Q: What’s happening in Everett’s housing market right now?

A: Citywide, the median Everett home is selling for around $547,000 — down roughly 11.6% from a year ago, with homes going pending in about 8 days and selling within 1% of list price. But the neighborhood-level numbers tell a very different story. Downtown Everett is *up* 11.4% year-over-year. Northwest Everett — the stately old-money neighborhood above the waterfront — is up 22.1%. And the 98208 zip code on the south end is down 7.5%. One Everett, three very different markets.

The headline number for Everett housing in early 2026 is grim if you’re a seller and encouraging if you’re a buyer: citywide, the median home is selling for $547,000, which is 11.6% below where it sat a year ago. The market is still moving fast — 8 days to pending, roughly 1% under list — but the price trajectory has turned.

Pull one layer back from that headline, though, and the picture fractures. Different corners of Everett are in genuinely different markets right now. If you’re pricing a sale, underwriting a purchase, or watching your own home value, the number that matters isn’t the citywide median. It’s the number for your block.

Here’s what we’re tracking neighborhood-by-neighborhood, based on the most recent Redfin data available as of mid-April 2026.

The Citywide Snapshot

Median sale price: ~$547,000 Year-over-year change: Down 11.6% Median price per square foot: $394 (up 0.9% YoY) Days on market to pending: ~8 Sale-to-list ratio: ~99% (homes selling about 1% under asking)

A 11.6% year-over-year decline is, by any historical measure, a significant correction. It is not, however, a 2008-style correction. The speed of sale is still fast. Price-per-square-foot is holding steady. The market is still functional. What’s happening is that the feverish appreciation of 2021–2023 has normalized out, and Everett is settling into a version of its market that looks more like 2019 than like 2022.

That settling is happening unevenly.

Downtown Everett — Up 11.4% YoY

The surprise of this cycle is downtown.

Median sale price: ~$384,000 Year-over-year change: Up 11.4%

Downtown Everett has historically been the most affordable submarket in the city — lots of older condos, aging multi-family stock, a mix of rental and owner-occupied product that rarely commands premium pricing. That is all still true. What’s changed is the direction of the trend.

The obvious catalyst is everything that’s been happening physically downtown over the last 24 months. Tapped Public House and Restaurant Row. The Schack Art Center’s spring programming. The Historic Everett Theatre. Funko HQ’s continued pull. The AquaSox stadium site plan, even without shovels in the ground, is visibly changing what a ground-floor unit on Hewitt or Wetmore is worth. And the Edgewater Bridge is about to open on April 28, which cuts what was a gnarly detour for a lot of downtown-proximate commutes.

If you bought a downtown condo in 2023 or 2024 when the citywide market was peaking and you watched your paper value slide, your value has probably recovered and then some, even as the citywide average has fallen.

A rising downtown is a real shift in how the rest of the city’s housing market is going to work. Demand for walkable, amenity-dense urban product has been building for a decade in Seattle and finally has a credible competitor on the north end.

Northwest Everett — Up 22.1% YoY (As of October 2025)

Median sale price: ~$705,000 Year-over-year change: Up 22.1% (data from October 2025)

Northwest Everett is the historic mansion district — the bluff above the waterfront, the big old homes on Rucker and Grand and Hoyt, the streets that were Everett’s money before the mills came in. It has always traded at a premium to the citywide average, and in the most recent data available it has appreciated at the fastest clip of any Everett neighborhood.

A $705,000 median in NW Everett at a +22.1% YoY pace is a market that’s being pulled by two things. One is the same thing pulling downtown — everything happening on the waterfront is making the bluff above the waterfront more valuable. The other is housing stock scarcity. NW Everett doesn’t have teardown-and-build-a-fourplex density potential the way some newer parts of Everett do. What’s there is largely what’s there. When demand for character-rich historic homes in Puget Sound spikes, NW Everett is one of the first submarkets to reprice.

The October 2025 reading is the most recent neighborhood-level number available on Redfin as of this writing. The direction of the citywide trend since then suggests the appreciation pace has probably moderated in 2026, but the relative premium is not going anywhere.

