Seattle Housing Market Watch – 4/29/2025
Seattle Housing Market Watch – April 29, 2025
Hello, I’m Zach McDonald with Real Property Associates, bringing you the latest Seattle housing market update. This week’s market watch features a special guest, Dan Keller, my mortgage expert, who shares insights on current interest rates and what buyers and sellers can expect in King and Snohomish Counties.
Over the past week, we’ve seen about 100 more new listings hit the market compared to the previous week. Alongside these new listings, there’s been a notable increase in price reductions. This suggests the market is beginning to cool slightly, giving buyers more opportunities and signaling a transition from the intense spring competition earlier in the year. Pending sales remain strong, with nearly 800 properties pending last week, indicating that buyer activity is steady even as competition softens. Compared to last year, there are 150 more new listings and over 200 more price reductions, showing the spring market frenzy is tapering off sooner than in 2024.
Mortgage Rates Update
Mortgage rates remain relatively stable, with averages ranging from 6.625% to 7% this week, consistent with the last few weeks. This is considerably lower than last year’s 7.43% at the same time, providing opportunities for buyers to secure favorable financing. Dan Keller points out that while rates may fluctuate based on factors like trade negotiations, Wall Street activity, and the 10-year Treasury, current conditions remain advantageous. Buyers should consider moving forward if a property fits their budget, as refinancing options may become available if rates drop later in the year.
King County Market Insights
In King County, the median sales price last week was $925,000, slightly down from the previous week’s $985,000. Multiple offer scenarios were reported in 33% of transactions, and homes with competition sold for an average of 5% over asking price, compared to 3% the week before. While the number of multiple offer situations is slightly decreasing, the properties that do see competition are achieving higher prices.
Snohomish County Market Insights
Snohomish County shows a slightly slower market pace. The median sales price remains at 100% of asking price on average. Multiple offers occurred in 33% of transactions, up from 30% the previous week, but escalation clauses are less common, keeping overall price pressure moderate. Inspection addendums were included in 36% of accepted offers, indicating buyers are still negotiating contingencies, giving them some leverage in the current market.
What This Means for Buyers and Sellers
The Seattle housing market is entering a transitional phase. With increasing inventory and slightly reduced competition, buyers have more choices and better opportunities to negotiate. Sellers, meanwhile, should consider listing sooner rather than later to maximize returns before the traditional summer slowdown. Even in a cooling market, homes priced and presented well are still selling quickly, particularly in desirable King County neighborhoods.
If you’re looking to buy or sell in King or Snohomish County, now is a good time to start planning. For buyers, securing a home while rates are favorable is key, and for sellers, listing early can help achieve optimal pricing.
