May 2025 Seattle Housing Market Update

by Evan Richards

Slow start to prime buying season in the marketplace

Here are my bullet points from the newest press release from the Northwest Multiple Listing Service (data is from the full month of March):

As spring gets underway, inventory levels are high but the pace of sales is relatively slow.
Buyers were granted a bit of a reprieve as mortgage rates stayed relatively consistent throughout April, finishing out the month at 6.76%.
There was a 55% increase year-over-year in the total number of homes for sale in Seattle (2,099 in April 2025 compared to 1,356 in April 2024). When compared to the previous month, inventory increased by 20%.
The number of closed sales in Seattle for April 2025 was up about 9% compared to April 2024.
The median sold price for single-family homes and condos combined was $880,000 in April 2025, up 3.5% compared to April 2024, and up 5% compared to March 2025.
TLDR; the supply of homes is increasing faster than the demand, which is slowing price growth. April 2025 had more new listings than any single month since June 2022.

Education • Market Update • NWMLS Press Release • April 8, 2025

April 2025 Seattle Housing Market Update

by Evan Richards

Early spring shows initial signs of market warm-up

Here are my bullet points from the newest press release from the Northwest Multiple Listing Service (data is from the full month of March):

March’s market activity showed some expected seasonal growth as we move into spring, but we remain in a seller’s market.
Sellers seemed to be ready to hit the market earlier this year, as active listings were up about 44% across the entire NWMLS compared to March 2024.
The median sales price in Seattle was $992,000 for single family homes, and $609,000 for condos (the median sales price is the middle number out of all sales prices, meaning half of all homes sold for less, half sold for more).
There were 1,328 new listings in March (single family homes and condos combined), up from 1,039 in February 2025, and 1,053 in March 2024.
Mortgage rates dropped slightly from 6.76% to 6.65%, slightly helping buyers with affordability. A general rule of thumb is that bad news for the stock market is generally good news for mortgage interest rates. However, what we are seeing is more general economic uncertainty, which may mute homebuying activity overall.

Education • Market Update • NWMLS Press Release • March 18, 2025

March 2025 Seattle Housing Market Update

by Evan Richards

Affordability and inventory remain challenges for the market

Here are the bullet points from the newest press release from the Northwest Multiple Listing Service (data is from the full month of February):

Traditionally a quiet month, February’s market activity reflected consumer sentiment in two important areas: affordability and available inventory.
Although the number of active listings is significantly higher than a year ago (39.4% greater), the annual growth in the number of transactions is much smaller (only 1.9%).
Overall, inventory levels remain stubbornly low.
Homebuilders are bracing themselves for increases in construction costs following the White House’s announcement of tariffs on imports from Canada and Mexico. “The prices of materials will have a major impact on affordability, and increases in construction costs will affect the prices of existing homes in addition to new homes.”
“CoreLogic has estimated that the tariffs might increase the cost of home construction by 4% to 6% across the country, while household fixtures, such as appliances and cabinets, could increase in price by 10% to 20%.”
30-year mortgage rates dropped slightly from 6.95% to 6.76%.

To read the full press release, click here.

Education • Finance • Market Update • NWMLS Press Release • February 11, 2025

February 2025 Seattle Housing Market Update

by Evan Richards

Market activity is increasing, but affordability remains questionable

Here are the bullet points from the newest press release from the Northwest Multiple Listing Service (data is from the full month of January):

Activity was up in January, both month-over-month compared to December and year-over-year compared to January of last year.
The number of closed sales increased by 10.8% year-over-year. This shows that demand from buyers has increased, despite rising interest rates.
The number of homes for sale increased 44.6% year-over-year throughout the entire NWMLS.
Keyboxes located at listed properties were accessed 40% more than in December (January is usually a lot more active than December), but keybox activity also increased by 10% compared to last January.
Questions still abound regarding affordability, and the political and economic factors that influence it.
When either prices or interest rates increase (both of which have), affordability goes down.
New immigration policies and tariffs on imports from Canada and Mexico would have an inflationary impact on home construction costs.
“All of this suggests that the affordability of homeownership, which has been declining, will continue to do so.”

To read the full press release, click here.

Education • Market Update • NWMLS Press Release • January 7, 2025

January 2025 Seattle Housing Market Update

by Evan Richards

Mortgage rate increase throws curveball into market

Here are the bullet points from the newest press release from the Northwest Multiple Listing Service (data is from the full month of December):

Despite hopes and predictions, the Federal Reserve Bank’s three interest rate cuts in 2024 have not led to reduced mortgage rates or a significant boost in the housing market.
The 30-year mortgage interest rate was actually higher at the end of 2024 (6.85%) than at the end of 2023 (6.61%).
“We may well be experiencing the pains of adjusting to a new normal, with persistent interest rates of 6% or higher.”
Rising rates have been accompanied by a 4.3% increase in home prices over the past year (for the NWMLS as a whole).
Active listings and sales transactions were up by 25% and 19.8%, respectively, in December 2024 compared to the previous year, suggesting that buyers and sellers may be adjusting to higher borrowing costs.
On the supply side, the 3-county Seattle Metro area (King, Pierce, and Snohomish counties) had about 22% more active listings to end the year than there were at the end of 2023. That could give buyers more options as they start their house hunt in Q1, and could help keep price growth in check.

