Kenmore (98028) Market Report – January 2026

Headline: Kenmore Cools to $773K—Buyers Gain Leverage as Waterfront Stays Hot

Market At a Glance

**Kenmore (98028) – Current Snapshot:**
– **$773K median sale price** (down 7–8% YoY)
– **30 days on market** (up from 21 days last year, +43%)
– **~2 offers per home** (down from 4–5 in 2024)
– **Mid-$400s/sqft** (eased from $460–$480 range)
– **Market shift:** From seller frenzy to balanced negotiation

**Compared to Nearby Markets:**
– Lake Forest Park (98155): $839K median, 41 DOM, sales **up 21%**
– Cedar Park (98125): $825K median, 35 DOM, sales **down 17%**
– **Kenmore sits in the middle:** Lower prices, longer market times, but stable demand—

What Changed This Month

Kenmore’s housing market hit the brakes after years of acceleration. The median sale price dropped 7–8% to $773K—making it one of North Seattle’s more affordable lakeside options. Homes now take 30 days to sell instead of 3 weeks, and buyers are submitting ~2 offers per property instead of the 4–5 that were common in 2024.

But this isn’t a crash—it’s a correction. **Waterfront properties near Lake Washington** still command premiums and move quickly when priced right. North Kenmore’s spacious lots attract families willing to pay for square footage, while the St. Edward State Park area holds value thanks to nature access. The slowdown hit hardest in East Kenmore’s older housing stock, where buyers are pickier about condition and updates.

The shift favors strategic sellers: homes priced 3–5% under comps are sparking bidding wars in desirable pockets like Kenmore Hills. Overpriced listings? They’re sitting 45+ days and getting price cuts. The market rewards realism and punishes wishful thinking.

Buyer Takeaway

You finally have negotiating power.** With 30 days on market and only 2 offers per home, you can tour multiple properties, conduct thorough inspections, and push back on price or repairs. Focus on homes listed 25+ days—sellers are often ready to deal. Waterfront and North Kenmore properties still move fast, so act decisively on those. For East Kenmore fixer-uppers, lowball offers are getting accepted if you can close quickly. Don’t rush into bidding wars unless it’s a rare gem; inventory will increase in spring.

 Seller Takeaway

**Price it right or watch it sit.** The days of overpricing by 10% and getting full ask are over. Study recent sales in your micro-neighborhood (Kenmore Waterfront vs. Bothell Way vs. East Kenmore) and price within 3% of comps. Invest in staging, professional photos, and pre-listing inspections—buyers are scrutinizing every detail now. If your home has waterfront access, park proximity, or a large lot, highlight those features aggressively. List in the next 60–90 days to beat the spring inventory surge; February sellers face 40% less competition than April sellers.

 Looking Ahead

Expect inventory to climb 30–50% by March as families list before school ends. If mortgage rates drop below 6.5%, Kenmore could see a buyer resurgence—its $773K median undercuts Lake Forest Park ($839K) and Cedar Park ($825K) while offering similar lakeside lifestyle perks. Waterfront homes under $900K will spark bidding wars. Sellers who wait until April will compete against 60+ active listings; early birds will capture tax-refund buyers and relocating families.

Watch for **tech job market shifts**—if Amazon/Microsoft hiring picks up, Kenmore’s commute-friendly Bothell Way corridor could heat up fast.

 Bottom Line

**Kenmore’s 7–8% price drop isn’t weakness—it’s a market finding equilibrium after an unsustainable run-up. At $773K, it’s now the value play among North Seattle lakeside communities, offering waterfront access and park proximity without the $850K+ premiums of neighboring zips. Buyers have leverage for the first time in years, but don’t mistake patience for paralysis—well-priced waterfront homes still move in under 20 days. Sellers who embrace the new reality (realistic pricing, clean presentation, proactive disclosure) will close deals; those chasing 2023 peaks will watch their listings age into spring’s inventory flood. This is a negotiation market, not a panic market—and that’s exactly what healthy real estate looks like.**

—Nighborhood Spotlight: Where to Buy/Sell Now

| **Neighborhood** | **Buyer Strategy** | **Seller Strategy** |
|——————|——————-|———————|
| **Kenmore Waterfront** | Act fast on listings under $900K | Price aggressively—still hot |
| **North Kenmore** | Negotiate on lots over 0.25 acres | Highlight space/schools |
| **Kenmore Hills** | Target quiet streets near parks | Stage for family appeal |
| **Bothell Way** | Lowball on homes 30+ DOM | Emphasize commute access |
| **St. Edward Park Area** | Pay premium for nature access | Market lifestyle, not square footage |
| **East Kenmore** | Hunt for fixer-uppers | Update or discount 10% |

—

**📊 Market Confidence Score: 7/10**
– Prices stabilizing, not crashing
– Inventory manageable but rising
– Buyer demand steady for quality homes
– Seller expectations adjusting to reality