Quick Answer: The Snohomish County housing market is not broken — it is normalized.
In spring 2026, well-priced, well-presented single family homes are still selling at full list price within three to four weeks, according to Northwest Multiple Listing Service data. The “improvement” most people are waiting for is a return to 2022 conditions. That market was a once-in-a-generation anomaly, not a baseline.
The Question I Keep Getting
Someone texted me this week: “When do you think this housing market will improve? Do we have to be over the war?”
It is such a fair question — and an honest one. So I want to give it a real answer.
Here is the thing: the answer depends entirely on what “improve” means to you. If improve means homes are moving and deals are getting done, that is already happening in Snohomish County, especially in Mill Creek and surrounding areas. If improve means “back to 2022 when every home got 15 offers in three days at $100K over asking” — that was not a healthy market. That was a unicorn. And chasing unicorns is an expensive hobby.
Let me show you what the real numbers say.
The Real Data: Spring 2022 Peak vs. April 2026
All figures below are pulled directly from the Northwest Multiple Listing Service for Snohomish County single family residential resale homes.
| Metric | Spring 2022 Peak | April 2026 |
| Median Sold Price | $785,000 (Mar ’22) | $800,000 (Apr ’26) |
| Avg. Days on Market | 8 days | 24 days |
| Active Listings | 414 | 1,243 |
| Closed Sales (month) | 801 | 515 |
| Sale-to-List Price | 112.7% over asking | 100% of list price |
| Est. Monthly Payment* | ~$2,648/mo | ~$3,961/mo |
*Estimated monthly payment based on 20% down, 30-year fixed mortgage. 2022 rate: ~3.0% (Freddie Mac). 2026 rate: ~6.30% (Freddie Mac, April 30, 2026). Source: NWMLS InfoSparks via Matrix, May 2026.
What These Numbers Actually Tell You
Prices have held — and then some
The median sold price in April 2026 is $800,000. That is higher than the March 2022 median of $785,000 — even after the post-peak correction. If you bought in 2021 or early 2022, your equity is largely intact. If you are sitting on the sidelines waiting for prices to drop back to pre-pandemic levels, the data does not support that outcome.
Homes are still selling at list price
In spring 2022, homes were selling at 112.7% of their original list price on average. Buyers were waiving inspections, writing escalation clauses, and competing against double-digit offers. Today, homes sell at exactly 100% of list price. That is not a broken market — that is a rational one. Sellers who price correctly are still getting what they ask for.
Buyers have breathing room they did not have before
Inventory has tripled. In March 2022, there were 414 active listings across all of Snohomish County. In April 2026, there are 1,243. That is a 200% increase. You can tour multiple homes, sleep on a decision, request an inspection, and sometimes negotiate. That breathing room was simply not available three years ago.
The payment gap is real — and it matters
The honest conversation nobody loves having: even though the median price is similar, monthly payments are meaningfully higher. At 3% on $785,000 with 20% down, buyers in early 2022 were paying around $2,648 per month. At 6.30% on $800,000 today, that payment is roughly $3,961. That is a real difference, and it is the main reason many buyers are waiting.
But here is the other side of that: if rates ease even modestly, you refinance. You cannot go back and purchase the equity you missed while waiting.
What Made the Snohomish County Housing Market in 2022 a Unicorn
The 2022 frenzy was not proof that the market is now underperforming. It was the result of an almost impossible combination of factors hitting at exactly the same time.
- 30-year mortgage rates started the year near 3% — among the lowest ever recorded
- Remote work exploded, allowing buyers to purchase anywhere, regardless of commute
- Government pandemic stimulus created an unusual surge in purchasing power
- Active inventory across Snohomish County fell as low as 163 homes in December 2021
- Out-of-region buyers flooded in from California and other high-cost markets
That combination has not existed before, and the likelihood of it recurring is low. Rates climbed from 3.2% in January 2022 to over 7% by October of the same year — one of the fastest increases in U.S. history. Remote work has stabilized. Stimulus is long gone. And the people who relocated during that window are largely staying put.
Waiting for those conditions to realign is like waiting for a solar eclipse to fall on your birthday. Theoretically possible. Not worth building your plans around.
So When Will the Snohomish County Housing Market Improve?
It already has — depending on how you define the word.
Prices have held at levels that protect seller equity. Buyers have real inventory and actual options. Homes priced and prepared well are selling at full list price. Mortgage rates have pulled back from their 2023 peak of nearly 8% to around 6.30% as of late April 2026. And purchase applications are rising — up over 20% year-over-year, according to Freddie Mac.
The market is not in crisis. It is in transition. And transitions are exactly when thoughtful buyers and sellers who work with an experienced advisor tend to come out ahead.
FAQ
Will mortgage rates come back down to 3%?
Most housing economists do not expect a return to 3% without a significant economic downturn. Rates in the mid-6% range are expected to persist through 2026. Pandemic-era rates were a historic anomaly, not a new normal.
Is it a good time to sell in Snohomish County right now?
If your home is priced correctly and presented well, yes. NWMLS data shows homes still selling at 100% of list price in April 2026. What has changed is that strategy matters more than it did in 2022, when almost anything sold regardless of condition or pricing.
What Questions Should You Ask a Realtor Before Hiring?
Are home prices going to drop significantly?
The data does not support a dramatic decline. Inventory, while up significantly from 2022, remains well below a balanced market threshold. The April 2026 median of $800,000 is actually higher than the March 2022 median of $785,000. Modest fluctuations are normal. A crash is not what the current numbers suggest.
Becca Locke is a Real Estate Advisor with Locke Real Estate, affiliated with Real Broker, LLC. She has 20+ years of experience and 500+ homes sold in King and Snohomish Counties. Washington State License #23740.
Ready to talk through your next move? becca@beccalocke.com | 206.920.6500 | www.beccalocke.com
