Market Recap

Inventory is climbing, giving buyers more options, while home prices are showing signs of moderation after years of rapid growth. The median sales price in September dipped 0.7% year-over-year, from $635,000 to $630,700, and fell 3% month-over-month from August’s $650,000. Similar month-over-month declines were seen in King, Snohomish, and Pierce counties. Interest rates have declined slightly, but not enough to significantly impact the market.

“House prices in the NWMLS service area have generally been sluggish in response to high interest rates,” said Steven Bourassa, Director of the Washington Center for Real Estate Research at the University of Washington. “Initially, high interest rates discouraged both sellers and buyers, but in recent months, sellers have been listing properties at a faster rate than buyers have been purchasing them. To some extent, these changes may reflect typical seasonal fluctuations, but at some point the laws of supply and demand may prevail, and prices may lose some of their stickiness.”

September 2025 Key Takeaways

Active Listings

• There was a 27.3% increase in total number of properties listed for sale year-over-year, with 20,052 active listings on the market at the end of September 2025, compared to 15,748 at the end of September 2024. When compared to the previous month, active inventory decreased by 167 listings (-0.8%), down from 20,219in August 2025.
• The number of homes for sale year-over-year increased in most of NWMLS’s coverage area, with 23 out of 27 counties seeing a double-digit year-over-year increase. The six counties with highest year-over-year increases in active inventory for sale were Ferry (+61.5%), Thurston (+48.1%), Island (+45.7%), Snohomish (+41.7%), Walla Walla (+40.5%), and Columbia (+40%).

Closed Sales

• The number of closed sales increased by 5.9% year-over-year (6,170 in September 2025 compared to 5,828 in September 2024). When compared to the previous month, the number of closed sales decreased by 2.7%, down from 6,341 sales in August 2025.
• 19 out of 27 counties saw an increase in the number of closed sales year-over-year, while 5 saw a decrease, and 3 showed no change. The six counties with the largest increases were Lewis (+68.2%), Okanogan (+48.2%), Cowlitz (+46.8%), Island (+39.4%), Douglas (+27.3%), and Clallam (+24.4%). The total dollar value of closed sales in September 2025 for residential homes was $4,427,282,546 and was $477,418,943 for condominiums ($4,904,701,489 in total).

Median Sales Price and Total Dollar Value

• The median sales price for residential homes and condominiums sold in September 2025 was $630,700 — a slight decrease of 0.7% when compared to September 2024 ($635,000). Compared to the previous month, the median price decreased by 3% ($650,000 in August 2025).
• The three counties with the highest median sale prices were San Juan ($1,050,000), King ($850,000), and Snohomish ($722,525), and the three counties with the lowest median sale prices were Columbia ($290,000), Pacific ($330,000), and Ferry ($335,000).
• The total dollar value of closed sales in September 2025 for residential homes was $4,427,282,546 and was $477,418,943 for condominiums ($4,904,701,489 in total).

“Seattle’s housing market is continuing to rebalance following large swings in prices and demand in the last few years,” said Selma Hepp, Chief Economist at Cotality. “Improved affordability is certainly helping attract home buyers – especially for mid-range and tech-enhanced homes, that are now facing less competition than in the years prior. Home prices are expected to move sideways and pick up again in early 2026 with the spring home buying market, though overall rate of appreciation will be slower as buyers’ incomes catch up and affordability remains the top concern.”

Consumer and Broker Activity

NWMLS also provided insights into consumer activities during the month of September 2025:

• Keyboxes located at listed properties were accessed 161,356 times in September 2025, a 2% decrease from August 2025 when they were accessed 164,711 times. Keybox activity increased year-over-year by 2.3%, with keyboxes being accessed 157,756 times in September 2024.
• The total number of property showings scheduled through NWMLS-provided software decreased 1.7% from 122,534 in August 2025 to 120,489 in September 2025. This was a year-over-year increase of 0.5% from the number of showings in September 2024 (119,900).
• In September 2025, there were 20,979 listed properties that were eligible for the Down Payment Resource program offered by NWMLS, a 5.3% decrease from 22,163 in August 2025. This was a 25.7% year-over-year increase from 16,688 eligible listings in September 2024. 72.9% of listings in the NWMLS database were eligible for down payment program assistance.

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Market Recap

In August, both active listings and home sales declined compared to July—by 2.7% and 7.7%, respectively—across the 27 counties in the NWMLS coverage area. This slowdown was largely driven by weaker activity in King and Snohomish counties. Compared to the same time last year, listings rose by 30.8%, but sales fell by 5.7%, indicating continued stagnant buyer demand. Median home prices remained flat month-over-month and increased just .8% year-over-year.

