The Eastside market is being pulled in two directions this week.

Buyers have more homes to choose from than they have had in years. At the same time, mortgage rates have reached a 28-month high, making each purchase materially more expensive.

Tony Meier’s framing is accurate: this is a both-directions squeeze. Record selection on one side and expensive financing on the other.

Eastside Market at a Glance

1. Mortgage rates reached 7.26%. The 30-year rate rose 7 basis points week over week, marking the fourth consecutive new high of 2026. It is up 0.89 percentage points year over year and has climbed 51 basis points over the past four weeks.
2. Financing is changing the math. On a $1.5 million home, today’s rate costs roughly $1,270 more per month than buyers faced in late February, assuming comparable down payment and loan conditions.
3. Active inventory reached 1,971 listings. That is up 1.0% from the prior week and 47.0% from 1,341 listings a year ago. No September since 2011 has carried more than 1,900 active listings.
4. Pending sales declined to 108. That is down 7.7% week over week and 16.9% year over year from 130 pending sales. This is the first clear sign that the recent rate surge may be starting to affect demand.
5. Months of inventory rose to 4.20. That compares with 3.83 the prior week and 2.38 a year ago. It is the seventh reading above four months this year, and the first non-holiday reading above four.
6. The five-week average is 3.91 months. That matters because one weekly number can be noisy. The broader trend shows a market that is much more balanced than it was last year.
7. The rolling 30-day median sold price is $1,560,000. The median has remained flat for six consecutive weeks and is up only 1.1% year over year. Price per square foot is running softer than the headline median suggests.
8. Closed sales increased to 107. That is up 18.9% from 90 a year ago. Buyers are still purchasing, but the homes that move are generally well-priced, well-presented, and positioned correctly.

“3.9 months still falls on the seller's market side of the line.”
George Moorhead, Bentley Properties, September 2026 Eastside analysis

The practical conclusion: this is not a frozen market, but it is no longer a market where sellers can ignore price, condition, or buyer financing.

City-by-City Eastside Market Update

Bothell: The Tightest Market of the Four

The Bothell WA real estate market remains the most competitive of these four communities.

The overall market is carrying approximately 4.4 to 4.9 months of supply, but that number hides meaningful differences between neighborhoods. In highly desirable areas (including Canyon Park, North Creek, Downtown Bothell, and Northshore school areas) supply can be closer to 1.5 to 2.5 months.

That is why buyers may see more homes for sale in Bothell WA without necessarily seeing easy opportunities. The best homes can still attract multiple offers, particularly when they are clean, updated, appropriately priced, and located in a strong school or commute pocket.

For sellers, Bothell’s relative strength is helpful, but it is not a license to overprice. For buyers, preparation matters. Financing, inspection strategy, and a clear offer plan can make the difference when the right home appears.

Takeaway: Bothell offers the strongest seller support, but only for homes that match current buyer expectations.

If you are researching the best neighborhoods in Bothell WA or considering moving to Bothell WA, evaluate the specific neighborhood, not just the citywide average.

Kirkland: A Clear Buyer-Leverage Story

The Kirkland Real Estate Market is showing the sharpest shift in buyer leverage.

The Seattle Times recently described Kirkland as a “99% buyer’s market.” The median has been around $1.5 million for much of the year, although the August median reportedly slipped closer to $1.27 million.

Sellers are frequently reducing prices by more than $100,000. That does not mean every Kirkland home is suddenly a bargain. It means buyers have more room to negotiate when a property is overpriced, dated, poorly presented, or competing against better alternatives.

Look at things objectively. A high list price is not proof of high value, and a recent price reduction does not automatically mean the home is defective. Review comparable sales, current competition, days on market, condition, and the seller’s likely motivation.

Takeaway: Kirkland buyers have meaningful negotiating power, while sellers must price strategically from the beginning.

Woodinville: The Most Negotiating Room

The Woodinville Real Estate Market currently offers the most negotiating room among the four communities.

The directional median sale price is approximately $1.425 million, with about five months of supply. That gives buyers more choice and more time to compare properties, request concessions, and negotiate repairs or pricing.

Woodinville remains attractive for buyers who want larger lots, a quieter setting, and access to the Eastside without paying Bellevue-level prices. But more choice also means sellers must compete harder through preparation, photography, staging, and accurate pricing.

