year increase signals something more meaningful: more homeowners are choosing to sell compared to a year ago. The so-called "lock-in effect" — where owners with ultra-low pandemic-era mortgage rates refuse to sell — is gradually loosening as life events (job changes, growing families, downsizing) take over.

Looking ahead: Expect new listings to remain elevated through May and June. If you're a buyer, this is encouraging — more options are coming. If you're a seller, it means pricing your home right from day one matters more than it did two years ago.

Total Active Inventory (All Homes for Sale)

• March 2026: 652

• February 2026: 533 → Up +22.3% month-over-month

• March 2025: 383 → Up +70.2% year-over-year

What this means: This is arguably the most significant data point in this entire update. A 70% year-over-year increase in available homes is a major market shift. Just one year ago, inventory was historically tight — buyers had almost nothing to choose from and competition was fierce. Today, buyers have real options. To put it in context, at 652 active listings, Snohomish County is still below what would be considered a "balanced" market (typically 4–6 months of supply), but the trend is clearly moving toward more balance. According to data from The Madrona Group, inventory sits at roughly 1.6 months of supply — still a seller's market, but a much less extreme one than we've seen in recent years.

Looking ahead: Rising inventory is the single biggest factor improving conditions for buyers. If this trend continues, sellers will need to be more strategic about pricing and presentation. The days of "list it and they will come at any price" are fading.

Days on Market (DOM)

• March 2026: 24 days

• February 2026: 37 days → Down -35.1% month-over-month

• March 2025: 20 days → Up +20.0% year-over-year

What this means: Homes are selling significantly faster in March than in February — which is typical. February's slower pace reflected winter seasonality, not weakness. The year-over-year comparison, however, is the one to watch: homes are now taking 4 more days to sell than they did a year ago (+20%). This tells us buyers have just a little more breathing room to make decisions. In 2024 and early 2025, well-priced homes were gone in days. Today, there's a slightly longer window — but "slightly" is the key word. Well-priced homes in desirable areas are still moving quickly.

Looking ahead: Expect DOM to compress further into April and May as spring buying season peaks, then gradually tick back up through summer if inventory continues to rise.

Final Sale Price as a Percentage of Original List Price

• March 2026: 99.0%

• February 2026: 98.5% → Up +0.5 percentage points month-over-month

• March 2025: 100.9% → Down -1.9 percentage points year-over-year

What this means: One year ago, homes were selling for more than their asking price — a clear sign of fierce competition and multiple-offer bidding wars. Today, homes are selling for just under list price, on average. This is actually a healthier dynamic. For buyers, it signals that you no longer need to automatically throw 5% over asking to be competitive (though well-priced, move-in ready homes in top school districts can still attract aggressive offers). For sellers, it means pricing accurately from the start is critical — overprice, and you'll face reductions that cost you more in the long run.

Looking ahead: This metric is likely to edge slightly upward through peak spring season, but a return to 100%+ averages would require a meaningful drop in mortgage rates or a sudden inventory crunch — neither of which appears imminent.

Price Per Square Foot

• March 2026: $440/sq ft

• February 2026: $425/sq ft → Up +3.5% month-over-month

• March 2025: $437/sq ft → Up +0.7% year-over-year

What this means: Price per square foot is one of the cleanest measures of value, as it controls for home size. At $440/sq ft, Snohomish County is essentially flat year-over-year (+0.7%), which aligns with the "stable but not surging" story the rest of the data tells. The seasonal jump from February to March (+3.5%) is typical as spring brings better-condition, better-located homes to market, which naturally command higher per-square-foot values.

Looking ahead: Unless rates drop meaningfully or inventory tightens sharply, expect price per square foot to remain in the $430–$450 range through mid-summer.

Showings to Pending (Buyer Demand Indicator)

• March 2026: 13 showings before going pending

• February 2026: 14 showings → Down -7.1% month-over-month

• March 2025: 14 showings → Down -7.1% year-over-year

What this means: This ShowingTime metric tells us how many times a home was shown before a buyer made an accepted offer. A lower number generally means higher demand — buyers are acting faster with fewer trips through the door. At 13, we're actually seeing slightly more decisive buyer behavior in March versus February. The modest year-over-year decline from 14 to 13 suggests that while buyers have more inventory to browse, they're still acting relatively quickly on homes they like. This is not a market where buyers are endlessly window-shopping.