August 2025 Key Takeaways

Active Listings

• There was a 30.8% increase in total number of properties listed for sale year-over-year, with 20,219 active listings on the market at the end of August 2025, compared to 15,453 at the end of August 2024. When compared to the previous month, active inventory decreased by 562 listings (-2.7%), down from 20,781 in July 2025.
• The number of homes for sale year-over-year increased throughout the NWMLS coverage area, with 25 out of 27 counties seeing a double-digit year-over-year increase. The six counties with highest year-over-year increases in active inventory for sale were Ferry (+63%), Snohomish (+50.1%), Jefferson (+47.3%), Clallam (+46.3%), Columbia (+45.8%), and Thurston (+38.9%).

Closed Sales

• The number of closed sales decreased by 5.7% year-over-year (6,341 in August 2025 compared to 6,727 in August 2024). When compared to the previous month, the number of closed sales decreased by 7.7%, down from 6,867 sales in July 2025.
• 15 out of 27 counties saw a decrease in the number of closed sales year-over-year, while 9 saw an increase, and 3 showed no change. The six counties with the largest increases were Clallam (+16.3%), Okanogan (+16.1%), Grant (+11.5%), Lewis (+8.3%), Island (+7.9%), and Douglas (+5.1%).

Median Sales Price and Total Dollar Value

• The median sales price for residential homes and condominiums sold in August 2025 was $650,000 — a slight increase of .8% when compared to August 2024 ($645,000). Compared to the previous month, the median price remained unchanged ($650,000 in July 2025).
• The three counties with the highest median sale prices were San Juan ($1,050,000), King ($875,000), and Snohomish ($755,000), and the three counties with the lowest median sale prices were Ferry ($250,000), Columbia ($319,000), and Grays Harbor ($323,500).
• The total dollar value of closed sales in August 2025 for residential homes was $4,669,643,977 and was $495,173,759 for condominiums ($5,164,817,736 in total).

“Interest rates for 30-year fixed-rate mortgages declined early in the month, from 6.72% at the end of July to 6.63% a week later, but have dropped relatively slowly since then, ending the month at 6.56%,” said Steven Bourassa, Director of the Washington Center for Real Estate Research at the University of Washington. “Pressure on the Federal Reserve Bank to lower its overnight federal funds rate is expected to result in cuts later this year, but it is unclear that such cuts will lead to significant changes in long-term rates, such as for mortgages.”

Consumer and Broker Activity

NWMLS also provided insights into consumer activities during the month of August 2025:

• Keyboxes located at listed properties were accessed 164,711 times in August 2025, a 2.4% decrease from July 2025 when they were accessed 168,801 times. Keybox activity increased year-over-year by 3.4%, with keyboxes being accessed 159,239 times in August 2024.
• The total number of property showings scheduled through NWMLS-provided software decreased 2.9% from 126,250 in July 2025 to 122,534 in August 2025. This was a year-over-year increase of 2.2% from the number of showings in August 2024 (119,927).
• In August 2025, there were 22,163 listed properties that were eligible for the Down Payment Resource program offered by NWMLS, a 2.2% increase from 21,687 in July 2025. This was a 22.9% year-over-year increase from 18,028 eligible listings in August 2024. 72.9% of listings in the NWMLS database were eligible for down payment program assistance

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Market Recap

At the end of July 2025, the 30-year fixed mortgage rate was 6.72%, virtually the same as the average rate over the past year. As a consequence, home sales remain sluggish with only a 3.81% increase in transactions over July 2024. The growth in listings relative to a year earlier was much greater at 37.42%. Meanwhile, median prices remained consistent with July 2024 prices.

July 2025 Key Takeaways

Active Listings

• There was a 37.42% increase in total number of properties listed for sale year-over-year, with 20,781 active listings on the market at the end of July 2025, compared to 15,122 at the end of July 2024. When compared to the previous month, active inventory increased by 944 listings (+4.76%), up from 19,837 in June 2025.
• The number of homes for sale year-over-year increased throughout the NWMLS coverage area, with 26 out of 27 counties seeing a double-digit year-over-year increase (all counties except Okanogan, which increased by 8.7%). The six counties with highest year-over-year increases in active inventory for sale were Ferry (+60%), Snohomish (+53.56%), Clallam (+52.91%), Columbia (+52.17%), Thurston (+46.86%), and Grant (+44.51%).

New Listings

• NWMLS brokers added 10,418 new listings to the database in July 2025, a year-over-year increase of 12.25% compared to July 2024 (9,281). When compared to the previous month (June 2025), new listings decreased by 4.99%, when 10,965 listings were added to the NWMLS database.
• The number of new listings increased year-over-year in 23 of 27 counties. The six counties with the largest year-over-year increases were Clallam (+55.96%), Ferry (+50%), Island (+27.27%), Jefferson (+26.56%), Thurston (+26.25%), and Lewis (+26.02%).