A seller who waits for a buyer to “fall in love” with an overpriced home may lose valuable market time. In today’s environment, presentation and pricing must work together.

Takeaway: Woodinville buyers have the strongest negotiating position, and sellers need a complete launch strategy.

Kenmore: The Value-Oriented Entry Point

The Kenmore Real Estate Market remains the most accessible entry point of the four.

The directional median is approximately $950,000-roughly 20% to 30% below Bellevue, depending on property type, location, and condition. That makes Kenmore a strong value play for buyers who want Eastside access without stretching to Kirkland or Bellevue pricing.

Higher mortgage rates still matter. A lower purchase price helps, but buyers should compare total monthly costs, including taxes, insurance, HOA dues, maintenance, and potential renovation expenses.

Kenmore can also appeal to investors and move-up buyers who want more flexibility in their budget. The key is to separate genuine value from a property that is simply priced below market because it needs significant work.

Takeaway: Kenmore provides the best relative affordability, but buyers should inspect condition and total ownership costs carefully.

What Buyers Should Do Now

1. Get fully underwritten, not merely prequalified. A 7.26% rate can change your purchasing power quickly. Know your payment at today’s rate before you begin making offers.
2. Compare the monthly payment, not just the purchase price. A $50,000 price reduction may not offset a meaningful rate change. Run the complete numbers with your lender.
3. Use inventory to your advantage. With 1,971 active listings, you can be selective. Compare recent sales and active competition before deciding what a home is worth.
4. Do not assume every home has the same leverage. Bothell’s strongest pockets may still move quickly, while Kirkland and Woodinville may offer more room for negotiation.
5. Ask for terms, not only price. Seller-paid closing costs, repairs, rate buydowns, and flexible closing dates can materially improve the transaction.
6. Partner with a pro. A local real estate agent in Bothell, WA can help you distinguish a true opportunity from a listing that is merely discounted after sitting too long.

What Sellers Should Do Now

1. Price from current competition. Do not anchor your asking price to last year’s peak or to an automated estimate that does not understand your neighborhood.
2. Prepare before going live. Address deferred maintenance, improve curb appeal, declutter, and use professional photography. Buyers have more alternatives now.
3. Watch price per square foot. The headline median is flat, but softer price-per-square-foot trends can reveal pressure beneath the surface.
4. Review buyer feedback quickly. If multiple buyers identify the same concern, treat it as market data, not a personal criticism.
5. Build a negotiation plan. Decide in advance how you will respond to inspection requests, financing concerns, and offers below list price.
6. Understand the value of timing. A strong first week still matters. Launching at an unrealistic price and reducing later can create an avoidable stigma.

A Short Note on NWMLS “First Look”

NWMLS launched its First Look 21-day listing status on September 4, 2026.

During First Look, a property can be publicly marketed and may allow showings, open houses, and offers, depending on the seller’s instructions. However, public days on market and public price history generally begin when the listing becomes Active, not when it enters First Look.

That changes how buyers and sellers should interpret the clock. A listing that appears newly Active may already have had weeks of marketing exposure. Ask your agent about the property’s full timeline, including its First Look period and any pre-launch pricing.

Bottom Line: More Choice, More Cost, More Need for Strategy

The September 28 Eastside Real Estate Market is not defined by one simple label.

Inventory is near 2,000 listings, the highest September level in at least 15 years. Pending sales are weakening, while closed sales show that buyers remain active for the right homes. Rates, however, have reached 7.26%, placing real pressure on affordability.

For buyers, this is a moment to be prepared and objective. You may have more negotiating power, but financing discipline matters.

For sellers, demand has not disappeared. But pricing accurately, presenting the home well, and responding quickly are now essential, not optional.

If you are buying, selling, or simply trying to understand what your property is worth, I would be glad to talk through your specific situation. With 20+ years of experience, more than 200 homes sold, and over $50 million in sales volume, Dafna Shalev offers patient, pressure-free guidance focused on your goals.

Explore Bothell homes for sale, request a home valuation, or contact Dafna for a conversation about your next move.

Sources

• EastsideHomes weekly market update and 2026 market reports
• Seattle Times: Kirkland’s wildly pricey housing scene is now a “99% buyer’s market”
• NWMLS: New listing options and First Look status
• Dafna Shalev: Homes for Sale in Bothell
• Dafna Shalev: Home Valuation
• Dafna Shalev: Contact