Seattle Housing Market Watch – October 28th, 2025
Zach McDonald, Real Property Associates

1. Mortgage Rates Update
Current rate (as of 10/28/2025): 6.13%, the lowest of the year and slightly lower than last week. Rates move in anticipation of Fed policy, jobs data, and inflation, not directly due to Fed rate cuts. Even if the Fed cuts rates, mortgage rates may not drop further; market conversations drive rate movements more than cuts themselves.

2. Overall Market Trends
New listings are declining in the Greater Seattle area: Week of 10/21–10/28: 517 new listings (down from 611 previous week). This marks the fifth or sixth consecutive week of declining new listings. Pending sales are rising: Week of 10/21–10/28: 782 pending sales (up from 719 previous week). Fewer listings combined with more pending sales means shrinking supply and increasing competition. Most homes are selling below asking price, though some still receive multiple offers. Sold listings for the week were 579 (slightly lower than 596 previous week). Late-fall trends typically show a slowdown in new listings leading into Thanksgiving and winter. Sellers should use this period to prep homes for future sale rather than list immediately unless circumstances require it.

3. King County Market Highlights
Median sales price: $935,000 (up from $867,495 previous week). Average sales price to list price ratio: 98% (down from 99%). Multiple offers: 26% of sales last week, up 3% from previous week. Escalation addendums: 7% of sales. Financing addendums: 76% (slightly lower than 74% previous week). Inspection addendums: 45% (stable compared to 46%). Market is slightly slowing as we move into fall/winter but remains competitive in many areas. Over-asking price sales (10–15% above) are largely behind us for now.

4. Snohomish County Market Highlights
Median sales price: $732,497 (up from $729,990 previous week). Percent of asking price: 98% (similar to King County). Multiple offers: 20% (up from 18%). Escalation addendums: 5% (down from 7%). Financing addendums: 78% (down from 85%). Inspection addendums: 47% (slightly higher than previous week). Snohomish County generally mirrors King County trends but is less competitive overall. Some competition exists, but often offers remain below asking price, with sellers hoping for slightly better terms.

5. Key Takeaways for Buyers and Sellers
Buyers should expect fewer choices as inventory declines in fall/winter. Competition may increase for desirable homes. Many homes can still be purchased below asking price. Sellers are in a consolidation period: homes that have lingered on the market may start disappearing. This is a good time to prep homes for sale in late fall or early winter, with fresh listings entering the market post-holiday. If mortgage rates continue to trend lower, housing activity may be stimulated. Overall, the market is stable with gradual adjustments rather than dramatic shifts in prices.