Closed Sales

• The number of closed sales increased by 3.81% year-over-year (6,867 in July 2025 compared to 6,615 in July 2024). When compared to the previous month, the number of closed sales increased by 2.58%, up from 6,694 sales in June 2025.
• 19 out of 27 counties saw an increase in the number of closed sales year-over-year. The six counties with the largest increases were San Juan (+100%), Adams (+75%), Pacific (+71.43%), Ferry (+66.67%), Clallam (+47.56%), and Grant (+30%).  The total dollar value of closed sales in July 2025 for residential homes was $5,174,046,115 and was $517,348,303 for condominiums ($5,691,394,418 in total).

Median Sales Price and Total Dollar Value

• The median sales price for residential homes and condominiums sold in July 2025 was $650,000 — unchanged from July 2024. Compared to the previous month, the median price declined 2.99%, down from $670,000 in June 2025.
• The three counties with the highest median sale prices were San Juan ($906,250), King ($875,000), and Snohomish ($765,000), and the three counties with the lowest median sale prices were Columbia ($257,250), Ferry ($275,000), and Adams ($349,999).

“As expected, the Federal Open Market Committee of the Federal Reserve Bank kept the federal funds rate unchanged at its July 30 meeting, reflecting ongoing concerns about inflation,” said Steven Bourassa, Director of the Washington Center for Real Estate Research at the University of Washington. “Although the federal funds rate is not directly related to mortgage rates, this decision does suggest that there is unlikely to be any improvement in mortgage rates in the near future.”

Consumer and Broker Activity

NWMLS also provided insights into consumer activities during the month of July 2025:

• Keyboxes located at listed properties were accessed 168,801 times in July 2025, a 1.6% decrease from June 2025 when they were accessed 171,595 times. Keybox activity increased year-over-year by 8%, with keyboxes being accessed 156,268 times in July 2024.
• The total number of property showings scheduled through NWMLS-provided software increased 2.2% from 123,541 in June 2025 to 126,250 in July 2025. This was a year-over-year increase of 7.6% from the number of showings in July 2024 (117,298).
• In July 2025, there were 21,687 listed properties that were eligible for the Down Payment Resource program offered by NWMLS, an 8.8% increase from 19,942 in June 2025. This was a 23.8% year-over-year increase from 17,515 eligible listings in July 2024. 71.7% of listings in the NWMLS database were eligible for down payment program

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Market Recap

Inflation and unemployment concerns prompted the Federal Reserve to maintain the federal funds rate at its current level, “giving a general indication of trends that may affect mortgage rates,” said Steven Bourassa, director of the Washington Center for Real Estate Research (WCRER). Mortgage rates remain stubbornly high at 6.77%, making affordability a challenge for prospective buyers. “The continued anticipation of inflation and concerns about increasing government debt suggests that mortgage interest rates are not likely to go down any time soon,” continued Bourassa.

However, June did show some positive signs for future buyers. The number of active listings reached 19,837, marking the first time since September 2022 that all 27 counties in the NWMLS service area experienced double-digit, year-over-year increases in inventory. In addition, the median home price remained relatively stable from May 2025 (increasing 1.52% from $660,000 to $670,000 in June 2025) and increased just 3.08% year-over-year from June 2024’s median price of $650,000.

Selma Hepp of Cotality indicated that though mortgage rates may be daunting, the “increase in the availability of homes for sale and the softening of home prices” indicates the NWMLS service area “is experiencing a re-balancing of housing market trends.”

“As prices moderate, opportunities open up for buyers who have been priced out, which may help stabilize the home market,” continued Hepp.

June 2025 Key Takeaways

Active Listings

• There was a 38.82% increase year-over-year in the total number of properties listed for sale in the NWMLS service area, from 14,393 in June 2024 to 19,837 active listings in June 2025. When compared to May 2025, June experienced an 8.34% increase from 18,310 listings.
• All 27 counties in the NWMLS service area experienced double-digit, year-over-year increases in active listings.
• The six counties with the highest increases in active inventory were Columbia (+70%), Grant (+61.59%), Snohomish (+50.96%), Whatcom (+49.02%), King (+46.69%) and Adams (+46.51%).