To read the full press release, click here.

Education • Market Update • NWMLS Press Release • October 8, 2024

October 2024 Seattle Housing Market Update

by Evan Richards

Lowered mortgage rates provide boost but affordability remains elusive

Here are the bullet points from the newest press release from the Northwest Multiple Listing Service (data is from the full month of September):

The further reduction of interest rates in September by the Federal Reserve provided a positive end-of-the-summer boost to the market. However, without deeper cuts to interest rates, housing affordability will remain an issue for many.
“Interest rates remain over double what they were just three years ago (6.08% at the end of September versus 3.01% at the same time in 2021 for 30-year fixed rate mortgages).
The number of homes for sale increased throughout the NWMLS coverage area, with 22 out of 26 counties seeing a double-digit year-over-year increase.
There was a 31.4% increase in the total number of properties listed for sale.
Overall, the median price for residential homes and condominiums sold in September 2024 increased 5.8% when compared to September 2023.

To read the full press release, click here.

Education • Market Update • NWMLS Press Release • June 12, 2024

June 2024 Seattle Housing Market Update

by Evan Richards

While interest rates remain high, an increase in inventory and closed sales transactions signal that buyers and sellers are adjusting

Here are the bullet points from the newest press release from the Northwest Multiple Listing Service (data is from the full month of May):

The real estate market has continued to pick up in accordance with typical seasonal patterns, with further increases in activity expected as we move fully into the summer months.
The overall number of homes sold and the median sales price of those homes increased year-over-year.
Interest rates have only slightly decreased over the past month, and are right around 7%.
For-sale inventory levels have increased dramatically year-over-year, which should help to stabilize home prices.
Across the NWMLS, there was a 41% increase in active property listings compared to June 2023.
The median sale price for King County was $890,000, up 9% compared to June 2023. The median means that half of all homes sold for less than that price and half sold for more than that price.

To read the full press release, click here.

Education • Market Update • NWMLS Press Release • Uncategorized • April 9, 2024

April 2024 Seattle Housing Market Update

by Evan Richards

Decreased mortgage rates have yet to influence the market

Here are the bullet points from the newest press release from the Northwest Multiple Listing Service (data is from the full month of March):

Interest rates have decreased by 0.15% over the past month to 6.79%, and while the rate decrease is encouraging, it has yet to have a significant impact on prospective buyers’ purchasing power or prospective sellers’ willingness to give up low interest rate mortgages.
March 2024 saw an 11.2% decrease in the number of closed sales year-over-year, although median sales prices have continued to steadily rise with a year-over-year increase of 7.5%.
“With new listings picking up the pace from 2023 lows, potential home buyers have more options to choose from.”
“Still, there seems to be more buyers in the market than the available inventory. As a result, home prices continue to rise despite elevated mortgage rates and constrained affordability.”
There were 2,954 new listings in King County in March, almost exactly the same as March of 2023.
The number of pending sales in King County was up about 8% compared to last year.
The median price for residential homes and condominiums in King County was up almost 12% year-over-year to $850,000.
Of all the residential homes and condos that closed in King County in March, 41% sold above the list price, indicating multiple offers. About 20% sold at list price, 17% sold below list price, and 22% had to drop the price before getting an offer.

To read the full press release, click here.

Education • Market Update • NWMLS Press Release • March 6, 2024

March 2024 Seattle Housing Market Update

by Evan Richards

Cautious market optimism as seasonal changes take shape

Here are my bullet points from the newest press release from the Northwest Multiple Listing Service (data is from the full month of February):

Interest rates ticked back up by about a quarter of a percent to 6.94%. This continues to limit buyer purchasing power and sellers’ desire to sell and give up their own low mortgage rates.
New listings in King County increased about 34% compared to February of 2023. This is good news for buyers competing for limited inventory.
Despite the increase in new listings, the number of pending sales in King County didn’t change much, up only about 4% compared to last year, and closed sales saw no change.
The median price for residential homes and condominiums in King County was up almost 13% year-over-year to $820,000.
Condos continue to show strong growth in sales, with an area-wide year-over-year increase of more than 9% for units sold. The median sale price of condos increased more than 15% compared to last year.
Of all the residential homes and condos that closed in King County in February, 34% sold above the list price, indicating multiple offers. About 20% sold at list price, 18% sold below list price, and 28% had a price change before selling.

To read the full press release, click here.

Education • Market Update • NWMLS Press Release • February 7, 2024

February 2024 Seattle Housing Market Update

by Evan Richards

Prices and number of sales increased despite reduced inventory

Here are my bullet points from the newest press release from the Northwest Multiple Listing Service (data is from the full month of January):

Interest rates held steady through the month of January to end at 6.69%.
The number of closed sales transactions was up 3% year-over-year.
The median price of single-family homes and condos combined was up 6.5% compared to January 2023.
The volume of homes on the market for sale has continued to decline throughout Washington. There was a decrease of about 14% compared to January of last year.
Despite the decrease in available inventory, many areas have seen an increase in the number of homes sold.
Overall, seller reluctance has led to low inventory levels and, coupled with buyer demand, competition and bidding wars has led to higher prices.

To read the full press release, click here.