98208 — Down 7.5% YoY

Median sale price: ~$740,000 Year-over-year change: Down 7.5% (as of January 2026)

Zipcode 98208 is the south-and-east chunk of Everett — Silver Lake, a good portion of the Cascade High School attendance boundary, the areas that functionally blend into unincorporated Snohomish County. It’s where a lot of Everett’s 1990s and 2000s single-family stock sits. It’s also where a lot of the most recent in-migration from Seattle has landed since 2020.

That in-migration is what’s unwinding. 98208 saw some of the strongest appreciation during the 2021–2023 boom, and it’s now seeing some of the sharpest year-over-year declines. A $740,000 median is still substantial — higher than the citywide number — but it’s down from a peak around $800,000.

If you’re buying in 98208 right now, the deals are better than they’ve been in three years. If you’re selling, you’re competing against more inventory than NW Everett or Downtown sellers are, and the negotiation leverage is on the other side of the table.

What It Means for Different Everett Buyers

First-time buyer

Downtown is actually your best entry point right now. $384,000 median for a downtown condo is a number that, with a VA or FHA loan, is within reach for a dual-earner household at Everett’s median household income. You’re buying a smaller unit, but you’re buying into a trajectory. The +11.4% YoY in downtown is what appreciation looks like when the fundamentals around a neighborhood genuinely improve.

Move-up buyer

98208 is your buy. If you already own a smaller unit and you’re looking to trade up into a 3-4 bedroom single-family home, the citywide market is softer than it’s been since 2019, and the 98208 submarket specifically is down more than the citywide average. Your existing property’s paper value may be softer than you’d like, but you’re buying into a deeper discount than you’re selling out of.

Investor / developer

Watch Millwright District pre-leasing and Waterfront Place Restaurant Row lease-up as leading indicators for downtown. If the foot traffic and tenant demand at Waterfront Place keeps trending the way it has, downtown appreciation is going to keep outrunning the citywide average for at least another cycle. The investment thesis for small downtown multi-family right now is specifically the Waterfront Place thesis.

Seller

Price it sharp. Eight days to pending doesn’t mean every home is getting multiple offers. It means well-priced homes move fast and overpriced homes get stale fast. The citywide market is down 11.6%; don’t anchor to what your neighbor got in 2022. Talk to an agent who’s closed deals in the last 90 days in your specific zip code.

What to Watch Next

Three things that could move the neighborhood numbers between now and the end of summer 2026:

• The downtown stadium vote on April 29. The City Council is being asked for $10.6 million in design funding. If the vote passes and the stadium project stays on track, downtown appreciation gets a structural tailwind. If it doesn’t, the most bullish part of the downtown thesis cools off.
• Sound Transit Everett Link decisions. The Draft EIS is expected this year. Any final decision — in either direction — on the Everett Link extension will move downtown and waterfront-adjacent pricing materially.
• Millwright District Phase 2 leasing traction. 120,000 square feet of waterfront office space is being pre-leased right now. Which tenants sign determines what downtown’s weekday population looks like in 2027–2028, which determines what downtown condo rents do next.

The Everett housing market of 2026 is a market in transition. The story is not “Everett is up” or “Everett is down” anymore. It’s “which Everett.”

Frequently Asked Questions

What is the median home price in Everett right now? Approximately $547,000 citywide, down 11.6% year-over-year as of early 2026.

Which Everett neighborhood is appreciating fastest? Northwest Everett posted the strongest recent year-over-year gain at approximately +22.1% as of October 2025 data, with a median sale price around $705,000.

Which Everett neighborhood is the most affordable? Downtown Everett is the most affordable submarket, with a median around $384,000 — though it’s now appreciating at +11.4% YoY as the Waterfront Place and downtown revitalization story accelerates.

How quickly are Everett homes selling? Homes in Everett are going pending in approximately 8 days on average, selling at roughly 1% below list price.

Is it a buyer’s market or a seller’s market in Everett? It’s a mixed market. Citywide prices are down meaningfully year-over-year, which gives buyers leverage, but sale speed (8 days to pending) remains fast, which works in sellers’ favor if pricing is sharp. By neighborhood, Downtown and Northwest Everett lean seller, 98208 leans buyer.