Closed Sales and Months of Inventory

• The number of closed sales increased by 1.01% year-over-year, up from 6,627 in June 2024 to 6,694 in June 2025. When compared to the previous month, the number of closed sales increased by 3.51%, up from 6,467 sales in May 2025.
• 13 out of 27 counties saw an increase in the number of closed sales year-over-year. The six counties with the largest increases were Adams (+55.56%), Columbia (+33.33%), Lewis (+29.73%), Kittitas (+17.53%), Douglas (+10.87%) and Mason (+7.37%).
• A balanced market is considered to be 4 to 6 months by most industry experts. At the current rate of sales, it would take a little less than 3 months (2.96) to sell every home that is active in the NWMLS inventory. The six counties with the lowest months of inventory in June 2025 were Kitsap (2.05), Snohomish (2.12), Thurston (2.19), Pierce (2.65), King (2.72) and Skagit (2.9).

Median Sales Price and Total Dollar Value

• Overall, the median price for residential homes and condominiums sold in June 2025 was $670,000, a slight increase of 3.08% when compared to June 2024 ($650,000). When compared to last month, the median price increased 1.52% from $660,000 in May 2025.
• The three counties with the highest median sale prices were San Juan ($1,035,000), King ($913,563) and Snohomish ($775,000), and the three counties with the lowest median sale prices were Columbia ($275,000), Adams ($320,000) and Ferry ($340,000).
• The total dollar value of closed sales in June 2025 for residential homes was $5,165,615,491 and was $561,482,665 for condominiums ($5,727,098,155 in total).

Consumer and Broker Activity

NWMLS also provided insights into consumer activities during the month of June 2025:

• Keyboxes located at listed properties were accessed 171,595 times in June 2025, a 4.5% decrease from May 2025 when they were accessed 179,613 times. Keybox activity increased year-over-year by 4.9%, with keyboxes being accessed 163,536 times in June 2024.
• The total number of property showings scheduled through NWMLS-provided software decreased 6.8% from 132,501 in May 2025 to 123,541 in June 2025. This was a year-over-year increase of 3.1% from the number of showings in June 2024 (119,775).
• In June 2025, there were 19,942 listed properties that were eligible for the Down Payment Resource program offered by NWMLS, a 2.3% decrease from 20,416 in May 2025. This was a 24.5% year-over-year increase from 16,015 eligible listings in June 2024.

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Market Recap

The real estate market continued to experience significant growth in housing inventory across NWMLS’s coverage area. While buyer activity showed some signs of seasonal strength, it continued to lag behind the surge in new and active listings. Buyers may be slow to accepting what may be a new normal, with mortgage rates continuing to hover close to 7% and construction costs hampering new developments.

Still, May brought some encouraging signs for buyers. The number of active listings reached 18,310, marking the highest level of inventory since September 2018 when there were 19,256 homes on the market. In addition, prices showed signs of stabilizing: the median home price declined 1% year-over-year and edged up less than 1% from April, indicating a slowdown in price growth. This increase in supply gives buyers more options and may help ease some competitive pressure.

Consumer activity reflected this renewed interest. Keyboxes at listed properties were accessed 179,613 times, up 16.7% from April and 9.9% year-over-year. Scheduled showings also rose, up 13.9% from the previous month and 2.8% from May 2024, based on appointments made through NWMLS-provided software.

Among other tools available to NWMLS brokers is the Down Payment Resource (DPR) program, which connects buyers to down payment assistance options. There were 20,416 DPR-eligible properties on the market in May 2025, 70.30% of active listings, meaning buyers could potentially qualify for additional financial support on nearly three-quarters of the available inventory even as prices remain elevated in many markets.

Yet despite increased inventory, sales growth did not keep pace. “Relative to the previous month, the number of active listings increased by 3,851 (from 14,459 in April 2025), while the number of closed sales increased by only 580 (from 5,887 in April 2025),” said Steven Bourassa, director of the Washington Center for Real Estate Research (WCRER). “In other words, listings increased by nearly six and a half times the growth in the number of sales.”

May 2025 Key Takeaways

Active Listings

• There was a 42.63% increase year-over-year in the total number of properties listed for sale in the NWMLS service area, from 12,837 in May 2024 to 18,310 active listings in May 2025. This was also a 26.6% increase from 14,459 active listings in April 2025.
• The number of homes for sale year-over-year increased throughout the NWMLS coverage area, with 24 out of 26 counties seeing a double-digit year-over-year increase. The six counties with the highest increases in active inventory were Clallam (+72.5%), Snohomish (+64.1%), Ferry (+59.1%), King (+57.7%), Grant (+53.3%) and Adams (+52.3%).

Closed Sales

• The number of closed sales decreased by 3.3% year-over-year, down from 6,689 in May 2024 to 6,467 in May 2025. When compared to the previous month, the number of closed sales increased by 9.9%, up from 5,887 sales in April 2025.
• The five counties with the largest increases were Jefferson (+48.4%), Cowlitz (+47.8%), San Juan (+27.8%), Adams (+20%) and Skagit (+17.5%).

