Who Has the Upper Hand in Today’s Housing Market? Here’s What the Local Data Shows

📍 Edmonds, Shoreline, Mukilteo & South Snohomish County, WA|Market Report|🏠 August 2026

Every buyer wants to know if there’s a deal to be had. Every seller wants to know if they’ll still get top dollar. And right now, the honest answer to both questions is the same: it depends entirely on where you are and what price range you’re in. Here’s how to read the market you’re actually in — not the one the national headlines are describing.

One Number Tells You Who Has Leverage

There’s one metric that cuts through the noise faster than anything else: months of supply. It measures how long it would take to sell all the homes currently on the market at today’s pace of sales — assuming no new listings came on. Think of it as a real-time read on whether buyers or sellers have the upper hand.

Here’s the general framework:

• Under 4 months of supply — sellers have the advantage. Homes move quickly, multiple offers are common, and buyers often have to stretch to compete.
• 4 to 6 months of supply — the market is balanced. Buyers and sellers are on more equal footing, negotiation is real on both sides, and strategy matters more than momentum.
• More than 6 months of supply — buyers have the advantage. Sellers need to price carefully and may need to offer concessions to close.

Nationally, the Federal Reserve’s housing supply data — sourced directly from NAR — shows the current months of supply at 4.6 as of July 2026, putting the overall U.S. market squarely in balanced territory for the first time in years.

But — and this is the critical point — the national number tells you almost nothing about what’s actually happening in Edmonds, Shoreline, or Mukilteo right now.

What the Local Numbers Actually Show

Terry’s market doesn’t move in lockstep with national averages. Here’s what the data looks like locally as of August 2026:

At 2.6 months of supply, Snohomish County as a whole is still firmly in seller’s market territory — well below the 4-month threshold. That’s a very different picture from the national 4.6 months. But even that county-level figure masks important variation at the neighborhood and price-band level.

Why “Balanced” Doesn’t Mean the Same Thing Everywhere

The most important thing to understand about today’s market is that it operates in layers. The county average, the city average, and the specific conditions for your property at your price point can all tell very different stories — sometimes at the same time.

In Terry’s market right now, the picture generally breaks down like this:

• Homes under $1 million in core Edmonds neighborhoods — still a seller’s market. Well-priced, well-prepared homes are moving with genuine competition from buyers who know these neighborhoods well.
• Homes between $1 million and $1.5 million — increasingly balanced. Buyers have real choices and sellers need to be precise on price and preparation. This is where strategy matters most.
• Homes above $1.5 million — buyers have meaningful leverage. Days on market are longer, negotiation is real, and sellers who overprice are sitting while correctly priced homes move.

The same dynamic applies geographically. The Bowl and Meadowdale at comparable price points tend to be more competitive than Picnic Point or the outskirts of the market. Shoreline’s Richmond Beach neighborhood continues to see strong demand from buyers who want Puget Sound proximity at slightly more accessible price points than central Edmonds.

What This Means If You’re Buying

In the under-$1 million segment of Terry’s market, buyers should still come prepared. Pre-approval in hand, a clear sense of their priorities, and a willingness to move decisively when the right home appears. The days of extended negotiation and generous seller concessions in this price range are limited to homes that are overpriced or underprepared.

In the $1 million-plus range, buyers have more room to breathe. Longer days on market, more inventory to compare, and sellers who are more motivated to negotiate on price, closing costs, and repair credits. This is where working with an agent who knows the recent sale history of every comparable property — not just the listing prices — makes a significant difference in outcome.

What This Means If You’re Selling

For sellers, the message is consistent regardless of price range: the market will reward accurate pricing and penalize optimistic pricing faster than it has in several years. With more inventory than buyers had a year ago, the comparison shopping is real. A home that’s 5% overpriced isn’t just competing against similar homes at the right price — it’s actively teaching buyers why those other homes are better value.

The sellers who are doing well right now share a common thread: they priced to current comps, prepared the home thoughtfully, and had a marketing strategy that reached the right buyers. The sellers who are struggling almost universally skipped one of those three steps.

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