Seattle Housing Market Watch – April 15, 2025

By Zach McDonald, Real Property Associates

The Seattle spring housing market continues to evolve, and this week’s data shows early signs of cooling after a competitive start to 2025. Inventory is rising, mortgage rates remain steady, and both King and Snohomish County are seeing slight reductions in buyer competition. Here’s your weekly pulse on new listings, pending sales, pricing trends, and what it all means for buyers and sellers.

New Listings Trend Up as Inventory Normalizes

For the week, the combined King and Snohomish County market added 781 new listings, continuing the upward trend we typically see in spring. Inventory has been increasing faster than buyer demand, which is helping the market gradually move toward balance.

Recent monthly data suggests we are inching closer to two months of supply, a level that favors neither buyers nor sellers but instead signals a more even playing field.

At the same time, 316 price reductions last week show that not every home is selling instantly or with multiple offers. Although the most desirable listings still move quickly, they represent only a fraction of total inventory.

Pending Sales and Closed Sales Remain Strong

The market remains active with 742 pending sales last week—nearly keeping pace with new listings. Closed sales reached 477, with many April closings coming from the surge in pending activity seen in March.

With listing volume continuing to rise, 2025 is showing signs of returning to more typical spring activity after several years of suppressed inventory. However, the market still leans competitive, particularly for well-priced homes in popular neighborhoods.

Mortgage Rates Hover Near 7% and Hold Buyer Demand Steady

Mortgage rates stayed relatively stable at 6.92%, continuing the year’s pattern of fluctuating just above or below the 7% mark. Rates have remained high enough to keep many homeowners from listing, but not high enough to significantly dampen buyer demand.

If rates drop meaningfully later this year, experts expect to see:

• More buyers re-enter the market

• More homeowners listing due to improved affordability

• Increased overall market activity

For now, most signs suggest mortgage rates will remain in this elevated range unless inflation cools decisively.

King County Market: Signs of Slight Cooling

King County’s median sales price came in at $933,500, compared with $967,500 the previous week. Weekly fluctuations are normal, but the offer data reveals more meaningful trends.

Key indicators show softening competition:

• Average sale-to-list price: 1% over asking (down from 3%)

• Multiple offers: 34% of pending homes (down from 42%)

• Escalation clauses: 14% (down from 21%)

• Inspection contingencies: 35% (up from 29%)

• Financing contingencies: 62% (up from 60%)

Buyers are securing more protections in their offers, and fewer homes are seeing aggressive bidding. Growing inventory appears to be reducing pressure on individual listings, spreading buyer attention across more options.

Snohomish County Market: Fewer Multiple Offers, Steady Pricing

Snohomish County remained steady this week with a median price of $788,300, nearly identical to last week’s $790,000. Homes continue to sell for 100% of list price on average.

Competition also cooled:

• Multiple offers: 25% (down from 33%)

• Escalation clauses: 15% (up from 12%)

• Inspection contingencies: 33% (unchanged)

• Financing contingencies: 68% (down from 72%)

This pattern suggests that while fewer homes are attracting bidding wars, buyers still tend to write strong offers—especially on standout properties. Many are removing contingencies or relying on pre-inspections to remain competitive when needed.

What This Means for Buyers

Buyers entering the market now are stepping into a window of increased opportunity. With more inventory and fewer multiple-offer situations, this spring may feel less like an auction and more like a traditional home-buying experience.

You may find:

• More homes staying on the market longer

• Better negotiating opportunities

• More ability to include inspection or financing contingencies

Expect this trend to continue if inventory rises through late spring and summer.

What This Means for Sellers

Sellers are likely in the final stretch of the most competitive part of 2025. As inventory grows, expect:

• Longer days on market

• The possibility of price reductions

• Fewer bidding wars compared to early spring

Well-prepared, well-priced homes will still attract strong interest, but the automatic multiple-offer frenzy is beginning to fade.

If you’re considering listing this spring or summer, strategic pricing and presentation will be more important than earlier in the year.

Final Thoughts

The Seattle housing market in mid-April is showing early signs of cooling, though conditions remain healthy and active across King and Snohomish County. Buyers are getting a bit more breathing room, and sellers should prepare for a gradual shift toward a more balanced market.