We’re in the middle of a hot seller’s market, and we have been for a long time now.
Today’s strong seller’s market is the direct result of high demand and low supply. It’s Economics 101. Low supply coupled with high demand always causes significant competition among buyers in the real estate market and ultimately drives home prices.
Let’s go into more detail about what’s causing today’s competitive real estate market.
Housing markets are shaped by the balance between supply and demand. While inventory has increased in the Seattle area, housing conditions remain relatively competitive in many parts of the market.
Housing inventory has increased significantly in the Seattle area, giving buyers more choices than they had a year ago. However, several factors continue to influence the availability of homes for sale.
A real estate market is considered equally balanced among both buyers and sellers when there is 6-months’ worth of housing inventory available for buyers. When that number drops below 6 months, that means inventory is tight and the market favors sellers.
Buyers will have more competition amongst each other because there are more buyers looking for homes than there are homes available for sale. This is what drives home prices up.
In the Pacific Northwest, there is far less than 6-months’ of housing inventory available, which is why it’s a seller’s market across all real estate markets in the area.
Housing inventory varies considerably across the Pacific Northwest, with some markets remaining relatively competitive while others have moved toward more balanced conditions. Let’s look at some of the region’s major housing markets.
Seattle’s housing market remains competitive, although it is considerably less overheated than it was during the 2021-2022 housing boom.
According to Redfin, Seattle is currently considered a “very competitive” housing market, with a Redfin Compete Score of 84 out of 100. Homes receive about 3 offers on average and sell in approximately 11 days. The median sale price is $889,516, which is 2.3% lower than a year ago.
Redfin also reports that the average Seattle home sells for approximately 1% above list price and goes pending in about 13 days, while particularly desirable “hot” homes can sell for about 1% above list and go pending in roughly 5 days.
According to Zillow, the typical Seattle home value is currently $851,471, representing a 1.8% decline over the past year. Zillow’s latest data, updated July 31, 2026, also shows that homes go pending in approximately 14 days.
In Washington State as a whole, Zillow reports a typical home value of $601,545, down 0.4% year over year. Homes in the state are going pending in approximately 19 days.
Overall, Seattle remains one of the more competitive markets in the region, but today’s market is much more balanced than the bidding-war environment seen several years ago.
Denver’s housing market has also cooled substantially from the extraordinary conditions seen during the pandemic-era housing boom. However, the market remains relatively competitive by national standards.
According to Redfin, Denver is currently considered “very competitive,” with a Compete Score of 73. Homes receive about 2 offers on average and sell in roughly 19 days. The median sale price is $640,901, representing a 2.5% increase from a year earlier.
Here are some other current statistics about the Denver housing market according to Redfin:
Redfin reports that the average Denver home sells for approximately 1% below its list price and goes pending in around 26 days. Hot homes can sell for around list price and go pending in approximately 6 days.
According to Zillow, the typical Denver home value is currently $533,060, down 2.7% from a year ago. Zillow’s latest data, updated July 31, 2026, shows homes going pending in approximately 24 days.
Colorado as a whole has a typical home value of $538,932, down 1.7% year over year, according to Zillow. Homes in the state are going pending in approximately 23 days.
Denver therefore looks quite different from the market described in the original article. Homes are no longer routinely selling 4%-5% above asking price; buyers generally have considerably more negotiating room, particularly on properties that have been sitting on the market.
Boise remains a relatively competitive housing market, but it is no longer the extraordinarily hot seller’s market described in the original article.
According to Redfin, Boise is currently classified as “somewhat competitive,” with a Compete Score of 60. Homes receive approximately 2 offers on average and sell in around 11 days. The median sale price is $534,709, up 2.9% year over year.
Other current Redfin statistics for Boise include:
The average Boise home sells for approximately at list price and goes pending in around 11 days. Hot homes can sell for about 1% above list price and go pending in roughly 4 days.
Zillow currently puts Boise’s typical home value at $507,649, up 1.3% over the past year. Homes are going pending in approximately 8 days, according to Zillow’s July 31, 2026 update.
Across Idaho, the typical home value is $481,825, up 1.6% year over year, with homes going pending in approximately 19 days.
Boise is therefore still a desirable market, but the dramatic 20%-30% annual appreciation and extremely limited inventory described in the original article are no longer representative of current conditions.
Portland’s housing market remains relatively competitive, although prices have softened compared with a year ago.
According to Redfin, Portland is currently classified as “very competitive,” with a Compete Score of 78. Homes receive approximately 2 offers on average and sell in about 14 days. The median sale price is $534,709, down 1.7% year over year.
Other Redfin statistics for Portland include:
Redfin reports that the average Portland home sells for approximately 1% above list price and goes pending in about 17 days. Hot homes can sell for roughly 3% above list price and go pending in approximately 5 days.
According to Zillow, the typical Portland home value is $540,296, down 0.4% over the past year. Zillow’s July 31, 2026 data shows homes going pending in approximately 10 days.
Oregon’s typical home value is currently $502,156, down 0.3% year over year, with homes going pending in approximately 20 days.
Portland is therefore still competitive for well-priced homes, but the market is much more balanced than the market described in the original article. Buyers have more opportunities to negotiate, especially on properties that are overpriced or have been sitting on the market.
Los Angeles is considerably different from Seattle, Portland and Boise. The market is currently much less competitive overall, with longer selling times and relatively little year-over-year price growth.
According to Redfin, Los Angeles is currently classified as “somewhat competitive,” with a Compete Score of 57. Homes receive about 3 offers on average, but they take approximately 48 days to sell. The median sale price is $1,069,418, essentially unchanged from a year earlier.
Current Redfin statistics for Los Angeles include:
Redfin reports that the average Los Angeles home sells for approximately at list price and goes pending in around 51 days. Hot homes can sell for roughly 3% above list price and go pending in about 27 days.
According to Zillow, the typical Los Angeles home value is currently $949,479, down 0.7% from a year ago. Zillow’s July 31, 2026 data shows homes going pending in approximately 26 days.
California as a whole has a typical home value of $773,735, essentially unchanged from a year ago. Zillow reports that homes in California go pending in approximately 21 days.
Los Angeles therefore remains an expensive housing market, but it is not currently experiencing the kind of broad-based bidding-war environment seen during the pandemic. Buyers generally have more time to evaluate properties, negotiate terms and, in many cases, offer below the asking price.
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Overall Market Picture
The housing markets in these five cities look considerably different from the picture presented in the original article.
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If you’re wondering “What’s Causing Today’s Competitive Real Estate Market?”, wonder no more. With tight inventory and lots of demand, the competition will remain fierce. And that’s good news for sellers.
If you’re thinking of selling, let’s connect to talk about our local area and how you can take advantage of today’s unprecedented housing market.
If you have questions about mortgages and selling, Sammamish Mortgage can help. We are a local mortgage company from Bellevue, WA, serving all of Washington, Oregon, Idaho, California, and Colorado. We offer many mortgage programs since 1992, including our fixed-rate mortgages, adjustable-rate mortgages, and jumbo loans. Visit our website to use our mortgage calculator or to get an instant rate quote. Contact us today with any questions you have about mortgages or to get pre-approved.
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