Median Sales Price and Total Dollar Value

• Overall, the median price for residential homes and condominiums sold in May 2025 was $654,995, a slight decrease of 0.8% when compared to May 2024 ($660,000). When compared to last month, the median price slightly increased ($650,000 in April 2025).
• The three counties with the highest median sale prices were King ($865,000), San Juan ($831,000) and Snohomish ($785,000), and the three counties with the lowest median sale prices were Ferry ($138,000), Columbia ($256,000) and Pacific ($323,000).
• The total dollar value of closed sales in May 2025 for residential homes was $4,732,782,810 and was $546,957,344 for condominiums ($5,279,740,154 in total).

Consumer and Broker Activity

NWMLS also provided insights into consumer activities during the month of May 2025:

• Keyboxes located at listed properties were accessed 179,613 times in May 2025, a 16.7% increase from April 2025 when they were accessed 153,949 times. Keybox activity increased year-over-year by 9.9%, with keyboxes being accessed 163,414 times in May 2024.
• The total number of property showings scheduled through NWMLS-provided software increased 13.9% from 116,336 in April 2025 to 132,501 in May 2025. This was a year-over-year increase of 2.8% from the number of showings in May 2024 (128,924).
• In May 2025, there were 20,416 listed properties that were eligible for the DPR program offered by NWMLS, a 21.3% increase from 16,830 in April 2025. This was also a 34.7% year-over-year increase from 15,155 eligible listings in May 2024.
• In May 2025, 70.30% of listings with NWMLS were eligible for DPR programs, a decrease of 1.7% from April 2025 (71.5%). This was a 1.3% year-over-year increase from 69.40% of listings in May 2024.

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Market Recap

As spring gets underway, inventory levels are high but the pace of sales is relatively slow. The number of active listings showed double-digit year-over-year increases in most counties when compared to April 2024, demonstrating that homeowners are primed and ready to sell.

Buyers were granted a bit of a reprieve as mortgage rates stayed relatively consistent throughout April, finishing out the month at 6.76% – the same rate as the end of March 2025. In addition, the median sales price for residential and condominium sales stayed virtually unchanged from March 2025, increasing from $649,999 to $650,000 in April 2025.

“As the number of sellers continues to outpace buyers, it is not surprising that price growth has slowed,” said Steven Bourassa, director of the Washington Center for Real Estate Research (WCRER). Recent media coverage identifies not only socioeconomic uncertainties such as tariffs and inflation, but also the willingness of both buyers and sellers to make concessions as potential factors in final sales prices in the last month.

April 2025 Key Takeaways

Active Listings

• There was a 47.4% increase year-over-year in the total number of properties listed for sale in the NWMLS service area. There were 14,459 active listings on the market at the end of April 2025,compared to 9,813 at the end of April 2024.
• When compared to the previous month, active inventory increased by 2,819 listings (+24.2%), up from 11,640 in March 2025.
• The number of homes for sale year-over-year increased throughout the NWMLS coverage area, with 24 out of 26 counties seeing a double-digit year-over-year increase. The six counties with the highest increases in active inventory were Snohomish (+84.8%), Columbia (+76.9%), King (+71.3%), Clallam (+70.7%), Whatcom (+68.1%) and Grant (+59.8%).

Closed Sales and Months of Inventory

• The number of closed sales slightly increased by 0.7% year-over-year, up from 5,847 in April 2024 to 5,887 in April 2025. When compared to the previous month, the number of closed sales increased by 8.9%, up from 5,406 sales in March 2025.
• The five counties with the largest increases were Grays Harbor (+54%), Kittitas (+44.9), Island (+29.9%), Chelan (+28.9%) and Skagit (+23.5%).
• A balanced market is considered around 4 to 6 months of inventory by most industry experts. At the current rate of sales, it would take around two and a half months (2.46) to sell every home that is active in the NWMLS inventory.

Median Sales Price and Total Dollar Value

• Overall, the median price for residential homes and condominiums sold in April 2025 was $650,000, a slight decrease of 0.2% when compared to April 2024 ($651,000). When compared to last month, the median price was virtually unchanged ($649,999 in March 2025).
• The three counties with the highest median sale prices were King ($907,000), Snohomish ($755,500) and San Juan ($665,000), and the three counties with the lowest median sale prices were Okanogan ($289,000), Columbia ($305,000) and Adams ($310,000).
• The total dollar value of closed sales in April 2025 for residential homes was $4,393,208,459 and was $523,944,227 for condominiums ($4,917,152,685 in total), an increase of 1.2% when compared to April 2024.

