High-value WA home listings increase by 65% after income tax passage

After lawmakers approved an income tax targeting millionaires, listings for homes priced at $2 million or more jumped 65 percent compared to last year, with experts urging caution about interpreting the spike.

On March 12, the day after the state Legislature passed the income tax bill, the listings went up to 53. On the same day in 2025, the number of listings was just 32

TJ Martinell
The Center Square Washington

The number of high-priced homes listed for sale in Washington state that cost $2 million or more increased significantly the day after the state legislature passed an income tax on millionaires, according to data The Center Square obtained from the Northwest Multiple Listing Service.

While the numbers of homes overall were small because of the high price, homes valued at $2 million or more increased by 65% compared to the same day the year prior, the data shows.

However, a Windermere Real Estate economist urges caution with reading too much into the limited timeframe.

According to the data, the number of high value homes listed for sale on Feb. 4, the day the income tax was introduced in the state Senate, was 16 compared to 11 the same day in 2025.

On March 12, the day after the state Legislature passed the income tax bill, the listings went up to 53. On the same day in 2025, the number of listings was just 32. That was a 65% increase.

Realtors have previously told The Center Square that following the income tax’s passage many clients listed their multimillion homes for sale in direct response to the legislation.

However, Windermere Real Estate Principal Economist Jeff Tucker wrote to The Center Square that “I’d be very hesitant to use single-day new listings data….both because a single day is a noisy small sample of housing market activity, and because the number of new listings varies by the day of the week.

“I’m also skeptical that many sellers, especially of such high-end properties, were prepared and rushing to list on exactly the day after the legislation was signed,” he wrote. “Deciding to move and preparing to market a listing takes time.”

Tucker conceded that there was an increase in high-priced home sales.

“I agree, though, with the takeaway that listings of high-priced homes are up so far this year,” he wrote.

The Center Square also attempted to reach out to Realogics Sotheby’s International Realty and Morrison House Sotheby’s International Realty for possible comment, but were unavailable or did not receive a response.

The Center Square also reached out to the Washington REALTORS for possible comment but did not receive a response by time of publication.

This report was first published by The Center Square Washington.