Seattle Housing Market Watch 10/22/2025
Seattle Housing Market Watch – October 21, 2025
By Zach McDonald, Real Property Associates
Hey y’all, Zach McDonald here, your real estate agent with Real Property Associates. This is your Seattle Housing Market Watch for October 21st, 2025.
A Bittersweet Start
I’ll be honest — I’m a little disappointed today. The Seattle Mariners lost last night in Game 7 of the ALCS. If you’re not a baseball fan, that means they came this close to making the World Series. The last time the Mariners were in the ALCS, I was a kid, so this one stung a bit.
Every year I say, “Next year’s the year,” and I even said that with my kids — who are about the same age I was back then! But despite the heartbreak, it’s been an amazing season for the Mariners and an exciting time for the city of Seattle.
It hasn’t really affected the housing market (unfortunately sports wins don’t drive home prices), but it’s fun to see how much both the Mariners and the Seattle real estate market have changed over the past 20+ years.
Market Overview
Each week we look at what’s happening in King and Snohomish Counties — new listings, pending sales, and price trends. Over the past month, we’ve been seeing fewer and fewer new listings coming on the market.
New listings this week: 611
Last week: 663
This is completely normal for this time of year. As we head deeper into fall, inventory typically shrinks — fewer homes are listed, and the supply tightens.
Pending activity, however, has held steady, which suggests demand remains consistent even as supply drops.
Price Reductions and Canceled Listings
Price reductions are still very common. We had 615 this week, compared to 611 last week. Many homes that aren’t selling right away are taking longer to find buyers and often see a price cut.
We also saw 192 canceled listings this week (down from 215 last week). Most of these “cancellations” are strategic — agents cancel a listing, then re-list it at a lower price to make it appear “new” in the MLS.
If you’re a buyer, be aware of this. A “new listing” may have actually been sitting on the market for months. It’s a common tactic, and while it’s allowed, it can definitely be misleading.
Mortgage Rates Update
Mortgage rates continue to dominate real estate conversations. As of today (10/21), rates are around 6.17%, down from 6.31% last week.
That’s encouraging — we’re nearing three-year lows. There’s still speculation about another Fed rate cut, but remember: Fed rate cuts don’t directly translate into mortgage rate cuts. Mortgage rates are more closely tied to the 10-year Treasury yield and inflation data.
King County Snapshot (Oct 14–21)
Median sales price: $867,495
Average sale-to-list ratio: 99%
Multiple offers: 23% of pending sales
Escalation clauses: 6% (down from 10% earlier this month)
Financing contingencies: 74% (up 2%)
Inspection contingencies: 46% (up 1%)
We’re still seeing some competition, especially for new listings, but many homes are sitting longer and seeing some negotiation. Fewer buyers are waiving contingencies, and inspection contingencies remain less common — many buyers rely on the seller’s pre-inspection reports instead.
Snohomish County Snapshot
Median sales price: $729,000 (down slightly from $749,000 earlier in the month)
Average sale-to-list ratio: 99% (down from a temporary spike of 102%)
Multiple offers: 18% of sales
Escalation clauses: 7%
Financing contingencies: 85% (up from 81%)
Inspection contingencies: 45% (down slightly from 48%)
Just like King County, competition has cooled slightly but remains steady for well-priced homes. Pre-inspections are still common, and fewer buyers are doing their own inspections — something home inspectors themselves have noticed.
Market Context
I was chatting earlier today with an agent from Austin, where they’re seeing 6 months of housing supply, and even 12 months in some neighborhoods. That’s a true buyer’s market.
Here in Seattle, by comparison, we have about 2.5 months of supply — a more balanced market, sometimes leaning toward sellers. While things have slowed from the frenzied pace of the past few years, Seattle’s housing market remains relatively healthy and competitive.
Final Thoughts
For buyers, this season brings opportunity. Fewer listings mean less competition, but also less urgency. Some homes can still be negotiated under asking price, and buyers can often include more favorable terms.
That said, as winter approaches and inventory tightens further, competition tends to pick up again — so the window for those buyer advantages may close quickly.
Thanks so much for tuning in to this week’s Seattle Housing Market Watch. If you found this update valuable, please consider subscribing to the channel. And if you’re thinking about buying or selling in the Seattle area, I’d love to chat and help you navigate the market.