Consumer and Broker Activity

NWMLS also provided insights into consumer activities during the month of April 2025:

• Keyboxes located at listed properties were accessed 153,949 times in April 2025, a 27.7% increase from March 2025 when they were accessed 120,586 times. Keybox activity slightly increased year-over-year by 0.2%, with keyboxes being accessed 152,999 times in April 2024.
• The total number of property showings scheduled through NWMLS-provided software decreased 4.7% from 122,099 in March 2025 to 116,336 in April 2025. This was a year-over-year decrease of 5.4% from the number of showings in April 2024 (122,975).
• In April 2025, there were 16,830 listed properties that were eligible for the Down Payment Resource (DPR) program offered by NWMLS, a 24.2% increase from 13,552 in March 2025. This was also a 22.3% year-over-year increase from 13,761 eligible listings in April 2024.

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Market Recap

March’s market activity showed some expected seasonal growth as we move into spring, but an imbalance still lingers between buyers and sellers.

30-year mortgage rates dropped from 6.76% to 6.65%, a slight enticement for buyers who are keeping a diligent eye on the market. Sellers looking to take early advantage of seasonal transitions boosted NWMLS’s active listings nearly 44% year-over-year from March 2024.

“Easing of mortgage rates into spring home buying season has helped bring some home buyers off the sidelines,” said Selma Hepp, chief economist at Cotality (formerly CoreLogic).

Still, sellers and buyers alike will have to contend with continuing rising prices impacting the market. The median price for residential homes and condominiums rose 3.2% from $630,000 in February 2025 to $649,999 in March 2025.

“Rising median house prices continue to exacerbate affordability issues,” said Steven Bourassa, director of the Washington Center for Real Estate Research (WCRER). “In the first quarter of the year, median sale prices increased by 9.5%, which would translate into nearly 44% if compounded over the course of a year.”

Hepp also foresees that “home buying activity [will remain] muted amid a lot of economic and policy uncertainty and fears of future job losses.”

March 2025 Key Takeaways

Active and New Listings

• There was a 43.7% increase year-over-year in the total number of properties listed for sale in the NWMLS service area. There were 11,640 active listings on the market at the end of March 2025, with 21 out of 26 counties seeing a double-digit increase compared to March 2024. When compared to the previous month, active inventory increased by 1,192 listings (+11.4%), up from 10,448 in February 2025.
• The six counties with the highest increases in active inventory were Snohomish (+83.1%), Whatcom (+63.1%), King (+59.8%), Cowlitz +(51.7%), Kittitas (+48.3%) and Grant (+43.8%).
• NWMLS brokers added 9,161 new listings in March 2025, a year-over-year increase of 14.1% compared to March 2024 (8,028). When compared to February 2025, new listings increased by 44.4%, when 6,346 listings were added.

Closed Sales

• There were 5,406 closed sales in March 2025, an increase of 4.7% year-over-year compared to 5,165 in March 2024. When compared to February 2025, the number of closed sales increased by 26.7%, up from 4,268 sales.
• The total dollar value of closed sales in March 2025 for residential homes was $3,907,557,990 and was $531,478,809 for condominiums ($4,439,036,799 in total), an increase of 7% year-over-year when compared to March 2024.

Median Sales Price

• Overall, the median price for residential homes and condominiums sold in March 2025 was $649,999, an increase of 2.6% when compared to March 2024 ($633,717).
• The three counties with the highest median sale prices were San Juan ($870,000), King ($855,000) and Snohomish ($755,000), and the three counties with the lowest median sale prices were Columbia ($220,000), Ferry ($268,725) and Grays Harbor ($335,100).

Consumer and Broker Activity

NWMLS also provided insights into consumer activities during the month of March 2025:

• Keyboxes located at listed properties were accessed 120,586 times in March 2025, a 4.3% increase from February 2025 when they were accessed 115,611 times. Keybox activity decreased by 18.8% year-over-year, with keyboxes being accessed 148,536 times in February 2024.
• The total number of property showings scheduled through NWMLS-provided software increased 25.5% from 97,256 in February 2025 to 122,099 in March 2025. This was a year-over-year decrease of 2.5% from the number of showings in March 2024 (125,193).
• In March 2025, there were 13,552 listed properties that were eligible for the Down Payment Resource (DPR) program offered by NWMLS, a 17.7% year-over-year increase from March 2024.

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Market Recap

Traditionally a quiet month, February’s market activity reflected consumer sentiment in two important areas: affordability and available inventory.

30-year mortgage rates dropped slightly from 6.95% to 6.76%, but that may not be enough to encourage buyers when faced with continuing rising prices. The median price for residential homes and condominiums rose 2.4% from $615,000 in January 2025 to $630,000 in February 2025.

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%). “On balance relative to a year ago, more homeowners are wanting to sell,” said Steven Bourassa, director of the Washington Center for Real Estate Research (WCRER), “but buyers continue to be challenged by affordability.”

