Seattle Housing Market Watch – 4/23/2025
Seattle Housing Market Update – April 23, 2025
Hi, I’m Zach McDonald with Real Property Associates, bringing you the latest Seattle housing market update for April 23, 2025. Before we dive into the numbers, I want to take a moment to celebrate a milestone—my YouTube channel just turned nine years old! I’m incredibly grateful to everyone who has supported me over the years, whether by watching videos, reaching out with questions, or working with me to buy or sell a home. It’s been amazing to see how far we’ve come—from filming with a cell phone and no microphone to producing higher-quality content that helps Seattle-area buyers and sellers navigate the real estate market.
Seattle Real Estate Market Trends
The real estate market continues to evolve, especially with technology playing a bigger role in how people access information. Nine years ago, I started sharing regular market updates because there were few resources for timely Seattle housing data. Today, multiple voices cover the market, and I’m excited that buyers and sellers have more tools to make informed decisions.
King and Snohomish County Housing Data
Over the past week, we saw 733 new residential listings in King and Snohomish counties, slightly down from 781 last week but still higher than the same week last year. One notable trend is the increase in price reductions—411 listings reduced their prices this week compared to 316 last week and just 193 in the same week last year. This suggests the market is slowing slightly compared to last spring.
Pending sales remain strong, with 775 homes pending this week compared to 742 last week. Sold listings are slightly lower than last year, with 598 closings this week versus 634 last year.
Mortgage Rates
Mortgage rates have remained steady below 7%, with an average of 6.94% this week, up slightly from 6.92% last week. Compared to last year’s 7.38%, rates are lower, which helps maintain buyer interest. However, uncertainty around future rate changes continues to impact market activity.
King County Market Insights
In King County, the median pending sale price increased to $985,000 from $933,500 the previous week. Average sale prices were 3% over asking, up from 1% last week, reflecting ongoing spring market competition. Multiple offer situations are slightly up, with 37% of pending sales receiving multiple offers versus 34% last week. Escalation addendums were used in 18% of offers, compared to 14% the prior week. Compared to last year, competition is a bit lower—49% of homes had multiple offers last year, and 29% included escalation addendums.
Snohomish County Market Insights
Snohomish County saw similar trends. Median pending sale prices rose to $840,000 from $788,300 the previous week. Average sale prices are holding steady at asking price, with some homes selling 3% higher than last year. Multiple offer scenarios increased to 30% this week from 25% last week, and escalation addendums were used in 16% of cases. Compared to last year, competition remains lower—51% of homes received multiple offers, and 27% included escalation addendums.
What This Means for Buyers and Sellers
For buyers, the market is becoming slightly more favorable. With more inventory coming online, there are increased opportunities to avoid intense bidding wars. If you’ve been hesitant or previously losing out in multiple offer scenarios, now is a great time to start exploring options and preparing to purchase.
For sellers, timing is key. Listing your home sooner rather than later in 2025 can help you capture the best price before the market slows heading into the fall. Increased inventory later in the year may lead to larger price reductions, so acting now can maximize your return.