Where is Everett housing most softening? The 98208 zip code on Everett’s south side was down 7.5% year-over-year as of January 2026, with a median around $740,000. This is the submarket that appreciated most aggressively during 2021–2023.

How should I think about Everett housing in 2026 overall? Don’t use the citywide number to value your specific home. Neighborhood-level variance in Everett right now is wider than citywide averages would suggest. A real estate agent who has closed recent deals in your specific zip code will give you a much more accurate number than a citywide aggregate.

Q: Who’s opening next at the Port of Everett’s Restaurant Row?

A: Two new tenants are days to weeks away from opening at Waterfront Place: Menchie’s at the Marina (frozen yogurt, second floor of the new Restaurant Row building) and Marina Azul Cocina & Cantina (from the team behind Casa Azul in Woodinville and Agave Cocina in Issaquah). Both are expected in early spring 2026. Alexa’s Cafe — originally slated to be the breakfast-and-brunch tenant — has pulled out, and the Port is now actively searching for a new café operator to fill the last remaining spot in the building.

Walking Waterfront Place in mid-April, you can feel that the second wave has landed. Tapped Public House’s rooftop is already pulling weekend crowds. Rustic Cork and The Net Shed Fresh Fish Market & Kitchen, both of which opened quietly in December 2025, are no longer “new” — they’re already part of the weekday regular rotation for a lot of downtown workers.

But the building still has two tenants wrapping up construction, one that’s quietly vanished from the tenant list, and one visible empty storefront waiting for its operator.

Here’s what we’re tracking in the final phase of the Restaurant Row lease-up at the Port of Everett.

Menchie’s at the Marina — Opening Early Spring 2026

The waterfront’s first national-brand dessert concept is going in on the second floor of the Restaurant Row building, a level up from where Tapped has its giant rooftop deck. If you’ve been to a Menchie’s anywhere else, you already know the deal — self-serve frozen yogurt, a wall of rotating flavors, a toppings bar, pay by weight.

What makes this location different is the setting. Menchie’s hasn’t had a waterfront storefront anywhere in the Puget Sound region before, and putting one on the upper deck at Waterfront Place — with views out across the North Marina — turns what’s otherwise a suburban mall concept into something that reads a lot more like vacation-mode soft-serve. The Port has been positioning the full Restaurant Row building as a destination for families as much as for weekend drinkers, and Menchie’s is part of that case.

The Port’s public communication says “early spring 2026,” which at this point in April is a window measured in weeks, not months. Watch for the signage to go up on the second-floor exterior first, then the lighting and cabinet fit-out in the back-of-house windows, then the soft open.

Marina Azul Cocina & Cantina — From a Team You Probably Already Know

The bigger food story, honestly, is Marina Azul.

Marina Azul Cocina & Cantina is the third concept from the team behind Casa Azul Cocina and Cantina in Woodinville and Agave Cocina and Cantina in Issaquah. Both are well-regarded regional Mexican restaurants with strong happy hour programs and a family-owned operational style that Eastside diners have been sending Yelp reviews about for years.

Putting their first waterfront location at the Port of Everett is a decision that says something about where they think the Eastside customer and the North Sound customer are going to overlap next. Woodinville and Issaquah are both destination-dining towns. Everett, with 110,000 residents and a brand-new waterfront, is on the verge of being one. A Friday evening in April at Fisherman’s Harbor already feels a lot more like a weekend in Leavenworth or Bellevue Collection than it used to.

Marina Azul is taking ground-floor space directly on the water — the kind of setup where you can dock a boat, walk up to the deck, and be eating tacos and drinking a paloma within 10 minutes. That’s a very specific restaurant experience Everett just hasn’t had before, and it’s the kind of thing that starts pulling regional weekend traffic in a way Hewitt Avenue alone doesn’t.

Expected opening: early spring 2026. Which again means weeks, not months.

The Alexa’s Cafe Situation

Here’s the interesting wrinkle we should flag honestly.