Overall, inventory levels remain stubbornly low. Most industry experts consider a balanced market to have 4 to 6 months of inventory. However, at the current rate of sales, it would take less than two and a half months (2.45) to sell every home that is for sale in the NWMLS service area.

Meanwhile, homebuilders are bracing themselves for increases in construction costs following the White House’s announcement of tariffs on imports from Canada and Mexico beginning March 4^th. “The prices of materials will have a major impact on affordability,” said Bourassa, “and increases in construction costs will affect the prices of existing homes in addition to new homes.”

“The values of existing structures are based on their replacement cost,” he continued. “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%.”

February 2025 Key Takeaways

Active Listings

• The number of homes for sale increased 39.4% year-over-year throughout the NWMLS service area. There were 10,448 active listings on the market at the end of February 2025, with 24 out of 26 counties seeing a double-digit increase compared to February 2024. When compared to the previous month, active inventory increased by 207 listings (+2%), up from 10,241 in January 2025.
• The six counties with the highest increases in active inventory were Kittitas (+76.7%), Snohomish (+65.3%), Grant (+54.2%), King (+52%), Whatcom (+48.2%) and Chelan (+42.7%).

Closed Sales

• There were 4,268 closed sales of residential homes and condominium units in February 2025, an increase of 1.9% when compared to February 2024 (4,189). When compared to the previous month, the number of closed sales increased by 14.5%, up from 3,727 sales in January 2025.
• The total dollar value of closed sales in February 2025 for residential homes was $2,856,599,410 and $463,877,754 for condominiums ($3,320,477,164 in total), an increase of 5% when compared to February 2024.

Median Sales Price

• Overall, the median price for residential homes and condominiums sold in February 2025 was $630,000, an increase of 3.6% when compared to February 2024 ($608,111).
• The three counties with the highest median sale prices were San Juan ($880,000), King ($820,000) and Snohomish ($734,975), and the three counties with the lowest median sale prices were Columbia ($224,000), Pacific $292,500) and Okanogan ($322,500).

New Construction

• NWMLS brokers reported 745 closed sales of new construction units in February 2025. This was a year-over-year decrease of 12.1% when compared to February 2024 (848 units).
• The median sales price for new construction units sold in February 2025 was $773,420, an increase of 5.9% from the February 2024 price of $730,000.

Consumer and Broker Activity

NWMLS also provided insights into consumer activities during the month of February 2025:

• Keyboxes located at listed properties were accessed 115,611 times in February 2025, only a slight decrease from January 2025 when they were accessed 115,922 times. Keybox activity decreased by 3.9% year-over-year, with keyboxes being accessed 120,303 times in February 2024.
• The total number of property showings scheduled through NWMLS-provided software decreased 2.7% from 99,979 in January 2025 to 97,256 in February 2025. This was a year-over-year decrease of 8.3% from the number of showings in February 2024 (106,055).
• In February 2025, there were 13,537 listed properties that were eligible for the Down Payment Resource (DPR) program offered by NWMLS, a 14.3% year-over-year increase from February 2024.

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Market Recap

Traditionally a quieter month in the winter season, January’s activity continued the year-over-year growth trends observed in market activity over the last twelve months. The number of closed sales increased by 10.8% year-over-year (3,727 in January 2025 compared to 3,364 in January 2024), and NWMLS brokers added 6,693 new listings to the database in January 2025, an increase of 35.1% compared to January 2024 (4,954).

“For-sale inventories are continuing to rise from historical lows, and that’s helping bring some life to housing market activity in the NWMLS area,” said Selma Hepp, chief economist at CoreLogic.

But questions still abound regarding one of the most critical aspects of today’s market – affordability – and the political and economic factors that influence it.

“Both prices and interest rates continued to increase, having a negative effect on affordability,” said Steven Bourassa, director of the Washington Center for Real Estate Research (WCRER) at the University of Washington. “The median price rose by nearly 4% to $615,000, while interest rates rose from 6.69% at the end of January 2024 to 6.95% now.”

“Moreover, new immigration policies are expected to have an inflationary impact on home construction costs,” he continued, “And the National Association of Home Builders has warned that tariffs on imports from Canada and Mexico would have a significant impact on materials such as lumber and gypsum, while multiple researchers have documented the possible impact of immigration policy on labor supply for home builders.”

“All of this suggests that the affordability of homeownership, which has been declining, will continue to do so,” said Bourassa.

