Luxury Homes on the Rise: What Is Happening at the Top of the Eastside and Edmonds Market

Introduction

Every week I have a conversation with a luxury homeowner or a luxury buyer who has noticed something different happening at the top of this market. There are more luxury listings than usual. Some homes are taking longer to sell than sellers expect. And buyers who have been priced out of the Eastside's most desirable neighborhoods for years are suddenly finding real room to negotiate.

I have lived in the greater Seattle area for over 40 years, and I have watched the luxury market here move through more than one cycle. What is happening right now at the high end of this market is genuinely notable, and it deserves a clear, honest explanation.

Cheryl Dillon is a real estate broker in the Bothell, Washington area and a member of the Luxury Home Marketing Institute, helping luxury buyers and sellers navigate King and Snohomish County, including the Eastside and Edmonds.

Here is the short version. Luxury listings above 2 million dollars have surged dramatically across King County this year, and that surge has created one of the more genuine buyer opportunities this segment of the market has offered in years, while also requiring sellers to approach pricing and marketing with real strategy.

The Numbers Behind the Surge

Between January 1st and mid May of 2026, luxury listings across King County priced above 2 million dollars rose by roughly 84 percent compared to the same period a year earlier, while listings under 2 million dollars rose about 54 percent.

The increase has not been evenly distributed. Seattle saw luxury listings climb from around 240 to 445, an increase of roughly 85 percent. Kirkland saw one of the sharpest jumps of all, with listings rising from about 150 to 303, an increase of roughly 102 percent. Bellevue and Sammamish each saw increases of around 70 percent, and Redmond rose by about 77 percent.

Properties priced above 2 million dollars now carry roughly 6 months of inventory, a level one prominent Eastside broker described as genuinely unheard of in this segment. That shift has turned the top of the market into something resembling a true buyers market, a dramatic change from the extreme seller conditions this segment has seen in recent years.

What Is Driving This Surge

A few forces are converging to create this moment, and being direct about them helps both buyers and sellers plan wisely.

Washington's new tax on high net worth households is widely cited as the primary driver, prompting some homeowners to reconsider their long term plans in the state. Out of state agents, including brokers from lower tax states, have taken notice and are actively reaching out to Washington residents about relocating.

Tech sector uncertainty has also played a meaningful role, as layoffs and broader uncertainty in the industry that has powered so much of the Eastside's luxury demand in recent years have made some potential buyers and sellers more cautious.

Stock market volatility has added to that caution, since luxury purchases are often tied closely to investment portfolios and overall market confidence.

Unsold inventory from earlier in the year has also rolled forward into current listing counts, compounding the appearance of oversupply at the highest price points.

What This Means for Luxury Sellers

If you are considering selling a luxury home right now, this shift changes your expectations in an important way, though it does not mean your home will not sell well.

Sellers should expect a longer runway than in recent years. Rather than the 5 to 6 day windows some luxury sellers grew accustomed to, homes priced above 2 million dollars are now more commonly taking 28 to 30 days or longer to receive an offer. That is a meaningful shift, and going in prepared for it protects you from feeling discouraged partway through the process.

Pricing strategy matters more than ever in this environment. With more inventory for buyers to compare, homes priced accurately from the start, based on true recent comparable sales rather than last year's numbers, continue to perform far better than homes that start high and reduce later. Professional staging, luxury level photography, and a marketing plan built specifically for high net worth buyers are no longer simply nice additions. They are what separates a home that sells confidently from one that lingers.

What This Means for Luxury Buyers

For buyers, particularly those who have watched the Eastside's luxury market from a distance for years, this is a genuinely rare window.

More inventory means more choices and less pressure to compete aggressively against other buyers. Longer days on market mean more time to make a thoughtful decision rather than rushing under pressure. And with roughly 6 months of supply above 2 million dollars, buyers have real room to negotiate on price, closing timeline, and even inclusions that would have been non negotiable in a tighter market.

This is exactly the kind of window that rewards buyers who are prepared to move confidently when the right property appears, since well priced, truly exceptional properties in the most sought after neighborhoods can still generate genuine interest even in a softer overall market.

City by City: Where the Eastside Luxury Market Stands

Bellevue remains the fastest moving luxury market on the Eastside, with a median sale price around 1,575,000 dollars, a median of just 10 days on market, and roughly 3 offers per listing. Homes here are typically selling for about 1 percent below list price, a sign of a market that remains genuinely competitive even amid the broader slowdown.

Kirkland has cooled somewhat, with a median sale price around 1,295,000 dollars, a median of 29 days on market, and around 2 offers per listing. Homes are selling roughly 2 percent below list price, reflecting the sharp increase in available inventory in this specific city.