Alexa’s Cafe was the originally announced breakfast-and-brunch tenant for the Restaurant Row building, going back to a Port press release in April 2024. That lease did not end up closing. Alexa’s is no longer a Waterfront Place tenant, and the Port is now actively searching for a new breakfast-and-brunch operator to take the last remaining space in the building.

This isn’t a scandal — lease deals collapse in commercial real estate all the time, and a year-and-a-half gap between a press announcement and a signed lease is well within the normal range for a waterfront concept needing custom buildout. But it does mean the final tenant in the Restaurant Row building is currently a gap on the tenant list, not a named business.

The Port has publicly said it wants a “breakfast and brunch café” concept specifically. If you’re a café operator in the North Sound market or you know one who’s been quietly looking at expansion, the Port’s real estate team is the place to send the inquiry.

What’s Actually Open at Waterfront Place Right Now

For the current scorecard, here’s what you can actually walk into at Waterfront Place as of mid-April 2026:

• Tapped Public House — gastropub, largest open-air waterfront rooftop deck in Snohomish County. Opened March 2, 2026.
• Rustic Cork Wine Bar — second floor of Restaurant Row building. Opened December 2025.
• The Net Shed Fresh Fish Market & Kitchen — ground-floor fresh fish market and quick-service seafood. Opened December 2025.
• S3 Maritime — marine maintenance and repair services, now open at the marina. (Not a restaurant, but it’s new and worth knowing about.)
• Pacific Coast Salmon Coalition gift shop — the Port’s retail anchor from the first phase.
• Hotel Indigo Everett Waterfront — still the only hotel at Waterfront Place, with the Bluewater Distilling restaurant on the ground floor.

What’s Coming Next

And here’s what’s still on deck between now and summer:

• Menchie’s at the Marina — early spring 2026 (weeks out)
• Marina Azul Cocina & Cantina — early spring 2026 (weeks out)
• Unnamed breakfast-and-brunch café — Port actively recruiting, no signed tenant yet
• Flagship restaurant at the last undeveloped parcel — Port opened an official search in early 2026; we covered that story separately

That’s three tenants still to sign or open in a footprint that, 18 months ago, didn’t have a single operating restaurant. The pace of lease-up at Waterfront Place has been honestly faster than most commercial retail deliveries of comparable scale in the Puget Sound market over the last five years.

Why This Matters for Everett

It’s easy to look at restaurant openings as a soft story — lifestyle news, not real economic development. But the Restaurant Row lease-up is doing three specific things for Everett right now:

First, it’s generating foot traffic that didn’t exist in this part of town 24 months ago. The Port has reported significant year-over-year increases in marina visitation since the first Restaurant Row tenants opened, and that foot traffic is spilling into the Hotel Indigo, into Jetty Island day-use traffic, and into the Mukilteo–Everett water taxi seasonal ridership.

Second, it’s proving the commercial real estate thesis for Millwright District next door. Millwright Phase 2 — housing plus 120,000 square feet of office space — is being pre-leased right now. Every tenant that signs in Millwright is underwriting that decision against the foot traffic and the destination-draw of Waterfront Place. Restaurant Row is, in a direct way, making the Millwright deals close.

Third, it’s generating the sales tax and lodging tax that funds basically everything else the Port and the City can pay for downtown. Hewitt Avenue’s slow rebuild into a restaurant district, the Edgewater Bridge opening April 28, the ongoing conversation about the Sound Transit Everett Link extension — all of those projects have better financing math when downtown and the waterfront are generating more taxable activity.

Menchie’s and Marina Azul are, on one level, a frozen yogurt shop and a Mexican restaurant. On another level, they’re two more data points in the slow-motion argument that downtown Everett is becoming the kind of place where a regional restaurateur wants to sign a 10-year lease.

Both of those things get to be true.

Frequently Asked Questions

When is Menchie’s at the Marina opening at Waterfront Place? Early spring 2026. The Port has not announced a specific date, but the language suggests weeks rather than months from mid-April.

When is Marina Azul Cocina & Cantina opening? Early spring 2026. The restaurant is from the team behind Casa Azul in Woodinville and Agave Cocina in Issaquah.