January 2025 Key Takeaways

Active Inventory for Sale

• The number of homes for sale increased 44.6% year-over-year throughout the NWMLS coverage area, with 22 out of 26 counties seeing a double-digit increase compared to January 2024. There were 10,241 active listings on the market at the end of January 2025, compared to 7,084 at the end of January 2024.
• The five counties with the highest increases in active inventory for sale were Snohomish (+96.9%), King (+62.6%), Skagit (+54.4%), Kittitas (+53.8%) and Grant (+48.8%).
• At the current rate of sales, there are less than three months (2.75) of available inventory.

Closed Sales

• There were 3,727 closed sales of residential homes and condominium units in January 2025, an increase of 10.8% when compared to January 2024 (3,364).
• The total dollar value of closed sales in January 2025 for residential homes was $2,471,486,679 and $377,558,816 for condominiums ($2,849,045,495 in total), an increase of 17.4% when compared to January 2024.

 Median Sales Price

• The median price for residential homes and condominiums increased by 3.6% year-over-year from $593,500 in January 2024 to $615,000 in January 2025.
• The three counties with the highest median sale prices were San Juan ($850,000), King ($799,000), and Snohomish ($748,752), and the three counties with the lowest median sale prices were Ferry ($239,000), Okanogan ($318,000) and Grays Harbor ($329,000).

New Construction

• NWMLS brokers reported 722 closed sales of new construction units in January 2025. This was a year-over-year increase of 17% when compared to January 2024 (617 units).
• The median sales price for new construction homes sold in January 2025 was $760,500, an increase of 8.6% from the January 2024 price of $700,000.

Consumer and Broker Activity

NWMLS also provided insights into consumer activities during the month of January 2025:

• Keyboxes located at listed properties were accessed 115,922 times in January 2025, a 40% increase in activity from December 2024 when they were accessed 82,655 times. Keybox activity increased by 10% year-over-year, with keyboxes being accessed 105,253 times in January 2024.
• The total number of property showings scheduled through NWMLS-provided software increased 57% from 63,610 in December 2024 to 99,979 in January 2025. This was a year-over-year increase of 7% from the number of showings in January 2024 (93,530).
• In January 2025, there were 12,785 listed properties that were eligible for the Down Payment Resource (DPR) program offered by NWMLS, a 12% year-over-year increase from January 2024.

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Market Recap

Despite hopes among potential home buyers and sellers, as well as economists’ 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. Instead, as of January 2, 2025, mortgage rates have risen to 6.91%, their highest level since July 2024.

“The 30-year mortgage interest rate was actually higher at the end of 2024 (6.85%) than at the end of 2023 (6.61%),” said Steven Bourassa, director of the Washington Center for Real Estate Research (WCRER) at the University of Washington. He anticipates that mortgage rates will continue to frustrate the market. “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, further exacerbating affordability challenges. However, the market has shown some signs of increased activity. 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.

While affordability remains a significant concern, these trends point to a gradual adaptation to the evolving landscape of the housing market.

December 2024 Key Takeaways

Active Listings

• The number of homes for sale increased 25% year-over-year throughout the NWMLS coverage area, with 21 out of 26 counties seeing a double-digit increase compared to December 2023.
• The five counties with the highest increases in active inventory for sale were Snohomish (+46.1%), Douglas (+43.3%), Cowlitz (40.8%), Grant (+39.9%) and Skagit (+38.2%).

Closed Sales

• There were 4,812 closed sales of residential homes and condominium units, an increase of 19.8% when compared to December 2023 (4,018).
• The total dollar value of closed sales in December 2024 for residential homes was $3,284,574,394 and $409,740,278 for condominiums ($3,694,314,671 in total), an increase of 24.8% when compared to December 2023.

 Median Sales Price

• The median price for residential homes and condominiums increased by 4.3% year-over-year from $597,975 in December 2023 to $623,500 in December 2024. Prices decreased month-over-month by 3.33% when compared to November 2024 ($645,000).
• The three counties with the highest median sale prices were San Juan ($849,500), King ($800,000), and Snohomish ($744,995), and the three counties with the lowest median sale prices were Ferry ($125,000), Adams ($292,300) and Pacific ($320,000).

Consumer and Broker Activity

NWMLS also provided insights into consumer activities during the month of December 2024:

• Keyboxes located at listed properties were accessed 82,655 times in December 2024, a 26% decrease in activity from November 2024 when they were accessed 111,482 times. Keybox activity increased by 3% year-over-year, with keyboxes being accessed 80,117 times in December 2023.
• The total number of property showings scheduled through NWMLS-provided software decreased 25% from 84,997 in November 2024 to 63,610 in December 2024. This was a year-over-year increase of 6% from the number of showings in December 2023 (60,062).
• In December 2024, there were 11,382 listed properties that were eligible for the Down Payment Resource (DPR) program offered by NWMLS, a 17% year-over-year increase from December 2023.

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