Mercer Island continues to command premium pricing, with a median sale price around 2,000,000 dollars and a notably fast median of just 7 days on market, though the smaller number of luxury sales here means these figures can shift meaningfully from month to month.

Medina remains the Eastside's most exclusive address, with a median sale price around 4,511,000 dollars, reflecting continued strong demand at the very top of the market despite the broader slowdown elsewhere.

West Bellevue and South Bellevue also command strong premiums, with West Bellevue reaching a median of 5,752,000 dollars for homes above 5,000 square feet, among the highest price points in the entire region.

Across the broader Eastside, luxury pending sales have declined about 15.5 percent year over year, while active luxury listings have risen about 7 percent, a combination that points to more measured, deliberate buyer behavior rather than a lack of genuine demand.

What Is Happening in Edmonds

Edmonds continues to hold its own distinct identity within the region's luxury market, anchored by waterfront properties with views of the Puget Sound and the Olympic Mountains, walkable access to the ferry and downtown waterfront, and a small city charm that luxury buyers increasingly value alongside the estate style properties found on the Eastside.

As the statewide luxury surge has played out, Edmonds has seen increased interest from buyers specifically seeking that combination of waterfront lifestyle and small town character, often as an alternative to the more corporate feeling luxury markets of Bellevue and Kirkland. For sellers in Edmonds, the same principles apply as elsewhere in this market. Accurate pricing, strong staging, and marketing built specifically for the luxury buyer are what continue to generate strong results even as overall inventory rises.

A Story From This Shifting Market

I recently worked with a luxury buyer who had been priced out of the Eastside's most desirable neighborhoods for the better part of three years. When we returned to the market this year, the entire experience felt different. We found a beautifully updated home that had been sitting for nearly a month, and rather than waiving inspection and offering well over asking the way buyers were forced to a few years ago, we negotiated a fair price with a full inspection period and a closing timeline that worked for their family.

That is not a negotiation that would have been possible in this same neighborhood two years ago, and it is exactly the kind of outcome this current window is making possible for prepared, informed luxury buyers.

Frequently Asked Questions

Why are so many luxury homes being listed in Washington right now?

A combination of a new tax on high net worth households, uncertainty in the tech sector, stock market volatility, and unsold inventory rolling forward from earlier in the year has contributed to a significant rise in luxury listings, particularly for homes priced above 2 million dollars.

Is the luxury home market a buyers market or sellers market in 2026?

Properties above 2 million dollars are now showing roughly 6 months of inventory, which has shifted this segment into genuine buyers market territory for the first time in years, even as certain neighborhoods and price points remain more competitive than others.

What is happening to luxury home prices on the Eastside?

Prices vary significantly by city. Bellevue remains competitive with homes selling close to list price, while Kirkland has cooled with homes selling about 2 percent below list. The most exclusive addresses, including Medina and West Bellevue, continue to command strong premiums despite the broader slowdown.

How long are luxury homes taking to sell right now?

Many luxury sellers should expect offers within 28 to 30 days or longer, a significant shift from the 5 to 6 day windows common in recent years, though the fastest moving cities like Bellevue and Mercer Island continue to see faster activity.

Which Eastside cities have the strongest luxury markets?

Bellevue remains the fastest moving with the most offers per listing, while Medina, Mercer Island, and West Bellevue command the highest overall price points. Kirkland has seen the sharpest increase in available inventory, creating meaningful opportunity for buyers there.

Should I sell my luxury home in this market?

Luxury homes are still selling, and well priced, well marketed properties continue to perform strongly. Sellers should go in with realistic timeline expectations and a strategic pricing and marketing plan built specifically for today's more measured luxury buyer.

Is now a good time to buy a luxury home on the Eastside or in Edmonds?

For many buyers, yes. Increased inventory, longer days on market, and more room to negotiate on price and terms have created a genuinely rare window for luxury buyers who have felt priced out in recent years.

Ready to Talk Luxury Strategy?

Whether you are considering listing a luxury property or you have been waiting for the right window to buy on the Eastside or in Edmonds, I would love to walk through what this shift means for your specific goals. Cheryl Dillon is a Realtor in the greater Seattle area and a member of the Luxury Home Marketing Institute, helping buyers and sellers navigate life transitions with clarity, strategy, and a genuinely personalized approach.

📞 425-954-5622 📧 Cheryl@CherylDillonRealEstate.com 🌐 CherylDillonRealEstate.com 📍 1455 Leary Way #400, Seattle, WA 98107

Cheryl Dillon is a licensed REALTOR® in the state of Washington with EXP Realty.