Looking ahead: If inventory continues to rise and rates stay sticky, this number could tick back up slightly, indicating buyers are taking more time to compare options before committing.

The Bigger Picture: Rates, the Economy & What's Coming

The local data is only part of the Snohomish County housing market update story. Here's what's happening at the national and global level that every Snohomish County buyer or seller should understand right now.

Mortgage Rates: A Volatile Picture

As of the week of April 23, 2026, the 30-year fixed mortgage rate sits at approximately 6.23% — the lowest point recorded in the spring season in three years, according to Freddie Mac data reported by Norada Real Estate. That said, volatility remains the defining feature of today's rate environment. Just days earlier, the 30-year refinance rate had surged to 6.75% in a single session.

Key forecasts from major institutions suggest:

• Fannie Mae now projects the 30-year fixed at 6.3% for Q2 2026, then easing to 6.1% through the rest of the year — revised upward from earlier, more optimistic forecasts, largely due to the U.S./Israel conflict with Iran and its impact on inflation expectations (TheStreet/Fannie Mae, April 2026).

• Wells Fargo expects rates to average 6.14% for full-year 2026 (U.S. News, April 2026).

• CNBC/Realtor.com project a year-end range of 5.9%–6.3% (CNBC Select, February 2026).

The bottom line: rates are unlikely to return to the 5% range anytime soon, but gradual easing through late 2026 could meaningfully improve affordability for buyers who have been sitting on the sidelines.

Geopolitics, Tariffs & Economic Uncertainty

The housing market doesn't exist in a vacuum. The U.S./Israel military conflict with Iran that began in late February has created fresh uncertainty — pushing oil prices and inflation expectations higher, which in turn pressured mortgage rates upward in March and April. According to reporting by The Columbian, pending sales in Snohomish County fell approximately 8% in March year-over-year, a clear signal that some buyers paused to assess the situation.

Additionally, ongoing tariff pressures are making new home construction more expensive by raising the cost of building materials — a headwind that limits future supply and indirectly supports existing home values. Snohomish County Planning & Development Services has acknowledged that "increased construction costs, tariffs, higher interest rates, and supply chain factors" are all working against new housing development — meaning the inventory gap isn't going away soon.

The National Affordability Conversation

Zillow's April 2026 forecast projects essentially flat home value growth nationally for 2026, noting that elevated borrowing costs will continue to weigh on buyer demand. Meanwhile, NAR economists point out that even a one percentage-point drop in mortgage rates could bring roughly 5.5 million more households into the buyer pool — signaling that pent-up demand remains enormous. When (not if) rates ease, Snohomish County is well-positioned to benefit given its strong employment base, proximity to Seattle, and relatively more affordable price points compared to King County.

What Does This All Mean for YOU?

If you're thinking about selling: The market has normalized from its frenzied 2021–2023 peak, but it's far from dead. Homes are still selling at 99% of list price and in under 25 days — those are strong numbers by any historical standard. The key shift is that buyers now have options, so presentation, pricing, and marketing matter more than ever. The spring window (April through June) remains the best time to list, and with inventory rising, moving sooner rather than later puts you ahead of increased competition.

If you're thinking about buying: You're in a better position than buyers were one or two years ago. More inventory, slightly longer decision windows, and homes not routinely selling at 5 to 10% over asking means you can shop with more clarity and confidence. Yes, rates at 6%+ are a headwind — but remember: you can always refinance when rates drop; you can't go back and buy at today's prices if you wait and values climb. The equity clock starts the day you close.

If you're wondering what your home is worth: The data shows that well-maintained, well-located single-family homes in Snohomish County have held their value remarkably well — with prices essentially flat year-over-year at the high end of what we've seen historically. Your equity is likely stronger than you think.

For a personalized, no-obligation home value estimate based on your specific home and neighborhood, reach out — I'm happy to walk you through it!

Questions about this data or your specific situation? I'd love to connect. Contact me here or email: joe.frank@exprealty.com

Data sources: NWMLS, ShowingTime, Freddie Mac, Fannie Mae, NAR, Zillow, The Columbian, Norada Real Estate, CNBC Select, U.S. News, TheStreet, The Madrona Group, HeraldNet.

Disclaimer: This market update is intended for informational purposes only and does not constitute financial or investment advice. Real estate market conditions can change rapidly. Always consult with a licensed professional before making buying or selling decisions.