Published October 25, 2026 in Market Update

Inventory is tighter here even with rates above 7%

By Tony Apa

Real estate, Central / Downtown / Pearl / NW

Realtor.com reported that mortgage rates climbed above 7% for the first time since January 2025. Nationally, Realtor.com counted 1.16 million active listings in September 2026. That sounds like plenty of room. Here, it is not the full picture.

The Real Estate Data Aggregator counted 430 homes for sale across ZIPs 97201, 97204, 97205, 97209, 97210 and 97227 in the three months ending August 31, 2026. In two of those ZIPs, inventory fell sharply from a year before. That shrinks your local competition as a seller, and tightens the search for buyers.

Where inventory fell the most

In 97209, the Real Estate Data Aggregator counted 176 homes for sale, down 20.4% from the same period in 2025. In 97201, the count was 109 homes, down 14.2%. Fewer listings means less choice for buyers and less competition for sellers who price well.

How each ZIP code looked in the three months ending August 31, 2026

97210 (NW): fastest sales, most above-list deals

The Real Estate Data Aggregator put the median days on market in 97210 at 35 days, 15 days shorter than the same period in 2025. That is the quickest of any ZIP in this market. Prices did slip: the median sale price was $849,000, down 5.7% from a year before. Still, 17% of homes sold above list price, up 4.5 points year over year. And 30.4% of homes went under contract within two weeks of listing, up 11.9 points.

97209 (Pearl): inventory down sharply, but supply still elevated

The Real Estate Data Aggregator counted 71 homes sold in 97209, up 6% from 2025. The median sale price was $385,000, essentially flat, down just 0.5%. Inventory fell 20.4%, yet months of supply still sat at 7.6, down 2.5 months from a year before. Buyers have fewer choices here than a year ago, but it is not a tight market yet.

97205 (West Hills/Downtown): prices up, but homes taking longer

The Real Estate Data Aggregator put the median sale price in 97205 at $457,500, up 34.6% from the same period in 2025. That is a large jump. But the median days on market was 89 days, 18 days longer than a year before. More sellers are getting close to their list price: the sale-to-list ratio was 99.1%, up 2.3 points. Patience still matters here.

97201 (Central/SW): prices up, days down

In 97201, the Real Estate Data Aggregator counted 57 homes sold, up 5.6% from 2025. The median sale price was $439,000, up 7.9%. Median days on market fell 12 days to 69. New listings dropped 8.3%, which helped keep supply tighter. Months of supply fell 1.3 months to 5.9.

97227: small volume, strong results

The Real Estate Data Aggregator counted only 6 homes sold in 97227 in the three months ending August 31, 2026. With that few sales, the numbers shift easily. That said: the sale-to-list ratio was 99.8%, and 33.3% of homes sold above list price. The median sale price was $513,500. Small sample, but sellers here got very close to what they asked.

The national rate picture

Realtor.com reported that rates crossed 7% for the first time since January 2025. CNBC reported that a monthly payment on a median-priced home now takes about 33% of a median family's income, up from 26% in 2022. That is a real shift. It slows some buyers. It also means fewer sellers are willing to trade a lower rate for a new purchase, which is part of why local inventory keeps shrinking.

The Federal Housing Finance Agency reported U.S. house prices rose 2.6% from July 2025 to July 2026. Here, 97201 was up 7.9% and 97205 was up 34.6% over the same comparison window. Not every ZIP moved with the national trend.

Pending sales: 232 across the market

The Real Estate Data Aggregator counted 232 pending sales across all six ZIPs in the three months ending August 31, 2026. That is a real measure of current demand. Compared with 430 homes for sale, roughly half the active inventory has a buyer in motion.