Is Alexa’s Cafe still opening at Waterfront Place? No. Alexa’s is no longer a Waterfront Place tenant. The Port is actively recruiting a new breakfast-and-brunch operator to take that last spot in the Restaurant Row building.

Which restaurants are already open at Waterfront Place? Tapped Public House, Rustic Cork Wine Bar, and The Net Shed Fresh Fish Market & Kitchen are the three most recent openings. Bluewater Distilling at the Hotel Indigo and the Port’s retail tenants anchor the first phase.

Where is Marina Azul Cocina & Cantina located? Ground-floor space on the water at Waterfront Place, adjacent to the Restaurant Row building. The restaurant has direct waterfront exposure toward the marina.

Who operates Menchie’s at the Marina? Menchie’s is a national frozen yogurt franchise. The individual franchise operator for the Waterfront Place location has not been publicly named.

Is the Port still looking for more Restaurant Row tenants? Yes. The Port is actively searching for a breakfast-and-brunch café operator for the remaining Restaurant Row building slot, and in a separate process is recruiting a flagship restaurant for the last undeveloped waterfront parcel at Waterfront Place.

Q: Is Everett’s light rail extension still getting built?

A: It’s still in the plan — but Sound Transit is staring down a $34.5 billion budget shortfall, and three of the agency’s cost-cutting scenarios would either shorten or delay the Everett connection. Snohomish County Executive Dave Somers, who chairs the Sound Transit Board, pledged at the April 14 town hall in Everett that he’ll push a plan prioritizing the north-south spine — including Everett — over Seattle-area extensions. The fight over what actually gets funded happens in the next several months.

We packed into Everett Station on Tuesday night, April 14, and it felt less like a transit meeting and more like a civic defense. Residents, small-business owners, transit nerds, skeptical commuters, and a row of Snohomish County officials spent the evening doing one thing — reminding Sound Transit that Everett has been paying for light rail for more than a decade, and we intend to get the light rail we’ve been paying for.

If you’ve been half-following the Everett Link Extension saga, here’s where things stand right now.

The $34.5 Billion Problem

Sound Transit is facing a $34.5 billion budget shortfall across its ST3 program. That’s not a typo, and it’s not a projection for the distant future — it’s the gap between what the agency is required to build and what it can currently afford.

In March, the agency put three illustrative cost-cutting scenarios on the table. All three involve cuts. One of the three scenarios would not complete the connection to Everett at all. The other two would shorten or delay extensions elsewhere — Ballard, West Seattle, Tacoma, Issaquah — but they still put pressure on the northern end of the spine, which is us.

That’s the context for the April 14 town hall. It wasn’t an informational session. It was Everett saying: don’t you dare.

What Somers Actually Said

County Executive Dave Somers, who also chairs the Sound Transit Board, didn’t hedge. He told the room he plans to present a proposal to the full Sound Transit Board that prioritizes completing the north-south corridor — Everett to Tacoma — over extensions into areas that are already served by light rail.

The quote that traveled was this one: “The citizens of Snohomish County have been paying for a system for a long, long time, and it’s time for them to get a light rail.”

He was more specific about what that plan looks like in practice. Seattle-area projects — Ballard, West Seattle — would stay alive in planning but would not be authorized to move forward until the agency can actually afford them. “We will keep those projects alive in planning, but they will not be authorized for moving forward, because we can’t afford them right now.”

Somers also told the room the obvious political truth: his is one voice among 18 on the Sound Transit Board. “That’s eight votes out of 18, so there’s 10 votes that are outside our control.” He’s going to need allies from Pierce County and from King County to get this across the finish line.

Mayor Franklin’s Frame: “The Spine”

Everett Mayor Cassie Franklin reinforced Somers with a framing device that matters for anyone trying to understand regional transit politics: the spine.

“It is the spine from Everett to Tacoma that is actually going to connect this region.”

The idea is that ST3 was never sold to voters as a series of disconnected spur lines. It was sold as a regional system with a north-south backbone. Cutting Everett off the spine isn’t a line-item reduction — it’s a structural amputation. Franklin’s argument is that if you want to know which projects are most essential to a regional transit system, you start with the backbone and work outward.

That framing is a strategic move. It reframes the debate from “which extension is most deserving” to “which projects are structural versus which are peripheral.”

The Timeline We’re Looking At

The Everett Link Extension is currently not expected to open until sometime between 2037 and 2041. That’s a range we should all sit with for a minute. The original target was 2036. The most optimistic current estimate is one year later than originally promised. The least optimistic is five years later.

This is before any of the three cost-cutting scenarios get applied.

The extension would add 16 miles of light rail and six new stations connecting Snohomish County into the broader regional network. The Draft Environmental Impact Statement is expected to be available for public review and formal comment in 2026, which means there is going to be a real window for residents to weigh in on this project in writing.

What Voters Are Actually Angry About

Walking out of the town hall, the argument that kept surfacing in conversations in the parking lot was a version of the one Kevin Ballard made in his April 20 letter to the editor in the Herald: we’ve been paying for this for over a decade. If the project gets delayed or scaled back, the money we’ve already paid doesn’t come back to us. It just gets spent somewhere else.

There’s a version of this argument that’s about fairness — we paid, we deserve delivery. There’s another version that’s about math — Everett’s segment of ST3 is, by most measures, among the most cost-efficient in the entire package, which means cutting it would actually be a bad deal for the agency’s budget. Neither version is a closing argument, but both are going to be heard a lot over the next several months.

What’s Next

The Sound Transit Board meets on the fourth Thursday of each month from 1:30 to 4:00 p.m. Public comment is accepted at those meetings. Written comments can also go to meetingcomments@soundtransit.org.

The Draft Environmental Impact Statement is expected this year. When it lands, there will be a formal public comment period.

Somers has said he’ll bring his north-south-first proposal to the Board. We don’t know exactly when, but the implication from the town hall is that this is not a fall 2026 conversation — it’s a next-few-months conversation.

And locally, Everett City Council and the Snohomish County Council have both started putting resolutions and letters of support behind the completion of the spine. That drumbeat is going to get louder before it gets quieter.

What This Means for the Waterfront

Everett’s waterfront transformation — Waterfront Place, Millwright District, the downtown stadium, Restaurant Row — is happening on the assumption that light rail is coming. The Everett Station location anchors the southern edge of downtown, and a future Everett Station-to-Waterfront connection is part of how downtown’s long-term density math actually works.

If the Link extension gets shortened or delayed further, the case for downtown office, retail, and residential investment doesn’t collapse — but it does get harder. Developers project rent rolls on 30-year time horizons. A 2041 light rail opening versus a 2036 opening is the kind of thing that shows up in a capital stack.

It’s also the reason why this is a waterfront story, not just a transit story. Everything Everett is building downtown right now — the stadium, the Millwright office space, the housing being pre-leased at Waterfront Place — is happening in front of a fundamental question about whether the city will be a light rail terminus or a light rail afterthought.

Frequently Asked Questions

When was the Sound Transit town hall in Everett? Tuesday, April 14, 2026, at Everett Station. Local officials and Sound Transit staff presented the agency’s budget situation and took public comment.

Who chairs the Sound Transit Board? Snohomish County Executive Dave Somers. He has publicly committed to advocating for completion of the Everett Link Extension as part of the north-south spine.

How big is Sound Transit’s budget shortfall? $34.5 billion across the ST3 program. Three cost-cutting scenarios are being considered; one would not complete the Everett extension.

When is the Everett Link Extension expected to open? Currently projected between 2037 and 2041. The original target was 2036.

How many new stations would the Everett extension add? Six new stations across 16 miles of new light rail.

How can Everett residents weigh in on this decision? Attend Sound Transit Board meetings (fourth Thursday of each month, 1:30–4:00 p.m.), submit written comments to meetingcomments@soundtransit.org, and watch for the Draft Environmental Impact Statement comment period later in 2026.

What is “the spine” Mayor Franklin refers to? The north-south light rail corridor from Everett to Tacoma — the backbone of the ST3 system, distinct from the east-west extensions to Ballard, West Seattle, and Issaquah.